Smart Parking Market Research Report - Global Forecast to 2030

Smart Parking Market Information Report by Parking Site (On-Street and Off-Street), Technology (SmartApp, In-Ground Vehicle Detection Sensor, RFID, Ultrasonic, and Others), and region - Forecast till 2030

ID: MRFR/AM/1708-CR | October 2020 | Region: Global | 185 pages         

Smart Parking Market

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 2022-2030.

Segmentation

By Parking Site On-Street Off-Street
By Sensor Technology SmartApp In-Ground Vehicle Detection Sensor RFID Ultrasonic
By Component Electronic Control Unit (ECU) Parking Sensors Display Unit Steering Angle Sensors

Key Players

  • 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)

Drivers

  • Increased investments in the technologies
  • Increase in vehicles' manufacturing in developing countries
  • Increasing at a fast pace. Safe parking is one of the significant challenges being faced in big cities
  • Introduction of mobile applications to search for car parking areas and photos and other information
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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 2022-2030. 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.


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.


Market Dynamics


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 2022-2030. 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.


Segment Overview


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.


Regional Analysis


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.


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



  • Smart Parking Limited, which is a new solution for smart parking, was launched in 2017 to meet the requirements of the city operators.



  • Amano McCann announced its collaboration with a company called ITR in 2017 at the Fistral Beach.



  • In 2017, the Government of the United Kingdom announced to fund up to 19 local authorities with USD 4.8 Million.


Report Overview



  • Market Overview

  • COVID-19 Analysis

  • Dynamics of the Market

  • Value Chain Analysis

  • Market Segmentation

  • Regional Analysis

  • Competitive Analysis

  • Recent Development


Report Score and Segmentation



  • Study Period- 2022-2030

  • Base Year- 2022

  • Forecast Period- 2022-2030

  • Historical Period- 2020-2021


The report score is to provide important information about the Smart Parking Industry. The reports highlight the CAGR, market developments, and many more. Moreover, the information provided in this report is collected from various primary and secondary sources.


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



Report Scope:
Report Attribute/Metric Details
  Market Size   2030 : USD 22 Billion
  CAGR   20.77% CAGR (2021-2030)
  Base Year   2020
  Forecast Period   2022 to 2030
  Historical Data   2019 & 2020
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Parking Site, Technology, Region
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Amano McGann, Inc. (U.S.), IEM SA (Switzerland), Smart Parking Limited (Australia), IPS Group Inc. (U.S.), among others.
  Key Market Opportunities

  • Increase in the number of new parking spaces, and multi-story car parking has also been introduced at various places
  • Increased investments in the technologies
  • Increase in vehicles' manufacturing in developing countries
  •   Key Market Drivers

  • Increasing at a fast pace. Safe parking is one of the significant challenges being faced in big cities
  • Introduction of mobile applications to search for car parking areas and photos and other information


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    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 2022-2030.

    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.