The hybrid smart parking platform market size growth is projected as 9%. Also, the market value is assumed to be USD 2,134 million in 2023.
Crucial Market Drivers
The demand for the smart parking system is high due to the rising parking concerns. There is millions of vehicles on-road. However, the parking places are limited in urban areas. Due to the poor parking management the traffic on-road increases. The need for a hybrid smart parking platform is high in urban areas. This massive requirement for a smart parking system in urban areas is a crucial driver for this market. The adoption rate of iot technology is high.
Today, vehicles, machinery and any technology require iot based applications. The growing rate of iot is ultimately raising the demand for the hybrid smart parking system. The immense demand for iot is another crucial market driver. Also, the governmental rules to reduce pollution are positively impacting the smart parking platform. Due to fewer parking spaces, the traffic congestion is high on the road. The high traffic is causing more carbon emissions and pollution to the environment. The governmental backing to reduce traffic and pollution is advantageous to this market. It is a crucial demand driving factor that offers more profitability in this hybrid smart parking platform market.
Market Growth Opportunities
The concept of the smart city is creating a massive growth opportunity for the hybrid smart parking platform market. The smart city is all about building automation smart parking platform and other automation technologies. Several governments are implementing the smart city on a massive scale. Most of the places in a country will follow the smart city protocol. In a smart city, all vehicles should have a smart car park platform. It is a plan that will enhance the convenience and ease of parking. The deployment of smart-city plans will offer promising growth opportunities for the hybrid smart parking platform. Also, the future of the vehicle industry is about automation. The number of autonomous cars and vehicles on-road will increase in 2023. The adoption of autonomous vehicles will offer plenty of growth opportunities for the hybrid smart parking market. Further, the integration of a smart parking platform is quick with autonomous vehicles. The autonomous car's concept is the future of the hybrid smart parking platform market.
The Market Restraints
Few restraints hamper the growth of the smart parking platform. It is a high-end technology with exceptional features. However, the price to implement this system in vehicles is high. The high implementation cost is a significant restraint in this market. Also, the implementation of smart parking technology is possible in only expensive vehicles. The integration of a smart parking platform is suitable for expensive vehicles. These vehicles have the right accessories and features to use smart parking technology. The high price of vehicles equipped with smart parking technology is another restraint in this market.
The Market Challenges
Today, the most significant challenge of smart parking technology is system integration. Smart parking is a sophisticated technology. It is difficult to integrate these systems on regular vehicles. The smart parking platform is suitable for high end and expensive cars. The difficulty of system integration is a challenge to the hybrid smart parking platform market.
Due to complexities in system integration, the adoption rate of smart parking technology may decrease. It is a severe challenge that can affect the market growth in the forecast period. The unavailability of supportive infrastructure is another challenge in this market. The deployment of a hybrid smart parking platform is easy with smart city infrastructure. However, the non-suitability of infrastructure poses a challenge to this market.
Cumulative Growth Analysis
The hybrid smart parking platform market growth remains stable in the forecast year. The crucial market drivers are highly beneficial for market growth and demand. The growing traffic concerns and traffic management issues will continue to fuel the market growth in 2023. Also, the fast adoption rate of iot based technologies will benefit the overall smart parking market demand. Further, the growth scope for the market in the forecast year is high. The smart-city implementation will further expand and develop the market. The increasing number of autonomous vehicles will make the integration of smart parking technology easy. However, few challenges will restrict the hybrid smart parking platform market demand. The high implementation cost is a crucial barrier in this market. Also, the complexities in system integration can adversely affect market growth. These market restraints can decline the demand during the forecast period. Overall the hybrid smart parking platform market shows an increasing market trend.
Value Chain Analysis
North america holds the maximum hybrid smart parking platform market share. Us and canada are the key contributors to the market. The requirement for parking management technologies is high in this region. Also, the adoption rate of smart parking technology is massive in this region. North america will witness the highest profitability rate in the forecast year 2023. The demand and growth opportunities will reach their peak in the forecast period. The increasing number of vehicles on-road is resulting in a fast adoption rate of the smart parking platform. Also, the growing awareness of pollution on streets and roads is positively affecting the smart parking market. The well-established infrastructure in north america enables easy integration of the technology.
The international hybrid smart parking platform market is fragmented into three crucial regions. North america, europe and the asia pacific are the major contributors to the global market. North america will dominate the smart parking platform market in the forecast year. The well-established market players in north america are implementing new market strategies in the forecast year. Also, the highest growth rate and demand will be experienced by north america.
Europe is the second leading smart parking platform markets. The fast adoption of iot based technologies is propelling market growth. The market will witness massive profitability in the forecast period. Also, the growth scope is high for the smart parking platform in europe. The governmental initiatives to control pollution are also benefitting the market. The asia pacific will witness the fastest smart parking platform market growth. The demand is high due to the adoption of smart cities and growing parking concerns. The technological advancements in all these regions will offer plenty of growth opportunities for the smart parking platform market.
The key players of the hybrid smart parking platform market
The government is taking initiative to implement automated vehicle parking in several regions. It creates more opportunities for smart parking platforms. Also, the 4.0 valet parking initiative is based on smart parking technology.
The key players of the market are increasing their investments in r&d. The research and development of smart parking platform opens a new way to integrate the technology in vehicles. R&d is highly beneficial for the automotive industry.
A hike in number of automobiles and lack of parking space are creating the need for smart parking. This is resulting in considerable traction for hybrid smart parking, which according to MRFR’s findings is a major factor for the global hybrid smart parking platform to thrive at about 18% CAGR and value at USD 2.134 billion by 2027.
Streetline (U.S.), Tata Elxsi (India), Libelium (Spain), and IPS Group, Inc. (U.S.) are some renowned players operating in the global hybrid smart parking platform market.
Parking reservation management solution of hybrid smart parking platform is gaining considerable traction due to the arising conflicts regarding parking reservation. Alongside, security & surveillance, license plate recognition, and valet parking management are other solutions offered by hybrid smart parking platform.
Hybrid smart parking platform constantly provide street date to driver and aids in sorting information on parking resources. These benefits of hybrid smart parking platform are identified as key growth factors for the market.
High and rapid purchase of latest car models and strong economic base are causes that are responsible for the North America hybrid smart parking platform market to hold the largest share.