European Union making constant efforts for formulating strategies for achieving the growth in smart parking market

Published On: January 2018

Smart Parking Article Overview

Smart Parking is the system that helps the driver find vacant spots for parking the vehicle. The parking system detects the parking space with the help of sensors and directs the drivers about the vacant space. The various technologies that are used in smart parking are SmartApp, ultrasonic, RFID, and others.

Growing demand for Smart Cities, powers the Smart Parking Market

The world is witnessing increasing urbanization while technology has been incorporated by cities for many years. However, the pace at which this adoption takes place is increasing, rapidly, as disruptive digital technologies have the potential to solve major metropolitan challenges such as safe parking. Smart cities hold the promise to make urban areas better efficient and more secure. Smart parking is the most adopted and fastest growing solution across the airports, universities, shopping centers and city garages. The ability to connect, analyse, and automate data gathered from devices, powered by and described as the Internet of Things, is what makes smart parking, possible. It has the power to employ a big number of small, cheap, and energy efficient sensors, which, collect and process a range of parameters such as temperature, sound, vibration, pressure, water quality, and pollutants

Smart parking acts as a major change for increasing number struggle with traffic congestion and inadequate parking availability. With government planning policies aimed at curtailing growth in the number of new car parking spaces and lack of new multi-storey car parks, demand for smart parking is exceeding. During the last several years, the use of technology in parking and transportation industry, has accelerated. It made parking more efficient, precise, and easier to manage. It also makes parking more customer-friendly than before. Increasing technological advancements, such as autonomous cars, and smart parking technologies with high investments for the development of smart cities by governments will offer potential growth opportunities for smart parking market. Moreover, mobile applications on smartphones for information such as location, opening hours, tariff and facilities, allow the driver to record the GPS location of their car in a crowded car park. This information along with additional notes and photos helps the driver rely on smart parking.

 Government Initiative

In the U.S., the National Institute of Standards Technology (NIST), part of U.S. Department of Commerce, has started working on the deployment of smart city development. The design of the framework was built to address two main concerns that are the interoperability and portability of ICT development across cities, and the need for standard architectural principles. This framework will lead to the demand for smart cities, which will ultimately result in the development of the smart parking market.

The European Union has constantly made efforts for formulating strategies for achieving the growth in metropolitan areas. There are smart cities in almost all the countries in Europe. The countries with the highest number of smart cities are UK, Spain and Italy, while the highest percentages are contributed by countries such as Italy, Austria, Denmark, Norway, Sweden, Estonia and Slovenia. This increase in the number of smart cities is expected to increase the demand for the smart parking in Europe region.

In China, the China National Development and Reform Commission (NDRC) and the Ministry of Industry and Information Technology (MIIT) had published a notice for speeding up off the project relevant to smart cities. The speeding up off smart cities will result in increased growth of smart parking in China.

In Japan, the ministry of economy, Trade and Industry (METI) have invested heavily in the development of Smart Cities projects. This increase in investment will result in the growing demand for smart technology in Smart Cities. The growing demand of technology will result in the growth of smart parking during the forecast period.

Regional Analysis

Asia Pacific has witnessed the highest rise in demand for smart cities in emerging economies such as India, China, and Japan. The demand for smart parking is largely dependent on vehicle production in developing countries such as India and China and development of smart cities. The vehicle production is growing, which in turn would push the demand for parking space for the vehicles. Moreover, factors such as increase in vehicle production, large population base, and economic shifts, are driving the Asia Pacific smart parking market.

Key Developments

The major players operating in this market, are Amano McGann, Inc. (U.S.), Smart Parking Limited (Australia), IEM SA (Switzerland), IPS Group Inc. (U.S.), Klaus Multiparking Systems (Germany), PArklayer (India), Omnitec group (UAE), Mindteck (India), Robert Bosch GmbH (Germany) and Dongyang Menics Co., Ltd (South Korea). Extensive research in this market has brought to light that new product development and strategic partnerships & collaborations are the key strategies, adopted by the major players in the global smart parking market. These strategies have been adopted to cater to the technological requirements of the parking market. The market is highly technology driven and thus demands regular product innovation and increased investment in R&D. Furthermore, new product development with other players across the supply chain ensure expansion of the client base and an increase in the market share of the companies.

On 6th September 2017, Amano McGann has partnered with ITR to expand its base in South Carolina to provide sales, services, and support in this region.