Smart Parking Market Research Report

Market Overview:

The global smart parking market size reached US$ 4.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 9.6 Billion by 2028, exhibiting a growth rate (CAGR) of 12.9% during 2023-2028. The increasing demand for autonomous vehicles (AVs), rising adoption of cashless payment, and the integration of advanced technologies represent some of the key factors driving the market.

Increasing Demand for Autonomous Vehicles (Avs) Augmenting Market Growth

The smart parking market has been experiencing continuous growth. The advent of self-driving vehicles represents one of the major factors driving the demand for smart parking systems around the world. These vehicles are integrated with advanced features, such as self-parking and robotic valet parking capabilities to enhance the experience of individuals.

Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. The market structure is fragmented with a number of global and regional players on account of the increasing innovations and mergers and acquisitions (M&A). The volume of new entrants is high in the smart parking industry due to the presence of a large number of players, low product differentiation, and switching costs.

What is Smart Parking?

Smart parking is an advanced vehicle parking system that is incorporated with sensors and smart parking meters. It allows drivers to monitor the available parking spaces and provides real time information to reserve parking spaces in advance via smartphone applications. It is also integrated with ticketing systems that enable drivers to pay for parking through different digital platforms and enforcement systems to prevent parking violations. It assists in reducing congestion and pollution caused by circling vehicles and enhancing the overall experience of the users. It also helps to ensure smooth traffic flow in congested areas and provides a systematic parking operation.

COVID-19 Impact:

The COVID-19 pandemic outbreak caused a moderate impact on the smart parking industry and imposed unprecedented challenges on numerous countries. It severely restricted movement in malls, offices, and other commercial centers, resulting in a decrease in footfall. As a result, consumers limited their activities. Moreover, there was an increase in the demand for contactless services on account of changing consumer behavior. Smart parking systems were considered a suitable solution due to their numerous benefits, including their contactless nature that reduced the risk of infection transmission. Consequently, multiple malls and other commercial places started incorporating contactless smart parking systems. In addition, key players operating worldwide collaborated with other technology providers or developed their in-house technologies to offer new features and functions through their products depending on changing consumer needs. The integration of advanced technologies, such as ‘wave your hand,’ Bluetooth, license plate recognition, and pay-by-phone, was expected to boost the growth of the market. Therefore, the pandemic provided an opportunity for smart parking solution providers to expand, diversify, increase adoption, and create awareness about their products.

Smart Parking Market Trends:

There is an increase in the sales of autonomous and luxury vehicles on account of rapid urbanization and inflating income levels. This, coupled with the rising installation of smart parking systems in vehicles to reduce traffic congestion, represents one of the major factors bolstering the market growth around the world. Moreover, the growing awareness about the benefits of smart parking systems on account of easy accessibility, reduced parking-availability search time, and cost-effectiveness are influencing the market positively. In addition, the integration of the internet of things (IoT) and data analytics in smart parking systems that allows real time communication and data sharing between different components of the system is strengthening the growth of the market. Apart from this, initiatives undertaken by governing agencies of numerous countries for the development of green and smart cities, industrial parks, and economic zones to reduce carbon dioxide emissions are creating a positive outlook for the market.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global smart parking market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on system, technology, component, solution, vertical type and parking site.

System Insights:

• Guided Park Assist System
• Smart Park Assist System
   

The report has provided a detailed breakup and analysis of the smart parking market based on the system. This includes guided park assist system and smart park assist system. According to the report, guided park assist system represented the largest segment as it helps drivers park their vehicles safely and accurately. It also reduces the risk of accidents by providing drivers with audible and visual warnings during obstacles.

Technology Insights:

• Ultrasonic
• RFID
• IoT
   

A detailed breakup and analysis of the smart parking market based on the technology has also been provided in the report. This includes ultrasonic, RFID, and IoT. According to the report, ultrasonic accounted for the largest market share as it is capable of accurately detecting the presence and distance of objects like vehicles in a parking space that enables more precise and reliable parking guidance.

Component Insights:

• Hardware
• Software
• Services
   

A detailed breakup and analysis of the smart parking market based on the component has also been provided in the report. This includes hardware, software, and services. According to the report, hardware for the largest market share as it comprises sensors, cameras, parking meters, and digital guidance signage. These hardware components provide real time data on parking space occupancy, which is used to reduce congestion and enhance the overall parking experience.

Solution Insights:

• Security and Surveillance
• Valet and Parking Reservation
• License Plate Recognition
   

A detailed breakup and analysis of the smart parking market based on the solution has also been provided in the report. This includes security and surveillance, valet and parking reservation and license plate recognition. According to the report, security and surveillance accounted for the largest market share due to the increasing criminal activities and rising number of fatal road accidents.

Vertical Type Insights:

• Government and Municipalities
• Commercial Institutions
• Transport Facilities
   

A detailed breakup and analysis of the smart parking market based on the vertical type has also been provided in the report. This includes commercial institutions, government and municipalities, and transport facilities. According to the report, commercial institutions accounted for the largest market share as it provides detailed data on parking usage, which can help optimize pricing strategies.

Parking Site Insights:

• Off-Street Parking
• On-Street Parking
   

A detailed breakup and analysis of the smart parking market based on the parking site has also been provided in the report. This includes off-street parking and on-street parking. According to the report, off-street parking accounted for the largest market share due to the increasing number of malls, offices, restaurants, hotels, and airports. Moreover, the growing demand for efficient vehicle parking management solutions and parking spaces within corporate premises is influencing the market positively.

Regional Insights:

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North America, Europe, Asia Pacific,  Middle East and Africa, and Latin America. According to the report, North America was the largest market for smart parking. The increased parking requirement, especially during morning and evening busy hours, represents one of the major factors driving the North America smart parking systems market. Moreover, the rising adoption of analytical tools to gather information regarding locations, vehicles, availability, and reservations of slots is catalyzing the demand for smart parking systems in parking spaces. Other factors, such as the development of automated pay stations, advanced parking garages, and the incorporation of technology for parking area management, are creating a positive outlook for the market in the region.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global smart parking market. Some of the companies covered in the report include:

• Valeo S.A.
• Continental AG
• Robert Bosch GmbH
• Kapsch TrafficCom AG
• Cubic Corporation
• TKH Group
• Cisco Systems Inc.
• ParkMe Inc.
• Urbiotica
• Skidata AG
• Amano McGann Inc.
• Swarco AG
• Smart Parking Ltd
• Nedap N.V.
• Delphi Automotive PLC
• Aisin Corporation
• Siemens AG
• Xerox Corporation
   

Please note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the smart parking market from 2017-2028.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global smart parking market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the smart parking industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.