Smart Parking Market 2021 Size, Growth Analysis Report, Forecast to 2029

The global smart parking market is projected to exhibit a CAGR of 17% during the forecast period of 2019 to 2029. The rising trend of autonomous vehicles and the emergence of fully-automated parking systems (APS) are factors creating potential growth opportunities for the smart parking market. According to the report, factors such as lack of parking space, rise in the number of on-road vehicles, low infrastructure set-up cost, and ease of connectivity are projected to drive the growth of the global smart parking market.

Key Takeaways of Smart Parking Market Study

  • Proliferation of smartphones to enable drivers to track vacant parking slots and increasingly used outsourced parking services by hospitals, universities, and municipalities are expected to boost the smart parking market.
  • North America dominated the smart parking market in 2018 in terms of revenue, owing to increasing smart parking initiatives in the U.S. and Canada.
  • The parking management platforms segment is expected to gain significant traction during the forecast period, owing to increasing adoption of smart parking applications in emerging countries such as Brazil, China, Chile, India, and Indonesia.
  • Demand for smart parking solutions in the corporate sector is expected to increase at a striking CAGR during the forecast period, owing to high demand for efficient vehicle parking management solutions and parking spaces within corporate premises.
  • Limited parking spaces in highly populated cities and increasing security & privacy issues in the automotive industry are some of the factors hindering the growth of the smart parking market.

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“Increasing vehicle ownership, growing smart city initiatives, and the emergence of fully-automated parking systems for efficient smart parking management will create numerous growth opportunities for the smart parking market in the coming years.”

smart parking market
Smart Parking

Increasing Focus of Key Players on Product Innovation

Companies in the smart parking market have started investing more in speeding up the process of product development and innovation. Leading players are adopting business expansion, acquisition, and collaboration strategies in a bid to capture a significant share of the global market.

  • For instance, in July 2019, Cleverciti Systems, a prominent vendor of high-tech solutions for smart parking, announced the addition of the ClevercitiCard into its outdoor and indoor parking guidance system, including single-space occupancy detection, into a credit card-sized smart card.

Some of the key players in the smart parking market are Siemens, Huawei Technologies Co., Ltd., Delphi Technologies, Intercomp S.p.A., Comarch SA, Matrix Comsec, Urbiotica, Cisco Systems, Nwave, BioEnable, Trafiksol, Amano McGann, Amco Advanced Technologies, CivicSmart, Inc., gtechna, Conduent, Inc., Kapsch TrafficCom, and other key players.

FREQUENTLY ASKED QUESTIONS ABOUT

  • Which are the major driving factors for the smart parking market?
  • Limited parking spaces resulting in traffic congestion and growing smart city initiatives are projected to drive the growth of the smart parking market.
  • What are the major challenges for the smart parking market?
  • Limited parking spaces in highly populated cities and increasing security and privacy issues in the automotive industry are restricting the growth of the global smart parking market.
  • Which regions are expected to dominate the global smart parking market?
  • North America and Western Europe are dominating the global smart parking market. These regions are expected to further strengthen their dominance over the forecast period, owing to increasing smart parking initiatives in the U.S. and Europe and emergence of driverless cars.
  • What are the rising trends in the smart parking market?
  • The rising trend of autonomous vehicles and emergence of fully-automated parking systems (APS) across the world are expected to have significant impact on the smart parking market in the coming years.
  • Who are the major players in the smart parking market?
  • The smart parking market comprises large as well as mid-sized vendors such as Siemens, Huawei Technologies Co., Ltd., Delphi Technologies, Intercomp S.p.A., Comarch SA, Matrix Comsec, Urbiotica, Cisco Systems, Nwave, BioEnable, Trafiksol, Amano McGann, Amco Advanced Technologies, CivicSmart, Inc., gtechna, Conduent, Inc., Kapsch TrafficCom, and other key players.
  • Which application areas are expected to offer lucrative growth opportunities in the coming years?
  • The commercial segment is expected to hold significant market share during the forecast period. The corporate segment is expected to witness notable sales in the coming years, owing to the growing demand for efficient vehicle parking management solutions and parking spaces within corporate premises.

SMART PARKING MARKET TAXONOMY

The global smart parking market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.

Component

  • Hardware
    • Sensors
    • Cameras
    • Parking Meters
    • Digital Guidance Signage
    • Others
  • Software
    • Parking Management Platforms
    • SDK/API
  • Services
    • Consulting
    • Integration & Support Services
    • Device Management Services

System Type

  • Guided Park Assist Systems
  • Smart Park Assist Systems

Sensor Technology

  • Ultrasonic Sensors
  • RFID
  • Image Sensors
  • Others

Application Area

  • Commercial
  • Government
  • Corporate

Region

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • Asia Pacific excluding Japan
  • Japan
  • Middle East & Africa

More Valuable Insights

Future Market Insights puts forward an unbiased analysis of the global market for global smart parking market, providing historical data for 2014-2018 and forecast statistics from 2019-2029. To understand opportunities in the smart parking market, it has been segmented on the basis of component, system type, sensor technology, and application area, across seven major regions.

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