Smart Parking Market
Global Smart Parking Market Size, Share & Trends Analysis Report by Solution (License/Registration Plate Recognition, Parking Reservation Management, Security And Surveillance, and Valet Parking Management), By Parking Site (On-Street Parking, and Off-Street Parking), By Application (Commercial, Government, and Others), By Components (Display Units, Parking Sensors, Steering Angle Sensors, Electronic Control Units, and Others) Forecast, 2021-2027 Update Available - Forecast 2024-2030
The global smart parking market is anticipated to grow significantly at a CAGR of 16.5% during the forecast period. Rapid urbanization and population growth have resulted in city overcrowding, and both factors contribute to parking issues in populated areas. One of the major concerns is the inefficient use of land for parking. With the introduction of the smart parking system, all of the problems associated with parking have been solved. The Smart Parking system is a car parking system that allows the driver to search for available parking spaces, book that spot, and pay the bill for that space online in only a few clicks.
Several governments throughout the world are encouraging the implementation of smart parking technology to transform cities into smart cities. For instance, nearly 78 cities in the region have embarked on smart city development with the help of the European Innovation Partnership on Smart Cities and Communities (EIP-SCC). Such factors are fueling the growth of the smart parking market. The restraining factors in the growth of the market are high initial setup costs, moreover, the configuration of the same is a tedious job. Lack of trained staff is also a key challenge in this market. However, technological advancements like the deployment of more IoT services/platforms and population inclination towards smart cities will contribute to the growth of the market during the forecast period.
Impact of COVID-19 Pandemic on Global Smart Parking Market
The global smart parking market is hit by the outbreak of COVID-19 in December 2019. The automotive and transportation industries are among the most vulnerable sectors to the ongoing COVID-19 pandemic, and they are currently experiencing unprecedented uncertainty. COVID-19 is projected to have a substantial impact on the automotive supply chain and product demand. The industry's main concern has shifted from disruptions in China's supply chain to a general drop in demand for automotive items. With all non-essential services shut down, demand for commercial cars is projected to drop. Meanwhile, a liquidity shortage and cash crunch have already had an impact on fleet operator sales, which is projected to worsen in the coming months. The market will witness “V” shape recovery in near future owing to the restart of activities in major economies.
Segmental Outlook
The global smart parking market can be segmented based on solution, parking site, application, the technology used, and components. Based on the solution, the market is classified into license/registration plate recognition, parking reservation management, security and surveillance, and valet parking management. Based on the parking site, the market is bifurcated into on-street parking and off-street parking. Based on the application, the market is segmented into commercial, government, and others. In addition, based on components, the market is classified into display units, parking sensors, steering angle sensors, electronic control units, and others.
Global Smart Parking Market Share by Parking Site, 2020 (%)
Off-Street Parking Segment holds the significant share in the Global Smart Parking Market
Among the parking site for the global smart parking market, the off-street parking segment held the highest share in 2020 and is also anticipated to grow during the forecast period. Off-street parking alternatives make it possible to park for both longer and shorter periods. Furthermore, governments in several countries are investing in the construction of smart cities, which is encouraging the adoption of these systems for organized parking in urban areas, hence driving the segment’s growth. The rising popularity of off-street parking can be attributed to a growing urge to maximize space and accommodate many vehicles in a single slot. For controlling parking challenges, smart city initiatives demand greater parking space using smart sensor-based vehicle detection technology.
Regional Outlook
The global smart parking market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, and Others), and the Rest of the World (the Middle East and Africa, and Latin America). North America has been predicted to dominate the global smart parking market, followed by Europe. The growth is mainly attributed due to growing concern related to the traffic management coupled with rising government support for the installation of smart traffic management in the country. The European region has significant growth opportunities in the near future as government regulations are framed to support such systems.
Global Smart Parking Market Growth, by Region 2021-2027
Asia-Pacific is projected to have a considerable share in the Global Smart Parking Market
Asia-Pacific is anticipated to exhibit the significant growth in the global smart parking market during the forecast period. In the region, countries such as China and India are the most promising economies in terms of growth. This is due to the rising need for smart parking solutions by the huge population and urbanization. The increase in the number of vehicles in the region will lead to an increase in demand for smart parking.
Market Players Outlook
The key players of the global smart parking market include Robert Bosch GmbH, Valeo and Cisco, Bayerische Motoren Werke (BMW) AG, Siemens AG, 3M Co., Smart Parking Ltd., Nedap N.V., Altiux Innovations, Passport Labs, Inc., ParkMe, Inc., among others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in September 2019, SWARCO TRAFFIC Ltd. and Cambridgeshire County Council struck a deal to replace existing traffic technology with new traffic guidance and parking solutions. The company plans to install 11 count control cabinets at Cambridge Park & Ride locations to advise drivers about parking availability. Also, it will install 17 red–green–blue (RGB) matrix signs at planned locations across Cambridge and nearby areas, which will display information on the traffic and available parking spaces.
The Report Covers
- Market value data analysis of 2020 and forecast to 2027.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global smart parking market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
• Impact of COVID-19 on the Global Smart ParkingIndustry
• Recovery Scenario of Global Smart ParkingIndustry
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. BY Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.1.1. Overview
3.1.2. Financial Analysis
3.1.3. SWOT Analysis
3.2. Key Strategy Analysis
3.3. Impact of COVID-19 on Key Players
4. Market Determinants
4.1. Motivators
4.2. Restraints
4.3. Opportunities
5. Market Segmentation
5.1. Global Smart Parking Market by Solution
5.1.1. License/Registration Plate Recognition
5.1.2. Parking Reservation Management
5.1.3. Security And Surveillance
5.1.4. Valet Parking Management
5.2. Global Smart Parking Market by Parking Site
5.2.1. On-Street Parking
5.2.2. Off-Street Parking
5.3. Global Smart Parking Market by Application
5.3.1. Commercial
5.3.2. Government
5.3.3. Others (Airports, Personal)
5.4. Global Smart Parking Market by Components
5.4.1. Display Units
5.4.2. Parking Sensors
5.4.3. Steering Angle Sensors
5.4.4. Electronic Control Units
5.4.5. Others (Parking Meters, Electronic Billing)
6. Regional Analysis
6.1. North America
6.1.1. United States
6.1.2. Canada
6.2. Europe
6.2.1. UK
6.2.2. Germany
6.2.3. Italy
6.2.4. Spain
6.2.5. France
6.2.6. Rest of Europe
6.3. Asia-Pacific
6.3.1. China
6.3.2. India
6.3.3. Japan
6.3.4. South Korea
6.3.5. Rest of Asia-Pacific
6.4. Rest of the World
7. Company Profiles
7.1. 3M Co.
7.2. Altiux Innovations Pvt. Ltd.
7.3. Aptiv plc
7.4. Bayerische Motoren Werke (BMW) AG
7.5. CivicSmart, Inc.
7.6. Cubic Corp.
7.7. HCL Technologies Ltd.
7.8. INRIX Inc. (Parkme Inc.)
7.9. IntegraPark, LLC.
7.10. Nedap N.V.
7.11. ParkHelp Technologies
7.12. Parkopedia Inc.
7.13. Passport Labs, Inc.
7.14. Robert Bosch GmbH
7.15. Siemens AG
7.16. Smart Parking Ltd.
7.17. T2 Systems Inc.
7.18. Tcs International Inc.
7.19. Valeo And Cisco
7.20. Xerox Corporation
1. GLOBAL SMART PARKING MARKET RESEARCH AND ANALYSIS, 2020-2027 ($ MILLION)
2. GLOBAL SMART PARKING MARKET RESEARCH AND ANALYSIS BY SOLUTION, 2020-2027 ($ MILLION)
3. GLOBAL LICENSE/REGISTRATION PLATE RECOGNITION FOR SMART PARKING MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
4. GLOBAL PARKING RESERVATION MANAGEMENT FOR SMART PARKING MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
5. GLOBAL SECURITY AND SURVEILLANCE FOR SMART PARKING MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
6. GLOBAL VALET PARKING MANAGEMENT FOR SMART PARKING MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
7. GLOBAL SMART PARKING MARKET RESEARCH AND ANALYSIS BY PARKING SITE, 2020-2027 ($ MILLION)
8. GLOBAL ON-STREET SMART PARKING MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
9. GLOBAL OFF-STREET SMART PARKING MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
10. GLOBAL SMART PARKING MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2020-2027 ($ MILLION)
11. GLOBAL SMART PARKING IN COMMERCIAL MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
12. GLOBAL SMART PARKING IN GOVERNMENT MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
13. GLOBAL SMART PARKING IN OTHERS APPLICATION MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
14. GLOBAL SMART PARKING MARKET RESEARCH AND ANALYSIS BY COMPONENTS, 2020-2027 ($ MILLION)
15. GLOBAL DISPLAY UNITS FOR SMART PARKING MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
16. GLOBAL PARKING SENSORS FOR SMART PARKING MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
17. GLOBAL STEERING ANGLE SENSORS FOR SMART PARKING MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
18. GLOBAL ELECTRONIC CONTROL UNITS FOR SMART PARKING MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
19. GLOBAL OTHERS COMPONENTS FOR SMART PARKING MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
20. GLOBAL SMART PARKING MARKET RESEARCH AND ANALYSIS BY GEOGRAPHY, 2020-2027 ($ MILLION)
21. NORTH AMERICAN SMART PARKING MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2020-2027 ($ MILLION)
22. NORTH AMERICAN SMART PARKING MARKET RESEARCH AND ANALYSIS BY SOLUTION, 2020-2027 ($ MILLION)
23. NORTH AMERICAN SMART PARKING MARKET RESEARCH AND ANALYSIS BY PARKING SITE, 2020-2027 ($ MILLION)
24. NORTH AMERICAN SMART PARKING MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2020-2027 ($ MILLION)
25. NORTH AMERICAN SMART PARKING MARKET RESEARCH AND ANALYSIS BY COMPONENTS, 2020-2027 ($ MILLION)
26. EUROPEAN SMART PARKING MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2020-2027 ($ MILLION)
27. EUROPEAN SMART PARKING MARKET RESEARCH AND ANALYSIS BY SOLUTION, 2020-2027 ($ MILLION)
28. EUROPEAN SMART PARKING MARKET RESEARCH AND ANALYSIS BY PARKING SITE, 2020-2027 ($ MILLION)
29. EUROPEAN SMART PARKING MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2020-2027 ($ MILLION)
30. EUROPEAN SMART PARKING MARKET RESEARCH AND ANALYSIS BY COMPONENTS, 2020-2027 ($ MILLION)
31. ASIA-PACIFIC SMART PARKING MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2020-2027 ($ MILLION)
32. ASIA-PACIFIC SMART PARKING MARKET RESEARCH AND ANALYSIS BY SOLUTION, 2020-2027 ($ MILLION)
33. ASIA-PACIFIC SMART PARKING MARKET RESEARCH AND ANALYSIS BY PARKING SITE, 2020-2027 ($ MILLION)
34. ASIA-PACIFIC SMART PARKING MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2020-2027 ($ MILLION)
35. ASIA-PACIFIC SMART PARKING MARKET RESEARCH AND ANALYSIS BY COMPONENTS, 2020-2027 ($ MILLION)
36. REST OF THE WORLD SMART PARKING MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2020-2027 ($ MILLION)
37. REST OF THE WORLD SMART PARKING MARKET RESEARCH AND ANALYSIS BY SOLUTION, 2020-2027 ($ MILLION)
38. REST OF THE WORLD SMART PARKING MARKET RESEARCH AND ANALYSIS BY PARKING SITE, 2020-2027 ($ MILLION)
39. REST OF THE WORLD SMART PARKING MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2020-2027 ($ MILLION)
40. REST OF THE WORLD SMART PARKING MARKET RESEARCH AND ANALYSIS BY COMPONENTS, 2020-2027 ($ MILLION)
1. IMPACT OF COVID-19 ON GLOBAL SMART PARKING MARKET, 2020-2027 ($ MILLION)
2. IMPACT OF COVID-19 ON GLOBAL SMART PARKING MARKET BY SEGMENT, 2020-2027 ($ MILLION)
3. RECOVERY OF GLOBAL SMART PARKING MARKET, 2021-2027 (%)
4. GLOBAL SMART PARKING MARKET SHARE BY SOLUTION, 2020 VS 2027 (%)
5. GLOBAL SMART PARKING MARKET SHARE BY PARKING SITE, 2020 VS 2027 (%)
6. GLOBAL SMART PARKING MARKET SHARE BY APPLICATION, 2020 VS 2027 (%)
7. GLOBAL SMART PARKING MARKET SHARE BY COMPONENTS, 2020 VS 2027 (%)
8. GLOBAL SMART PARKING MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
9. GLOBAL LICENSE/REGISTRATION PLATE RECOGNITION FOR SMART PARKING MARKET SHARE BY REGION, 2020 VS 2027(%)
10. GLOBAL PARKING RESERVATION FOR SMART PARKING MANAGEMENT MARKET SHARE BY REGION, 2020 VS 2027 (%)
11. GLOBAL SECURITY AND SURVEILLANCE FOR SMART PARKING MARKET SHARE BY REGION, 2020 VS 2027 (%)
12. GLOBAL VALET PARKING MANAGEMENT FOR SMART PARKING MARKET SHARE BY REGION, 2020 VS 2027 (%)
13. GLOBAL ON-STREET PARKING MARKET SHARE BY REGION, 2020 VS 2027 (%)
14. GLOBAL OFF-STREET PARKING MARKET SHARE BY REGION, 2020 VS 2027 (%)
15. GLOBAL SMART PARKING IN COMMERCIAL MARKET SHARE BY REGION, 2020 VS 2027 (%)
16. GLOBAL SMART PARKING IN GOVERNMENT MARKET SHARE BY REGION, 2020 VS 2027 (%)
17. GLOBAL SMART PARKING IN OTHERS APPLICATION MARKET SHARE BY REGION, 2020 VS 2027 (%)
18. GLOBAL DISPLAY UNITS FOR SMART PARKING MARKET SHARE BY REGION, 2020 VS 2027 (%)
19. GLOBAL PARKING SENSORS FOR SMART PARKING MARKET SHARE BY REGION, 2020 VS 2027 (%)
20. GLOBAL STEERING ANGLE SENSORS FOR SMART PARKING MARKET SHARE BY REGION, 2020 VS 2027 (%)
21. GLOBAL ELECTRONIC CONTROL UNITS FOR SMART PARKING MARKET SHARE BY REGION, 2020 VS 2027 (%)
22. GLOBAL OTHERS COMPONENTS FOR SMART PARKING MARKET SHARE BY REGION, 2020 VS 2027 (%)
23. US SMART PARKING MARKET SIZE, 2020-2027 ($ MILLION)
24. CANADA SMART PARKING MARKET SIZE, 2020-2027 ($ MILLION)
25. UK SMART PARKING MARKET SIZE, 2020-2027 ($ MILLION)
26. FRANCE SMART PARKING MARKET SIZE, 2020-2027 ($ MILLION)
27. GERMANY SMART PARKING MARKET SIZE, 2020-2027 ($ MILLION)
28. ITALY SMART PARKING MARKET SIZE, 2020-2027 ($ MILLION)
29. SPAIN SMART PARKING MARKET SIZE, 2020-2027 ($ MILLION)
30. REST OF EUROPE SMART PARKING MARKET SIZE, 2020-2027 ($ MILLION)
31. INDIA SMART PARKING MARKET SIZE, 2020-2027 ($ MILLION)
32. CHINA SMART PARKING MARKET SIZE, 2020-2027 ($ MILLION)
33. JAPAN SMART PARKING MARKET SIZE, 2020-2027 ($ MILLION)
34. SOUTH KOREA SMART PARKING MARKET SIZE, 2020-2027 ($ MILLION)
35. REST OF THE ASIA-PACIFIC SMART PARKING MARKET SIZE, 2020-2027 ($ MILLION)
36. REST OF THE WORLD SMART PARKING MARKET SIZE, 2020-2027 ($ MILLION)
