ID: MRFR/AM/1708-CR | January 2018 | Region: Global | 100 pages
Smart Parking is the system that helps the driver to find the vacant spot for parking the vehicle. The parking system detects the parking space with the help of sensors and directs the drivers about the vacant space. The various technologies that are used in smart parking are smartapp, ultrasonic, RFID, and others. The smart parking market is expected to grow at CAGR of around 10.97% during the period 2017 to 2023.
The factors that are responsible for the growth of smart parking market are smart cities solutions for connected demands and smart parking systems emerge as ideal solution to several environmental and economic issues. The world is witnessing increasing urbanization while technology has been incorporated by cities for many years. However, the pace at which this adoption takes place is increasing, rapidly, as disruptive digital technologies have the potential to solve major metropolitan challenges such as safe parking. Smart cities hold the promise to make urban areas better efficient and more secure. Smart parking is the most adopted and fastest growing solution across the airports, universities, shopping centers and city garages. The ability to connect, analyse, and automate data gathered from devices, powered by and described as the Internet of Things, is what makes smart parking, possible. It has the power to employ a big number of small, cheap, and energy efficient sensors, which, collect and process a range of parameters such as temperature, sound, vibration, pressure, water quality, and pollutants.
The smart parking market is segmented based on parking site, technology, and region. On the basis of parking site, Off-Street segment accounted for the largest share with 68.45% in the global smart parking market due to growth in automotive industry. The off-street parking is generally used for parking the vehicles anywhere but not on the street. There are various garages and parking lots available for parking the vehicles. This is one of the safe parking method as compared to on-street parking. On the basis of technology, the market has been as SmartApp, ultrasonic, RFID, In-ground vehicle detection sensor, and others. SmartApp segment accounted for the largest share with 34.14% in the global smart parking market. Ultrasonic is the second largest segment on the basis of technology and accounted for 26.25% share in the same year. The SmartApp is an integrated technology that has been developed to help the drivers on the real time availability of the parking space in nearby place. The SmartApp is widely used because any person sitting in the car can find the place for parking the vehicle in convenient manner. Ultrasonic has accounted for the second largest segment in smart parking market with a market share of 35.01% in 2016.
Smart Parking Market, By Segmentation
Source: MRFR Analysis
On the basis of region, the market is segmented as North America, Asia Pacific, Europe, and Rest of the World. Asia Pacific region has accounted for the largest market share due to the presence of China, Japan and India. The high growth rate in the registration of new cars worldwide, with major boom from regional economies such as Asia Pacific (APAC), will open the window of opportunities for parking management business. Smart city concept is a new approach to redesigning cities and conceiving solutions to recent urban challenges such as traffic congestion, rapid expansion of urban population, increased energy consumption and increased greenhouse gas emission. Smart city aims to solve these challenges based upon foundations of good urban planning, economic competitiveness and sustainable practices that use emerging information and communication technologies. Europe accounted for the second largest market during the forecast period due to growing urbanization. The growing urbanization has led to the increased demand for infrastructure including transportation and building. Smart cities provide higher technology through mobile technology, optimize existing infrastructure, and create land use, in an efficient way. This will lead to growing demand for smart parking in smart cities. In the U.S., the National Institute of Standards Technology (NIST), part of U.S. Department of Commerce, has started working on the deployment of smart city development. The design of the framework was built to address two main concerns that are the interoperability and portability of ICT development across cities, and the need for standard architectural principles. This framework will lead to the demand for smart cities, which will ultimately result in the development of the smart parking market. Canadian market for automotive industry is rising steadily. The vehicle sales have continued to grow in the recent years. As of March, 2017, the sales of electric vehicles in Canada has reached 19,83,745 units, which shows that in the coming years, the sales would increase at a much higher rate. Government initiative and rising preference for vehicles is expected to be the major growth influencer of the Canada market. In Europe, there has been constant development for formulating strategy in order to achieve the growth in the metropolitan areas. This increase in the development will drive the smart parking market in Europe.
The key players in global smart parking market are Amano McGann, Inc. (U.S.), Smart Parking Limited (Australia), IEM SA (Switzerland), IPS Group Inc. (U.S.), Klaus Multiparking Systems (Germany), PArklayer (India), Omnitec group (UAE), Mindteck (India), Robert Bosch GmbH (Germany) and Dongyang Menics Co., Ltd (South Korea)
The report for Global Smart Parking Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
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 10.97% 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.
The RFID 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.