The Smart Parking Market is anticipated to grow significantly, hitting $22,289.8 million by 2030, with a strong compound annual growth rate (CAGR) of 17.3% from 2021 to 2030. The market is growing as a result of a number of important factors, such as the increasing traffic congestion that hinders efficient traffic flow, the increasing demand for effective land use and parking management, and significant technological advancements in digital and Internet of Things (IoT)-based solutions.
The scarcity of parking places has become a serious issue as urbanisation continues to spread across the globe, causing traffic congestion and delays. To give drivers real-time information on parking availability and direct them to open spots, smart parking systems make use of cutting-edge technologies including real-time sensors, data analytics, and mobile applications. This boosts parking operations’ effectiveness, eases traffic congestion, and maximises the use of parking spaces, increasing demand for intelligent parking solutions.
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Furthermore, the development of smart parking systems is being driven by the growing requirement for efficient land utilisation in metropolitan areas. Considering the scarcity of available land and the rising urban population, parking space allocation optimisation is essential. Through the provision of real-time occupancy data and the facilitation of dynamic pricing mechanisms, smart parking technologies enable the more effective use of parking lots. In addition to improving parking management, this promotes sustainable urban growth.
The parking sector has undergone a transformation thanks to developments in digital and IoT-based technologies, which have sparked the birth of creative solutions. For better parking experiences, IoT-enabled sensors, connected devices, and cloud-based platforms offer seamless communication, data collecting, and analysis. Additionally, contactless and convenient payment methods are made possible by digital payment systems and mobile applications, meeting the changing needs of consumers. The global smart parking market is expanding as a result of these technical developments.
Key players in the sector are investing in R&D to produce novel products and increase their market presence as the demand for effective parking solutions rises. Please refer to the market research study on the worldwide smart parking market for in-depth insights and detailed analyses.
Highlighted with 87 tables and 102 figures, this 184-page report “Global Smart Parking Market 2021-2030 by Component (Hardware, Software, Service), System (Guided, Smart), Parking Type (Off-street, On-street), Solution, Technology (Ultrasonic, Image, Radar, RFID, IoT), Vehicle Type, End User (Commercial, Government, Residential), and Region: Trend Forecast and Growth Opportunity” is based on a comprehensive research of the entire global smart parking market and all its sub-segments through extensively detailed classifications. Profound analysis and assessment are generated from premium primary and secondary information sources with inputs derived from industry professionals across the value chain. The report is based on studies on 2019-2021 and provides forecast from 2022 till 2030 with 2021 as the base year. (Please note: The report will be updated before delivery so that the latest historical year is the base year, and the forecast covers at least 5 years over the base year.)
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In-depth qualitative analyses include identification and investigation of the following aspects:
- Market Structure
- Growth Drivers
- Restraints and Challenges
- Emerging Product Trends & Market Opportunities
- Porter’s Fiver Forces
The trend and outlook of global market is forecast in optimistic, balanced, and conservative view by taking into account of COVID-19. The balanced (most likely) projection is used to quantify global smart parking market in every aspect of the classification from perspectives of Component, System, Parking Type, Solution, Technology, Vehicle Type, End User, and Region.
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Based on Component, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2021-2030 included in each section.
- Hardware
o Pucks/Wireless Sensors
o Cameras and LPRs
o Smart Meters
o Signages
o Parking Gates
o Other Hardware
- Software
o Parking Guidance System
o Analytics Solutions
- Service
o Consulting Service
o Engineering Service
o Mobile App Parking Service
Based on System, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2021-2030 included in each section.
- Guided Parking Assist System
- Smart Parking Assist System
By Parking Type, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2021-2030 included in each section.
- Off-street Parking
- On-street Parking
By Technology, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2021-2030 included in each section.
- Ultrasonic Sensors
- Image Sensors
- Radar Sensors
- Radio Frequency Identification (RFID)
- Internet of Things (IoT)
- Other Technologies
By Vehicle Type, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2021-2030 included in each section.
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
By End User, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2021-2030 included in each section.
- Commercial Sector
- Government & Public Sector
- Residential Sector
Geographically, the following regions together with the listed national/local markets are fully investigated:
- North America (U.S., Canada, and Mexico)
- Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe; Rest of Europe is further segmented into Netherlands, Switzerland, Poland, Sweden, Belgium, Austria, Ireland, Norway, Denmark, and Finland)
- APAC (Japan, China, South Korea, Australia, India, and Rest of APAC; Rest of APAC is further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, Taiwan, and Philippines)
- South America (Brazil, Chile, Argentina, Rest of South America)
- MEA (UAE, Saudi Arabia, South Africa, Other Nations)
For each aforementioned region and country, detailed analysis and data for annual revenue ($ mn) are available for 2021-2030. The breakdown of all regional markets by country and split of key national markets by Parking Type, Solution, and Technology over the forecast years are also included.
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The report also covers current competitive scenario and the predicted trend; and profiles key vendors including market leaders and important emerging players.
Selected Key Players:
Amano McGann, Inc.
BMW AG (ParkNow GmbH, Parkmobile LLC)
CivicSmart, Inc.
Continental AG
Dongyang Menics Co., Ltd.
IEM SA
IPS Group Inc.
Klaus Multiparking Systems
ParkMe Inc.
Robert Bosch GmbH
Siemens AG
Smart Parking Limited
Swarco AG
TKH Group-Park Assist.
Urbiotica, S.L.
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