Dublin, July 03, 2024 (GLOBE NEWSWIRE) -- The "Global Smart Parking Market by Technology (Counter Technology, Ground-sensor Technology, Overhead Sensor/Camera-Based Technology), Component (Hardware, Services, Software), Vertical, Application, Ownership - Forecast 2024-2030" report has been added to ResearchAndMarkets.com's offering.
The Smart Parking Market grew from USD 10.79 billion in 2023 to USD 12.42 billion in 2024. It is expected to continue growing at a CAGR of 14.74%, reaching USD 28.25 billion by 2030.
The growing urban population and increased vehicle ownership, which lead to congested cities, are expanding the need for efficient parking solutions, creating a platform for the growth of the market. The growing availability of policies and investments focused on smart city projects is expanding the scope of smart parking as a critical component.
Additionally, the growing emphasis on reducing CO2 emissions and optimizing space usage favors the adoption of smart parking systems. High initial investment costs for infrastructure setup and technology integration and data privacy and security concerns associated with the collection and handling of user information hampers the market growth. The growing development of sophisticated algorithms for predictive analytics to improve space utilization and traffic flow management is expected to create opportunities for market growth.
In the Americas, the smart parking market is largely driven by the need to address traffic congestion and environmental concerns in North American metropolitan areas. Technological advancements and the adoption of electric vehicles (EVs) are also contributing to market growth. Within the Americas, smart parking solutions are driven by the need to optimize limited parking spaces in major cities and reduce carbon emissions by minimizing the time vehicles spend looking for parking. South American cities are similarly adopting smart parking solutions and focusing on sustainability and public-private partnerships.
In Asia Pacific, the rapid urbanization rate, especially in China, Japan, and India, has resulted in significant traffic congestion and a pressing need for efficient parking solutions. Consumer needs in this region are high due to the increasing number of vehicles on the road, leading to a surge in demand for innovative and intelligent parking systems.
EMEA shows diverse market dynamics, with Europe taking the lead in smart parking due to its strong regulatory framework and high environmental consciousness. In Europe, there is a strong push from the EU toward smart city initiatives, which prominently include intelligent transport systems including smart parking. Consumers in European countries value convenience and eco-friendly options, and they are likely to prefer smart parking solutions that offer real-time availability data and support for electric vehicles.
The Middle East, particularly in the Gulf Cooperation Council (GCC) nations, has seen a substantial uptake in smart parking due to the increasing luxury vehicle market, high disposable income, and smart city developments in nations including the United Arab Emirates and Saudi Arabia. In Africa, the smart parking market is growing, with customer needs focused on resolving inefficiencies in urban centers.
Key Market Insights
Market Drivers
- Increasing number of vehicles and need for commercial and public parking spaces
- Rising investments and initiatives toward smart city development
Market Restraints
- High implementation cost of smart parking systems
Market Opportunities
- Growing penetration of IoT-based solutions for fully automated parking systems
- Significant emergence of robotic parking systems and driverless parking technology
Market Challenges
- Unavailability of supporting infrastructure and technical challenges associated with smart parking systems
Market Segmentation Analysis
- Component: Growing usage of hardware for facilitating the physical infrastructure and supporting intelligent functionalities
- Vertical: Growing potential of smart parking across the commercial sector to address parking needs for business environments
Recent Developments
SKIDATA and Kopernikus Automotive Forge Partnership to Elevate Smart Parking solutions
Kopernikus Automotive, an innovator in smart mobility solutions, has announced a strategic alliance with SKIDATA, the renowned authority in access management and parking space technology. This global partnership is set to revolutionize the smart parking field by utilizing cutting-edge AI and emergent technologies. The goal is to redefine parking from a simple vehicle storage service to an integrated, sophisticated customer experience. This move underscores a joint commitment to establishing new benchmarks for parking efficiency while enhancing urban mobility. The collaboration is expected to play a pivotal role in augmenting smart city infrastructure, delivering advanced, smart parking systems that blend seamlessly with the complexities of urban environments, benefiting a diverse array of stakeholders including operators, consumers, and city officials.
Quercus Technologies takes the parking experience to the next level, launching the new version of SC Indoor guidance sensors.
Quercus Technologies, a front-runner in smart parking solutions, proudly unveiled the newest iteration of its acclaimed SC Indoor parking guidance sensors, marking a significant leap forward in parking management. These cutting-edge sensors revolutionize the user experience, simultaneously enhancing operational efficiency for parking proprietors. The latest SC Indoor model stands out with its remarkable ability to promptly identify and catalog the license plates of up to six vehicles from any nation, showcasing a diverse range of technological enhancements. This launch solidifies Quercus Technologies' position as an innovator, persistently pioneering within the industry through its proprietary Artificial Intelligence integration. This sensor is emblematic of a new era in parking technology, capable of globally consistent vehicle recognition and space occupancy detection, further cementing Quercus's role as a trailblazer in smart parking innovation.
Parking Startup Metropolis Raises USD 1.7B, Buys SP Plus
Metropolis, an innovator in smart parking technology, has orchestrated a substantial USD 1.7 billion funding surge through a combination of debt and equity to amplify its market presence. This financial move, championed by leading investment entities such as Eldridge, 3L Capital, and emerging players BDT & MSD Partners' credit funds, Vista Credit Partners, and Temasek, constitutes the most substantial merger and acquisition event of the year for a venture capital-backed enterprise. The company's ground-breaking computer vision technology promises a seamless parking experience, eschewing traditional payment methods in favor of a user-friendly app that ensures efficient vehicle tracking and automatic billing.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 186 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value (USD) in 2024 | $12.42 Billion |
| Forecasted Market Value (USD) by 2030 | $28.25 Billion |
| Compound Annual Growth Rate | 14.7% |
| Regions Covered | Global |
Key Topics Covered:
1. Preface
2. Research Methodology
3. Executive Summary
4. Market Overview
5. Market Insights
5.1. Market Dynamics
5.2. Market Segmentation Analysis
5.3. Market Trend Analysis
5.4. Cumulative Impact of Russia-Ukraine Conflict
5.5. Cumulative Impact of High Inflation
5.6. Porter's Five Forces Analysis
5.7. Value Chain & Critical Path Analysis
5.8. Regulatory Framework Analysis
6. Smart Parking Market, by Technology
6.1. Introduction
6.2. Counter Technology
6.3. Ground-sensor Technology
6.4. Overhead Sensor/Camera-Based Technology
7. Smart Parking Market, by Component
7.1. Introduction
7.2. Hardware
7.3. Services
7.4. Software
8. Smart Parking Market, by Vertical
8.1. Introduction
8.2. Commercial
8.3. Residential
9. Smart Parking Market, by Application
9.1. Introduction
9.2. Off-Street
9.3. On-Street
10. Smart Parking Market, by Ownership
10.1. Introduction
10.2. Private
10.3. Public
11. Americas Smart Parking Market
12. Asia-Pacific Smart Parking Market
13. Europe, Middle East & Africa Smart Parking Market
14. Competitive Landscape
14.1. Market Share Analysis, 2023
14.2. FPNV Positioning Matrix, 2023
14.3. Competitive Scenario Analysis
- SKIDATA and Kopernikus Automotive Forge Partnership to Elevate Smart Parking solutions
- Quercus Technologies takes the parking experience to the next level, launching the new version of SC Indoor guidance sensors.
- Parking Startup Metropolis Raises USD 1.7B, Buys SP Plus
- Airtel Payments Bank, Park+ partner for FASTag-based Smart Parking Solution at Varanasi Airport
- ParkMobile to Partner with the Town of Secaucus to Offer Digital Parking Payment Solution
- Macquarie to invest in Austrian car park company Best in Parking
- Neuron Mobility has Unveiled its Augmented Reality (AR) Parking Assistant to Help Ensure e-Scooters are Parked Responsibly
- Synguard and Nedap Identification Systems Expand Partnership to Deliver Integrated Vehicle Access Control Solution for the Security Market
- KT, Amano Korea Join Hands to Develop Smart Parking Solutions
- Olimpia Parking Uses ABB Technology for Electric Vehicles Charging and Smart Buildings
- Park+ Bags INR 140 Cr To Expand Parking Solutions To 100+ Cities
- Qualcomm Builds Global Momentum in Advanced Driver Assistance and Autonomous Driving Segment with Snapdragon Ride Platform Portfolio
- Libelium and SECO Join Forces in the Sensor Space
- Smart parking start-up ParkMate raises undisclosed funding from We Founder Circle
- Flowbird Group Acquire's UK's Leading Parking Technology Provider YourParkingSpace
Companies Featured
- ABB Ltd.
- Aisin Corporation
- Amano Corporation
- Barcelona Smart Technologies, S.L.
- Cisco Systems, Inc.
- CivicSmart, Inc.
- Cleverciti Systems GmbH
- Conduent Incorporated
- Continental AG
- Cubic Corporation
- Delphi Technologies by BorgWarner Inc.
- Digiteum LLC
- EnR Consultancy Services
- FlashParking, Inc.
- Flowbird Group
- Happiest Minds Technologies Limited
- hIOTron
- Honeywell International Inc.
- Huawei Technologies Co. Ltd.
- IEM SA
- INRIX, Inc.
- Intercomp S.p.A.
- International Business Machines Corporation
- IPS Group, Inc.
- JustPark Parking Limited
- Klaus Multiparking GmbH
- Larsen & Toubro Limited
- LeddarTech Inc.
- Libelium Comunicaciones Distribuidas S.L.
- Nedap N.V.
- Oracle Corporation
- Parkeagle B.V.
- Parklio
- ParkMobile, LLC by EasyPark AB
- Qualcomm Technologies, Inc.
- Robert Bosch GmbH
- Robotic Parking Systems, Inc.
- Siemens AG
- SKIDATA AG
- Smart Parking Limited
- SmartParkZone, SL
- Stanley Robotics SAS
- Streetline
- SWARCO AG
- T2 Systems, Inc.
- Thales Group
- TKH Group N.V.
- Total Parking Solutions Ltd.
- UKCPS Ltd
- Wohr Parking Systems Pvt. Ltd.
- Zhejiang Dahua Technology Co., Ltd.
- ZKTeco Co., Ltd
For more information about this report visit https://www.researchandmarkets.com/r/2xg0oq
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