Farmington, Jan. 10, 2023 (GLOBE NEWSWIRE) -- The Global Smart Parking Market Size Was Valued At USD 5.75 Billion In And Is Expected To Expand at a CAGR Of 21.2% From 2023 To 2030. The market is driven by things like a lack of parking spaces, an increase in accidents caused by cars backing out of parking spots, and a rise in consumer demand for luxury cars and safety systems in passenger cars.
Integration of multiple information and communication technology systems, such as LCD displays, sensors (image, ultrasound, and radar), electronic controls, etc., is what the smart parking market is all about. It also includes software platforms, like smartphone apps and vehicle navigation systems that work with hardware platforms, like the sensors and electronics inside a vehicle, to help drivers find empty parking spaces. This is called "infrastructure outside the vehicle as a parking solution."
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Recent Developments:
- In December 2016, Building on the Thai government's 4.0 initiative, Robert Bosch aims to have automated valet parking by 2018.
- In November 2014, Continental AG (Germany) has opened a new automotive R&D center for surround view systems in Lewes East Sussex, UK. A surround view system uses a camera to give the driver a 360-degree view of the vehicle. The new center will monitor ongoing and future trends in surround view systems. Future surround-view systems will provide vehicle drivers with a 3D view and enhance situational awareness. From 2018, it aims to realize fully automatic parking based on camera technology.
Segmentation Analysis:
Hardware, Software, and Services are the three main parts of the global smart parking market. Hardware components are things like sensors, cameras, parking metres, digital direction signs, and other things. Parking Management Platforms, Software Development Kits, and Application Programming Interfaces are all examples of software components. Consulting, Integration and Support, and Device Management Services are all part of the services. The majority of the market is made up of hardware like cameras. But over the next few years, software management services are likely to become more popular because they help keep security and surveillance systems, as well as parking systems, in malls and other commercial buildings in good shape.
IoT, Ultrasonic, and RFIDs are the three main types of technology in the global smart parking market. Ultrasonic Technology is likely to have a big market share in the coming years. In addition to helping the driver find a good parking spot, it can also find obstacles in the parking lot from a short distance away. IoT is expected to have the biggest market share over the next few years because it has so many uses in smart parking systems, such as sponsored metre time extensions, citywide parking space utilisation, etc.
The global smart parking market can be divided into two types: off-street and on-street. During the forecast period, the Off-Street segment is expected to have a large share because it is being used more and more in places like malls and corporate offices. It could be a few years before they are used on the street all over the world.
Based on how they are used, the global smart parking market is divided into Security & Surveillance, Smart Payment System, E parking, and License Plate Recognition. Finding a place to park a car is the most important thing for a car owner, so E-Parking is likely to have a big market share.
Based on the end user, the global smart parking market is split into two groups: commercial and government. The commercial segment is expected to have a big market share now and in the future because many corporate buildings and shopping malls use this kind of parking system. The governments of different developing economies are still a few years away from putting in place a smart parking system because their priorities for development are different.
Regional Outlook:
In 2021, North America brought in the most money, more than 35%. During the forecast period, the market for smart parking systems in the region is expected to grow because there will be more cars. Cities in the U.S. and Canada are trying to reduce traffic congestion, which is getting worse because more people want to own cars. Governments are also working with service providers to get more people to use smart parking systems that let commercial and personal vehicles park in a safe and legal way. Smart parking systems are also being put in place in the region because smart city projects are becoming more popular.
During the forecast period, the European region is expected to grow at a high CAGR. This is because governments are supporting smart parking systems as a way to reduce pollution. One of the main reasons for market growth in the region is also worries about not having enough parking spaces. For example, the International Road Transport Union (IRTU) took part in a study funded by the EU that found that Europe has a lot of trouble with not having enough safe and secure parking spaces.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 21.2% from 2023 to 2030. |
| Revenue Forecast by 2022 | USD 5.75 Billion |
| By Type | On- Street, Off-Street, Others |
| By Component | Hardware, Software, Services, Others |
| By Application | Commercial, Residential, Government, Other |
| By Technology | IoT, Ultrasonic, RFID, Other |
| By End User | Commercial, Government, Other |
| By Companies | 3M, Cubic Corporation, Thales, Kapsch TrafficCom AG, Urbiotica, Swarco AG, Smart Parking Limited, Robert Bosch GmbH, Klaus Multiparking Systems, IPS Group Inc., Amano McGann, Inc., Continental AG |
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Market Driver:
- Growing demand for vehicles leading to parking problems
- Growing demand for (IoT)-based technologies
Market Opportunities:
- 'Smart City' Development Initiative
- Advances in autonomous vehicle and smart park technology
Key Segments Covered:
Top Market Players:
3M, Cubic Corporation, Thales, Kapsch TrafficCom AG, Urbiotica, Swarco AG, Smart Parking Limited, Robert Bosch GmbH, Klaus Multiparking Systems, IPS Group Inc., Amano McGann, Inc., Continental AG, and others.
By Component:
- Hardware
- Software
- Services
By Technology:
- IoT
- Ultrasonic
- RFID
By Type:
- Off-Street
- On-Street
By Application:
- Security & Surveillance
- Smart Payment System
- E-parking
- License Plate Recognition
By End User:
- Commercial
- Government
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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