Smart Parking Market Analysis
As per Renub Research's latest report titled "Smart Parking Market Report by Hardware (Pucks (Wireless Sensors), Cameras and LPRs, Smart Meters, Signage, Parking Gates), Software (Parking Guidance System, Analytics Solution), Service (Consulting Service, Engineering Service, Mobile App Parking Service), Type (Off-Street and On-Street), Application (Commercial, Government, Transport Transit), Regions and Company Analysis 2024-2032" is projected to reach a staggering US$ 42.51 Billion by 2032, a significant growth from US$ 7.03 Billion in 2023. This Smart Parking Industry is expected to grow, with a promising CAGR of 22.14% from 2024 to 2032. Worldwide, the number of car clients increased was requested more parking spots, and with the growth of the internet of things (IoT) causes, smart urban areas have picked up grind popularity. In this way, IoT tends to tend to constrained vehicles leaving offices, issues like traffic blockage, and street security. Thus, several parking organization systems have been organized to reduce such traffic issues and enhance the comfort of car users; it has combined Security Surveillance, Smart Payment System, license Plate Recognition, Others applications.
Besides, smart parking is an intelligent parking system that assists drivers with safe parking. A sign or symbol indicates available space in a parking slot with the help of embedded sensors and software. This technology uses different sensors as hardware components in the parking slot to detect the presence or absence of the vehicles. A smart parking system provides real-time data regarding nearby parking spaces and allows drivers to accommodate that slot without any interference from other vehicles.
Notwithstanding, rapidly growing traffic congestion leading to limited space for smooth traffic flow is the critical factor contributing to the smart parking market growth. With increasing urbanization and disposable incomes, there has been a preference for luxurious and comfortable cars. This has escalated the issue of on-road car parking, resulting in the demand for smart parking systems. Moreover, increasing governmental regulations for developing smart cities and green industrial parks and economic zones to decrease carbon dioxide emissions has also contributed to smart parking demand.
COVID-19 Impact on smart parking market:
In 2020, COVID-19 hindered the global smart parking market. The available smart parking systems were transformed into isolation and quarantine homes to provide a clean and suitable shelter for patients to recover. Airports, where parking represents one of the most comprehensive revenue sources, have been severely hampered due to global travel restrictions and bans. Countless airports have stopped construction or repair projects and are issuing orders to stop the work due to lower budgets. Further, educational and work establishments such as schools, universities, and offices have shifted to virtual learning and working arrangement.
The off-street segment holds the largest market:
Based on type, smart parking markets include Off-street On-street. The increasing rise of off-street parking can be ascribed to the rising number of smart parking companies providing applications like Security Surveillance, Smart Payment System, and license Plate Recognition for using spaces for parking in single slots. An off-street parking management system automates an automobile parking system by optimizing the parking space. The system handles issues such as automated access control of vehicles and reducing personnel required to use parking lots.
In terms of End-Users, the transport transit segment is to witness significant growth. Airport authorities globally offer the facility to reserve parking spaces through their mobile apps and website. Several airport ticket vendors like ryanair are showing the facility to reserve parking areas at the airport while booking airline tickets, thereby anticipated to propel the development of this segment over the coming year.
North America holds a considerable market:
Geographically, North America holds the largest market. Increasing traffic congestion in North America has led to the adoption of this technology in countries such as the U.S. and Canada. Civic authorities of Canada and the United States are trying to reduce traffic congestion, which has been getting more severe with the increasing demand for vehicle ownership. The developed adoption of smart parking systems is part of the steps to deliver safe and legal parking for private and commercial vehicles. Smart parking allows vehicles to find a parking space for themselves, consistent in congested areas.
Key Players and Market Share Insights:
The key industry players include Cisco Systems Inc, 3M Corporation, Continental AG, Cubic Corp, TKH Group, Vodafone Group Plc, Deutsche Telekom AG, and Mindteck.
Related Report :
Market Summary:
- Type – Smart Parking Market has been covered from 2 viewpoints (Off-street On-street)
- Application – Smart Parking Market has been covered application from 4 viewpoints (Security Surveillance, Smart Payment System, license Plate Recognition, Others)
- End Users – Our Report has been covered end-users from 4 viewpoints (Transport Facilities, Governments and Municipalities, Commercial Institutions Corporate Institution)
- Region - This Report covers by Region in the 5 viewpoints (North America, Europe, Asia Pacific, Middle East Africa and Latin America)
- All the major players have been covered from 3 Viewpoints (Overview, Recent Development, and Revenue Analysis) Cisco Systems Inc, 3M Corporation, Continental AG, Cubic Corp, TKH Group, Vodafone Group Plc, Deutsche Telekom AG, and Mindteck.
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