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It's getting smarter to park because there are more cars on the road and more people living in cities. Parks have become easier to use as more people have moved there and the parking lots have grown. Through the use of sensors, IoT devices, and data analysis, these systems are meant to make parking spots and the whole experience better.
Smart city projects are getting more and more attention around the world. This changes the market for smart parking. To make city traffic better, states and city leaders are spending more on "smart infrastructure." Thanks to smart parking technology, these projects can see right now how many parking spots are open. This will make traffic less of a problem and help the projects get better at dealing with it. The company might be getting bigger since smart parking is being added to smart city systems.
Rapid technological breakthroughs also affect market dynamics. Smart parking systems employ sensors and IoT devices to gather and analyze data to provide precise parking spot information. Mobile apps and linked gadgets let drivers find and book parking spots easily. Technology innovation is creating more advanced and efficient smart parking solutions, expanding the market.
Smart, eco-friendly parking alternatives have also emerged due to concerns about conventional parking techniques' environmental effect. Smart parking solutions reduce carbon emissions and air pollution by decreasing parking searches and traffic congestion. This ecologically sensitive strategy supports global sustainability objectives, encouraging public and commercial investment in smart parking systems.
Established and rising firms compete in the smart parking sector. Established firms provide complete smart parking solutions using their knowledge and resources, while startups innovate and adapt. This rivalry encourages innovation and a wide variety of products to meet the demands of various areas and client groups.
Market dynamics also depend on regulations. Smart parking solutions improve urban mobility and reduce environmental impact, and governments and regulators are realizing this. Smart parking solutions are being used due to supportive policies, incentives, and regulations, fostering industry development.
High construction costs and problems with data security and privacy make smart parking options less useful. Governments, tech companies, and people who work in the industry must all work together to find safe and cost-effective answers.
In conclusion, urbanization and increased traffic density influence smart parking market dynamics by boosting demand for effective parking solutions. Advanced technology, smart city support, environmental concerns, and regulatory activities affect the industry. Collaboration, innovation, and problem-solving will help smart parking systems realise their full potential for sustainable urban development as the market evolves.
Smart Parking Market Highlights:
Smart Parking Market Overview
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.
Cleveland has lately announced that it will transition to smart parking meters, which will include the installation of parking kiosks and a mobile payment platform. Smart parking meters and a new mobile parking payment service platform will replace coin-operated meters throughout the city. Customers will be able to pay for parking using an app, text message, or by scanning a QR code. Cleveland officials add that the new smart parking solution will improve enforcement efficiency by utilizing new license plate recognition equipment for mobile and handheld devices.
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.
COVID-19 Analysis
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.
- Microsoft announced a "hybrid model" for most roles and considers working from home at least part of the time to be standard. According to a Microsoft spokesperson, the company is "committed to our investment in providing employees with an exceptional place to work and fostering greater collaboration and community." When finished, Microsoft's campus will include a 2-acre plaza that can hold up to 12,000 people for meetings and events, sports fields, and an underground "smart" parking facility with a pedestrian and cyclist bridge that spans Highway 520 and connects Microsoft's east and west campuses.
Smart Parking Market Dynamics
Robert Bosch GmbH is currently working on the installation of its community-based smart parking systems, which generate data using side-mounted sensors on connected vehicles. Bosch is helping to pave the way for fully connected and automated mobility. Innovative solutions that make maneuvering and parking safer, more comfortable, convenient, and efficient are included, whether at home, on the street, or in public garages.
Drivers
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.
Restraints
The rising costs of advanced vehicles and other implementation costs are expected to restrain the market growth.
Opportunities
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.
Challenges
The major challenge is the less availability of the right infrastructure, and system integration can be a major challenge for the Smart Parking Industry.
Cumulative Growth Analysis
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.
Value Chain Analysis
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.
Smart Parking Market Segment Overview
The Smart Parking Market is segmented into application, solutions, sensor technology, system type, parking site, and component.
BMW announced that the latest 7 Series will have expanded Parking Assist Tech in 2022, with the ability to store up to 10 parking routes in its database. In addition, the technology will be able to locate parking spaces in congested areas and handle parking duties on its own. BMW claims that the 7 Series will be able to store up to ten parking routes in its database, with up to four of them stored in a single location.
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.
Smart Parking Market Regional Analysis
Based on Region, the Smart Parking Market Size is divided into Europe, Asia-Pacific, North America, and the Rest of the World.
Smart Parking Ltd. expanded its operations in Germany by providing managed services in January 2022. Smart Parking has identified Germany as having desirable infrastructure, smart city congestion challenges, and appealing market conditions that will support the Group's growth objectives in mainland Europe. Smart Parking is focused on bringing both of their key offerings to the German market: ANPR managed parking services and sensor-based technology parking solutions.
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.
Smart Parking Market Competitive Landscape
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.
- 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)
Recent Developments
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 outlook
- Market Overview
- COVID-19 Analysis
- Dynamics of the Market
- Value Chain Analysis
- Market Segmentation
- Regional Analysis
- Competitive Analysis
- Recent Development
Market Segmentation
Applications
- Transport Transit
- Governmental
- Commercial
Solutions
- Valet and Parking Reservations
- Surveillance and Security
- License Plate Recognition
Sensor Technology
- SmartApp
- Image Sensor
- Ultrasonic Sensor
- Radar Sensor
- Others
System Type
- Smart Parking
- Guided Parking
Parking Site
- Electronic Control Unit (ECU)
- Parking Sensors
- Display Unit
- Steering Angle Sensors
Component
- Off-Street
- On-Street
By Region
- North America
- Asia-Pacific
- Europe
- Rest of the World
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