The global smart parking market’s sales revenue was approximately US$ 7,670.9 Mn in 2021 and is projected to grow at a CAGR of 18.0% to reach an estimated value of US$ 28,757.0 Mn by 2029. The market for parking management systems is over 70% smaller than that of smart parking. The ongoing advancements in parking technology will cause the expansion of the smart parking industry to pick up speed. The development of fully automated parking systems (APS), an increase in traffic congestion, ongoing improvements in machine-to-machine communication technology, and rising demand for smart parking sensors for parking management are some of the factors that are propelling the growth of the smart parking market.
Rapid Adoption of Vehicles Creating Need for Smart Parking Solution
In 2018, according to United Nations (UN) Department of Economic and Social Affairs (DESA) stated that around 55% of the world’s population lives in urban areas, and also stated that the proportion is expected to increase to 68% by 2050. The increase in urbanization has also led to increase in number of vehicles on the road.
However, due to acute shortage of designated parking slots in most of the cities across the world, created many serious parking problems for vehicle owners and drivers. The further increase in number of vehicles will pose an infrastructural challenge where there will be a huge need for efficient mobility and parking for on-street and off-street vehicles. Fortunately, the smart parking technologies will transform consumer experiences with efficient parking services in cities
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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.
Competitive Landscape
Key providers of smart parking are focusing on adding new innovative capabilities into their current parking solutions. This is helping them to enhance upgrade their smart parking portfolio.
For instance, In February 2019, the company partnered with AUTOParkit to expand its fully-automated parking garage systems. Under this partnership, the company will provide a full-complement of advanced automation hardware, as well as electrification and digital tools.
Some of the key players in the smart parking market are:
- Siemens
- Huawei Technologies Co.
- Delphi Technologies
- Intercomp S.p.A.
- Comarch SA
- Matrix Comsec
- Urbiotica
- Cisco Systems
- Nwave
- BioEnable
- Trafiksol
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Smart Parking Market Outlook by Category
By Component :
- Hardware
- Sensors
- Cameras
- Parking Meters
- Digital Guidance Signage
- Others
- Software
- Parking Management Platforms
- SDK/API
- Services
- Consulting
- Integration & Support Services
- Device Management Services
By System Type :
- Guided Park Assist Systems
- Smart Park Assist Systems
By Sensor Technology :
- Ultrasonic Sensors
- RFID
- Image Sensors
- Others
By Application Area :
- Commercial
- Government
- Corporate
By Region :
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan
- Japan
- Middle East & Africa
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