Smart Parking Systems Market report contains detailed information on factors influencing demand, growth, opportunities, challenges, and restraints. It provides detailed information about the structure and prospects for global and regional industries. In addition, the report includes data on research & development, new product launches, product responses from the global and local markets by leading players. The structured analysis offers a graphical representation and a diagrammatic breakdown of the Smart Parking Systems Market by region.
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The global smart parking systems market size was US$ 4.4 billion in 2020. The global smart parking systems market is forecast to reach the value of US$ 11.89 billion by 2030 by growing at a compound annual growth rate (CAGR) of 10.12% during the forecast period from 2021-2030.
Smart parking is a parking method that assists drivers in parking their vehicles safely. These devices show signs and symbols to show the available space in the parking slot. The devices are embedded with efficient sensors to perform the operations.
Covid-19 Impact Analysis
The COVID-19 pandemic had a severe negative impact on the global smart parking system market, as various countries and their governments declared complete lockdown. As a result, it abruptly reduced travel activities. These systems are highly demanded by airports to enhance the comfortable environment. However, due to travel restrictions, airports witnessed a severe shortage of travelers. Apart from that, the education and work organizations, including universities, offices, and schools, were all closed during the pandemic. As a result, it hampered the growth of the global smart parking system market.
Moreover, the unavailability of raw materials hampered the entire supply chain. Because manufacturing companies observed a sudden shortage of raw materials and workforce, it obstructed the growth of the trade activities.
Factors Influencing
- Growing concerns related to parking are forecast to hamper the market growth in the coming years. For drivers, finding a vacant parking space at the hospital, shopping center, university, hotel & airports have always been a major concern. Moreover, the growing population has fueled the demand for smart parking systems.
- The evolution of the Internet of Things (IoT)-based technology is forecast to expand the growth of the market.
- High implementation costs and complexity of the systems may hamper the growth of the global smart parking systems market.
- Growing investment in infrastructure, rising urbanization, and government initiatives would propel market growth in the coming years. Many prominent companies, including Tesla, Waymo, and Ford, are working on enabling parking assistance functions in their vehicles. As a result of such advancements, the global smart parking systems market would grow rapidly.
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Geographic Analysis
Regionally, Europe accounts for the largest share in the global smart parking systems market. It is due to the presence of various automobile manufacturers that are focusing on developing advanced smart parking systems in the region. Furthermore, the Asia-Pacific is forecast to grow rapidly due to the rising population, increasing demand for automobiles, and rising consumer awareness. Moreover, growing urbanization and government initiatives towards the development of smart cities may drive the growth of the Asia-Pacific smart parking systems market.
Market Segmentation
By Type
- Off-street
- On-street
By Technology
- IoT
- Ultrasonic
- RFID
By Application
- Security & Surveillance
- Smart Payment System
- E parking
- License Plate Recognition
By End-User
- Commercial
- Government
By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
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- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
Competitors in the Market
- 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
- Other prominent players
What is the goal of the report?
- The market report presents the estimated size of the ICT market at the end of the forecast period. The report also examines historical and current market sizes.
- During the forecast period, the report analyzes the growth rate, market size, and market valuation.
- The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
- The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.
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