The Smart Parking Market is evaluated to grow at a massive CAGR of 20.77% during the forecast period. It is further estimated that the Smart Parking Market Revenue will further increase up to USD 22 Billion in the studied forecast period 2024-2030. The technological development of cars with advanced features is happening rapidly. Due to this, safe parking is emerging as a significant challenge. Hence, it is adopted by various big cities at a rapid rate as it helps take less space.
However, the main use of smart parking is in airports, universities, and shopping complexes. The parking systems gather data, analyze, and connect other devices. It also uses the internet that makes this process possible. Also, the sensors in these systems show different parameters such as vibrations, temperature, sound, pressure, etc. Thus, the growth of the Smart Parking Industry will improve significantly.
The coronavirus pandemic had a serious impact on the Smart Parking Revenue. The companies had to stop the process for a few months abruptly. As a result, the economies around the world faced a huge financial burden. However, the demand for solo traveling increased, leading to the high demand for efficient parking facilities. Furthermore, the key players are also focusing on utilizing the market trends and improving smart technology for the parking facility.
The problems related to parking vehicles safely are considered as a major driver. Along with that, the rising demand for the Internet of Things for better parking facilities will further enhance the Smart Parking Market Value.
The rising costs of advanced vehicles and other implementation costs are expected to restrain the market growth.
The increasing investments in new technologies will offer new opportunities for Smart Parking Market Growth. Also, the development of new parking spaces and the manufacturing of advanced vehicles will further provide various new opportunities.
The major challenge is the less availability of the right infrastructure, and system integration can be a major challenge for the Smart Parking Industry.
The compound Annual Growth Rate (CAGR) of the Smart Parking Market is expected to reach up to 22%. In the forthcoming years, the market value will increase up to USD 22 Billion during the forecast period 2024-2030. Hence, various drivers, such as the rising demand for better parking facilities, will significantly propel market growth.
The rapid improvement by the key players and growth opportunities will be extremely favorable for the market. Developing countries such as China and India will offer new options for growth. Hence, all these positive factors will simultaneously improve the Smart Parking Industry's value chain.
The Smart Parking Market is segmented into application, solutions, sensor technology, system type, parking site, and component.
By the application, the market is divided into Transport Transit, Governmental, and Commercial.
By on solutions, the market is again divided into Valet and Parking Reservations, Surveillance and Security, and License Plate Recognition.
By sensor technology, it is further divided into SmartApp, Image Sensor, Ultrasonic Sensor, Radar Sensor, and Others.
By Component, it is further divided into Electronic Control Unit (ECU), Parking Sensors, Display Unit, and Steering Angle Sensors.
By Parking Site, the market is divided into Off-Street and On-Street.
By system type, the market is divided into Smart Parking and Guided Parking.
Based on Region, the Smart Parking Market Size is divided into Europe, Asia-Pacific, North America, and the Rest of the World.
It is evaluated that North America will dominate with the largest Smart Parking Market Share in the upcoming years. The main providers of the solution of smart parking are available in North America. Along with that, around 800 million parking spaces are available in North America. That’s why this region will have the highest growth rate in the upcoming years.
Secondly, Asia-Pacific will have a lucrative market growth in the future years. Especially the developing countries such as China and India are playing a major role in fuelling the Smart Parking Market Growth. The increase in the manufacturing of vehicles in these countries and growing investments by the key players will improve the Smart Parking Market Value.
Also, Europe will have a significant growth in the studied forecast period. The increasing investments for the development of these systems will improve the market growth significantly. Lastly, the rest of the world region comprises the Middle East and Africa. Hence, this region will also have considerable growth in the forthcoming years.
The Smart Parking Industry has a wide presence of various key players. These key players belong from different sectors such as parking management, component suppliers, system suppliers, etc. Hence, they all come together to build a strong and efficient parking systems. Some major key players in the market are as follows.
11-APRIL-2023: A car these days is almost impossible to imagine without a driver assistance system that enables automated parking and driving. These innovations are being advanced by the BMW Group to provide even greater comfort and safety.
Recently, they have enhanced our lives, making them easier, safer, and more comfortable for all of us: Driver assistance systems (DAS) are designed to provide support on long highway stretches, in the event of traffic congestion, and at traffic signals. They detect the distances between other vehicles, speed limits, and lane markings. The most advanced systems are capable of autonomous braking, acceleration, and self-parking, even without the driver's assistance. The BMW Group is a leader in automated parking and driving, and it is driven by a strong desire to learn and advance digital innovations so that it can create the most cutting-edge solutions for its clients.
| Report Attribute/Metric | Details |
| Â Â Market Size | Â Â 2030 : USD 22 Billion |
| Â Â CAGR | Â Â 20.77% CAGR (2024-2030) |
| Â Â Base Year | Â Â 2023 |
| Â Â Forecast Period | Â Â 2024 to 2030 |
| Â Â Historical Data | Â Â 2019 & 2022 |
| Â Â Forecast Units | Â Â Value (USD Billion) |
| Â Â Report Coverage | Â Â Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Â Â Segments Covered | Â Â Parking Site, Technology, Region |
| Â Â Geographies Covered | Â Â North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Â Â Key Vendors | Â Â Amano McGann, Inc. (U.S.), IEM SA (Switzerland), Smart Parking Limited (Australia), IPS Group Inc. (U.S.), among others. |
| Â Â Key Market Opportunities | Increase in the number of new parking spaces, and multi-story car parking has also been introduced at various placesIncreased investments in the technologiesIncrease in vehicles' manufacturing in developing countries |
| Â Â Key Market Drivers | Increasing at a fast pace. Safe parking is one of the significant challenges being faced in big citiesIntroduction of mobile applications to search for car parking areas and photos and other information |
Smart Parking Market Highlights:
Frequently Asked Questions (FAQ) :
The Smart Parking Market is anticipated to grow at a Compound Annual Growth Rate of 20.77% in the studied forecast period 2024-2030.
The market value of the Smart Parking Market is estimated to reach up to USD 22 Billion in the studied forecast period.
The Smart Parking Market is segmented into application, solutions, sensor technology, system type, parking site, and component. By application, the market is divided into Transport Transit, Governmental, and Commercial. By on solutions, the market is again divided into Valet and Parking Reservations, Surveillance and Security, and License Plate Recognition. By sensor technology, it is further divided into SmartApp, Image Sensor, Ultrasonic Sensor, Radar Sensor, and Others. By Component, it is further divided into Electronic Control Unit (ECU), Parking Sensors, Display Unit, and Steering Angle Sensors. By Parking Site, the market is divided into Off-Street and On-Street. By system type, the market is divided into Smart Parking and Guided Parking.
The rising demand for better parking facilities due to increased vehicle manufacturing will drive the Smart Parking Market in the forecast period. Along with that, the integration of the Internet of Things or IoT in new vehicles will further improve the market growth.
The Smart Parking Market Size based on regions is divided into Europe, Asia-Pacific, North America, and the Rest of the World. North America is evaluated to dominate the market with the largest Smart Parking Market in the forecast period. It is mainly because the prominent providers are located in this region. Secondly, the Asia-Pacific region is estimated to experience the highest growth in the forecast period. Hence, due to the increase in the manufacturing of vehicles, smart parking technology will be extremely helpful. Furthermore, Europe will also have a prominent growth in the upcoming region. The key players in this region are playing a major role in improving the Smart Parking Market Growth. Moreover, the rest of the world will have the least share in the market. However, it is growing gradually and will achieve substantial growth in the upcoming years.
The Smart Parking Industry has a significant presence of various key players. Hence, they play an important role in propelling market growth. Some of the key players of the Smart Parking Market are Aisin Seiki (Japan), Valeo S.A. (France), Continental AG (Germany), Siemens AG (Germany), BMW Group (Germany), Volkswagen AG (Germany), Robert Bosch GmbH (Germany), Daimler AG (Germany), Cubic Corporation (US), Xerox Corporation (US), Amano McGann Inc. (US), IPS Group Inc. (US), Smart Parking Limited (Australia), IEM SA (Switzerland), and others.
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Team Lead - Research With a technical background as bachelor's in mechanical engineering, with mba in operations management , swapnil has 6+ years of experience in market research, consulting and analytics with the tasks of data mining, analysis, and project execution. he is the poc for our clients, for their consulting projects running under the automotive/a&d domain. swapnil has worked on major projects in verticals such as aerospace & defense, automotive and many other domain projects. he has worked on projects for fortune 500 companies' syndicate and consulting projects along with several government projects.
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