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 Overview:

Smart Parking Market is projected to be worth USD 19.25 billion by 2028, registering a CAGR of 20.77% during the forecast period (2021 - 2028), The market was valued at USD 6.81 billion in 2020.

While, on the one hand, urbanization is taking place globally, technology is getting advanced too. The speed at which these advancements are being adopted is increasing at a fast pace. Safe parking is one of the significant challenges being faced in big cities. Smart parking is one of the most adopted and convenient ways to ensure that vehicles are safe even after less space. Primary uses of these intelligent parking systems take place in universities, airports and shopping complexes. The basic technology behind an intelligent parking system is its ability to automatically make connections, analyze, and gather data from the devices. The internet powers these systems, and it makes smart parking possible. The entire system can also get many small and budget-friendly sensors and set up their collaborations to achieve parameters like sound, temperature, vibrations, water quality, and pressure. Moreover, the navigation systems that enable the drivers to locate parking for themselves using the GPS is another recent technology that has taken over the drivers across the world to the next level of ease and comfort.

COVID-19 Analysis

Coronavirus pandemic has bought some serious backs in the life of every individual and every business. Something that has happened without warning and left all the company in the middle of nowhere. While they look forward to get things sorted, they are also clueless about where and how to start. The reports provided to them gives them the in-depth analysis done by the experts about everything that the Smart Parking Market Trends is currently through and what steps do they need to take to step themselves up for the ladder of success. Apart from this, the analysis of the competitors in the market and the latest advancement to ensure that they are on the right track is also provided. Small things have proven to bring more considerable and unexpected changes, and these are required for every business in the smart parking Industry at present. The reports also have the strategic implementations and the plans that are being followed by the key players in the Global smart parking industry. This is something that enables the business to introspect themselves in terms of their situation in the market. They can then work accordingly on themselves.

Competitive Landscape

The major companies that dominate the global smart parking Market Revenue are IPS Group Inc., Amano McCann Inc., Smart parking limited which is based in Australia, IEM SA, which is a Switzerland based company; Klaus multi parking system which is based in Germany, Mindteck, which is an Indian company and Park layer which is also found in India.

All these key competitors have formed strategic planning and implementation systems that have made them reach the current level. Not only for themselves, but they have contributed a lot towards the smart parking Market Analysis. They aim at bringing out new technologies and advancements and flourish the call to the fullest.

Market Dynamics

Most developed countries and even those which are developing are facing the struggles of parking the vehicles. An intelligent parking system is one of the best ways to combat this problem. The planning policies of the governments have aimed at a tremendous growth of the smart parking Market Size. There has been an increase in the number of new parking spaces, and multi-story car parking has also been introduced at various places. Within the last few years, technological advancements have taken place in intelligent parking systems and it has resulted in more efficient and more precise parking. User experience has also increased to many folds. The significant factors that have affected the smart parking industry Value include introducing self-driven cars and the increased investments in the technologies related to the same. The introduction of mobile applications to search for car parking areas and photos and other information has also boosted its growth.

Regulatory Implications

There have been numerous regulatory implications on the smart parking Market Revenue not only on the local and regional levels but also on the country-wise level. More cars and vehicles are getting registered in almost every part of the world. In other words, there are different norms imposed by foreign governments. While most of the world's regions are taking their steps further towards advancement, and more vehicles are getting added regularly, managing the cars' parking is getting complicated. That is where the prominent role of smart parking comes into the picture. Utilizing ultra-modern technologies and ensuring safe and easy parking for the vehicles is what these bring along. While the governments have taken steps to reduce traffic congestion, especially in highly populated regions, smart parking has been the savior.

Global Segmentation

The global Market Outlook is segmented into three major segments:

  • Segmentation by solutions

  • Segmentation by parking site

  • Segmentation by application

Base on the solutions, the Market Trends is subdivided into the following:

  • Security and surveillance.

  • Parking reservations and valet

  • Others

Parking reservations and valet has been in trend in most of the areas in the market.

Based on the parking site, the market can be sub-classified as

  • On street

  • Offf-street

The off-street segment accounts for the most significant share in the market. These are the spaces tartar used for parking the vehicles, not on the roads.

Based on application, the market can be classified as follows:

  • Governmental

  • Transport transit

  • Commercial

Amongst these segments, commercial vehicles have been dominating the smart parking Market Size for quite some time now.

Smart Parking Market, By Segmentation

 Smart Parking Market, By Segmentation

Source: MRFR Analysis

Regional Analysis

The smart parking Market Growth is primarily divided into four subtypes depending upon the regions. These are:

  • Europe

  • North America

  • Asia pacific

  • Rest of the world

The region that dominates the smart parking Market Share in North America because the major solution providers are located in the US. It has been focusing on the navigation of the lot parking from quotes for some time now. The spot parking enables the drivers to find a parking space for themselves even in heavy traffic areas. Currently, there are 800 million spaces for parking in North America. The Asia Pacific expects the highest and the fastest smart parking Market Growth because of the increase in vehicles' manufacturing in developing countries like India and China.

The European smart parking industry Value is also towards an upward trend and will reach the desired level within a short period.

Recent developments

Recent developments in the smart parking Market Outlook include:

  • In September 2017, Amano McCann collaborated with ITR to expand its business in South Carolina. The company has collaborated with many different companies in various parts globally to grow its business. Its partnership in 2015 led to the introduction of EMV to the intelligent parking system.

  • In March 2017, smart parking limited, a new intelligent spot gateway solution, was launched to meet competent city operators' requirements. 

  • In 2016, intelligent parking systems expanded their business at Fistral Beach and successfully provided a smart parking system at the beach.

  • In 2016, a new brand of IEM SA was launched under the name Preston park. It has unique online portals that have led to an easy life for the drivers.

  • In 2017, CMMI institute and Mindteck partnered with each other to provide an effective processing system to the company and improve performance.

  • In February 2020, Amco S.A. was granted a contract for an automated fare collection system by the Memphis Area Transit Authority (MATA) in the United States.

Report Overview

The report prepared for the Global innovative parking system consists primarily of the extensive research that the experts and the analysts have conducted. These provide detailed qualitative and quantitative facets of the various experts in the smart parking Industry. After gaining adapter insight about the smart parking Market Share and the performance, the analysts have prepared an extensive report that would ensure that they get the most of them. The report also provides a crystal-clear picture of the smart parking Market Analysis, present scenario, including history. This report is useful to all those looking for the market trends and forecasts.

Report Scope:
Report Attribute/Metric Details
  Market Size

  • 2028: USD 19.25 billion
  • 2030 : Significant value
  •   CAGR   20.77% CAGR (2021-2030)
      Base Year   2020
      Forecast Period   2022 to 2030
      Historical Data   2019 & 2020
      Forecast Units   Value (USD Million)
      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

  • Speak to Analyst Ask for Customization

    Frequently Asked Questions (FAQ) :

    The global smart parking market is expected to record a substantial market valuation.

    The global smart parking market is projected to register a moderate 20.77% CAGR in the forecast period.

    Technological advancements, rapid urbanization, and increasing traffic conjestion are driving the growth of the market.

    the lack of awareness and technical limitations are likely to hamper the growth of the smart parking market over the review period.

    The off-street segment is slated to expand as the fastest-growing segment.

    A few major market players operating in the global smart parking market are Amano McGann, Inc. (U.S.), IEM SA (Switzerland), Smart Parking Limited (Australia), IPS Group Inc. (U.S.), among others.

    The segment that is expected to achieve the highest expansion is the Off-street segment.