Portland, OR, June 02, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Smart Parking Market by Type (Off-street and On-street), Technology (IoT, Ultrasonic, and RFID), Application (Security & Surveillance, Smart Payment System, E-parking, and License Plate Recognition), and End User (Commercial and Government): Global Opportunity Analysis and Industry Forecast, 2023–2032". According to the report, the global smart parking market generated $6.84 billion in 2022, and is anticipated to generate $33.51 billion by 2032, witnessing a CAGR of 17.4% from 2023 to 2032.
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Prime determinants of growth
Increased parking concerns across the globe, growth in demand for Internet of Things (IoT)-based technology, and increase in the number of vehicles are the major factors that propel the smart parking market growth. However, high implementation cost & configuration complexity and low rate of internet penetration in developing regions are the major factors that hamper the growth of the smart parking market. Furthermore, the rise in investment in building driverless vehicles, and government initiatives in building smart cities across the globe are the factors that are expected to offer growth opportunities for the market during the forecast period.
Smart Parking Market Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $6.84 billion |
| Market Size in 2032 | $33.51 billion |
| CAGR | 17.4% |
| No. of Pages in Report | 341 |
| Segments covered | Type, technology, Application, End User, and Region. |
| Drivers | Increased parking concerns across the globe Growth in demand for Internet of Things (IoT)-based technology Increase in the number of vehicles |
| Opportunities | The rise in investment in building driverless vehicles. Government initiatives in building smart cities across the globe. |
| Restraints | High implementation cost & configuration complexity Low rate of internet penetration in developing regions |
Covid-19 Scenario
- The COVID-19 epidemic had an impact on a variety of factors, including lockdowns, travel restrictions, and quarantines, which had caused a significant slowdown in the parking industry.
- Moreover, the pandemic led to a decline in vehicle ownership and usage as people shifted to remote work and avoided unnecessary travel. With fewer vehicles on the road, the demand for parking spaces, including smart parking solutions, had been adversely affected.
- In addition, the pandemic had disrupted construction activities and infrastructure projects, including the implementation of smart parking systems. Many planned projects were put on hold or delayed, impacting the growth of the smart parking market.
- However, as vaccination programs progressed and economies gradually reopened, the smart parking industry started to recover. The adoption of smart parking solutions is increasing as people resume regular commuting and businesses resume operations.
The off-street segment to maintain its lead position during the forecast period.
Based on type, the off-street segment held the highest market share in 2022, accounting for around three-fifths of the global smart parking market, and is estimated to maintain its leadership status throughout the forecast period with the highest CAGR of 17.78%. Off-street smart parking primarily propels due to the surging demand for better parking management solutions, which include proper enforcement methods, payment methods, and smart parking guidance systems. However, the on-street segment is projected to manifest the second-highest CAGR of 16.73% from 2023 to 2032. The small parking area may be easily controlled and monitored by implementing different angle techniques of on-street parking. Currently, the roads in developing nations have free on-street parking facilities, this is implemented to reduce the on-road vehicle volume and parking problems. Moreover, merchants recognized an opportunity for better parking management and utilization of existing street spaces.is anticipated to drive the growth of the on-street smart parking market.
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The ultrasonic segment to maintain its leadership status throughout the forecast period.
By technology, the ultrasonic segment accounted for the largest share in 2022, contributing to nearly half of the global smart parking market revenue. Ultrasonic sensors have been widely used for various purposes such as determining surface structure, measuring the position, and calculating the speed of an object. Such multipurpose advantages of ultrasonic used for smart parking systems anticipate the growth of the smart parking market. However, the Internet of things (IoT) segment is expected to portray the largest CAGR of 18.61% from 2023 to 2032. A user is notified about an empty parking space through a smartphone application or a satellite navigation device with the help of IoT. Prior notification of free parking space is provided to a user through a smartphone when the vehicle enters particular shopping places and some streets in a city. This way IoT helps reduce the time required for finding the parking lot and searching for the parking space, which in turn drives the market growth.
The security and surveillance segment to maintain its leadership status throughout the forecast period.
Based on application, the security and surveillance segment held the highest market share in 2022, accounting for nearly two-fifths of the global smart parking market revenue, and is estimated to maintain its leadership status throughout the forecast period. Security & surveillance systems are anticipated to help operators monitor and control no parking zones, blocked emergency exits, or people entering/exiting through an emergency exit. In addition, the rise in technology particularly in wireless connecting devices and mobile accessibility increases the demand in the future for advanced security systems in parking management. This, in turn, is expected to boost the smart parking market. However, the smart payment systems segment is projected to manifest the highest CAGR of 19.39% from 2022 to 2032. One of the major benefits of a smart payment system is that it is lightning-fast as compared to the traditional payment system. In addition, the smart payment system also leverages innovative technologies such as payment gateways that eliminate human intervention; thus, reducing human errors as well as saving labor costs.
Europe to maintain its dominance by 2032.
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global smart parking market revenue. Consumers in North American countries have increasingly adopted smartphones and devices that support mobile applications which aid in reserving, paying, and checking the availability of parking slots. In addition, the rise in the use of analytics for developing applications that provide parking solutions is expected to boost the smart parking market growth in the region. However, the Europe region is expected to maintain its dominance by 2032. Technological advancements along with the steady rise in vehicle sales are the primary factor boosting the growth of the smart parking market in European countries. the AsiaPacific region is anticipated to witness the major CAGR of 19.01% during the forecasted period.
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Leading Market Players: -
- Amano McGann, Inc.
- Continental AG
- Dongyang Menics Co., Ltd.
- IEM SA
- IPS Group Inc.
- Klaus Multiparking Systems
- Robert Bosch GmbH
- Smart Parking Limited
- Swarco AG
- Urbiotica
The report provides a detailed analysis of these key players in the global smart parking market. These players have adopted different strategies such as new product launches, expansions, agreements, partnerships, product developments, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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