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.
- 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.
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.
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.
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.
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)
- 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.
- 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- 2021
- 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.
- Transport Transit
- Valet and Parking Reservations
- Surveillance and Security
- License Plate Recognition
- Smart Parking
- Guided Parking
- Electronic Control Unit (ECU)
- Parking Sensors
- Display Unit
- Steering Angle Sensors
- North America
- Rest of the World
2030 : USD 22 Billion
20.77% CAGR (2022-2030)
2022 to 2030
2019 & 2020
Value (USD Billion)
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Parking Site, Technology, Region
North America, Europe, Asia-Pacific, and Rest of the World (RoW)
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
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 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.
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