Analysis of Smart Parking Solutions market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global smart parking solutions market size and revenue are expected to increase from over US$ 4.4 Bn in 2022 to US$ 30.84 Bn by 2032, ascending at a stellar 21% CAGR during the forecast period.
Market size value in 2022
USD 4.4 Bn
Market forecast value in 2032
USD 30.84 Bn
Global Growth Rate (2022-2032)
CAGR of 21%
Well Established Companies Market Share
Key Companies Profiled
Smart parking is a safe parking solution for conscientious drivers. The sign or symbol reveals the available parking spot on the lot by using embedded software and sensors. Because of proper vehicle management, the driver is well acquainted with the unoccupied space. Smart parking provides drivers with real-time information about the availability of nearby parking spaces, allowing them to reserve a spot without having to wait.
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According to Fact.MR, demand for smart parking solutions experienced a noteworthy incline, registering a staggering 18% CAGR from 2017 to 2021. This high growth is attributed to worsening traffic congestion problems across both the developed and developing worlds. As global population surges, vehicle ownership has risen, causing constraints with regard to availability of adequate parking space.
Moreover, the ever increasing trend of automating cities has led to increased reliance on various categories of smart parking solutions, including smart meters, guidance systems, analytics solutions and engineering services. Application of these solutions were somewhat restricted during the height of the COVID-19 pandemic, as lockdowns prevented people from traveling to public places.
Market growth is expected to be driven by the increasing adoption of integrated automated solutions, as well as advancements in wireless and digital payment technologies. Among the technologies used to implement effective solutions are machine-to-machine (M2M) communication, data analytics, advanced sensors, smart parking meters, and mobile applications for slot reservations and online payments. A CAGR of 21% is projected for the market from 2022 to 2032.
Rising Popularity of IoT-based Parking Solutions Spurring Uptake of Smart Parking Solutions
As the global population increases, the rate of urbanization has surged exponentially. Consequently, there is increased ownership of automobiles, which has necessitated a rise in the need for adequate parking space. According to the UN Department of Economic and Social Affairs (UN DESA), approximately 68% of the global population will reside in urban areas by 2050.
Automotive manufacturers are thus looking to ease the ever increasing burden of global traffic by deploying internet of things (IoT) enabled and smart parking solutions. Innovations in ubiquitous computing coupled with the developments in cloud platforms are opening up new avenues for smart parking solutions companies to venture into. The rising popularity of data-driven operations and the benefits associated with it are causing an increase in the adoption of smart parking software around the world.
Smart City Initiatives Necessitate Installments
Smart city projects offer sustainability in addition to enhanced performance. With the transformation of a city into a smart city, authorities around the world can provide for better security, transport and traffic management, waste management, energy efficiency, and can improve the lifestyle of the population comprehensively.
In addition to these benefits, smart cities will contribute towards the welfare of the environment and allow for the stabilization of global temperatures.
Growing environmental concerns, traffic congestion, and the population are causing governments around the world to look towards the development of smart cities which will effectively improve the quality of life while aiding authorities in saving resources. These factors have attracted heavy investments in smart technologies around the world and are fueling the demand for smart parking solutions on a global scale.
Sophistication-driven Technological Advancements to Fuel Growth
Increasing penetration of wireless networking systems, IoT, and cloud-based services, has laid down the platform for innovations in the smart parking solutions market.
For instance, easy accessibility to affordable GPS, cloud software, smartphones, and smart sensors is resulting in the development of sophisticated systems that aid drivers in detecting the nearest empty parking spot in real-time.
The emergence of cashless transactions and e-payment facilities are further paving gateways to new opportunities for smart parking solution companies to explore. Moreover, developments in artificial intelligence and machine learning are aiding companies in making groundbreaking discoveries in the field.
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Heavy Traffic Congestion Problems in Metropolises Enhancing Adoption
The United States smart parking market is expected to expand at a CAGR of 15% during the forecast period, owing to rising urbanization, a thriving automotive industry, rising automotive sensor demand and market, and rising infrastructure investments in the country.
Furthermore, due to the presence of various technology companies, government regulations, and financial support, the United States is the world's largest market for smart parking.
The presence of heavy traffic in cities such as New York, Los Angeles, and others, as well as a growing level of awareness about modern solutions for traffic control and parking, drives the growth of the smart parking market in the United States.
Emphasis on Revamping Existing Parking Infrastructure Spurring Smart Parking Solutions Uptake
In China, smart parking lots are mostly built by renovating existing ones and adding solutions and devices like license plate recognition, geomagnetic devices, high and low video piles, sensors, and sensor less payment, which are used to collect data and information for single parking lots, build parking management platforms, and develop parking APPs, WeChat official accounts, and applets. The scattered data and information at this stage only allow for basic features such as online parking lot inquiry and senseless parking payment.
In 2020, Alibaba Cloud completed the Jincheng smart parking management platform and parking spot renovation equipment procurement project, as well as the digital intelligent transformation, smart parking management system, and digital security passenger flow project at Haining China Leather City. As per Fact.MR, the country is likely to experience an incline of 12% CAGR from 2022 to 2032.
Establishment of Smart Cities to Fuel Smart Parking Solutions Deployment
The Germany smart parking solutions market is expected to grow at a CAGR of 16% during the forecast period, owing to rising population, industrialization and urbanization, technological advancements, and growing demand for parking system improvements.
The demand for parking sensors in Germany will rise as more parking management solutions are implemented, reducing the time it takes to find a parking space and easing traffic congestion. Furthermore, the growing number of vehicles on the road, combined with government initiatives such as smart cities, is expected to lead to improved traffic and parking management solutions in Germany over the next decade.
Continental AG, Robert Bosch GmbH, Delphi Automotive PLC, Aisin Seiki Co., Ltd, Valeo S.A., Siemens AG, Cubic Corporation, Xerox Corporations, and others are among the major players in the German smart parking solutions market.
Fact.MR opines that prospects for automated valet parking solutions will remain promising, as they gradually replace their conventional counterparts. Valet parking has become a popular trend in urban areas, and companies are launching automated valet parking management solutions to meet the needs of the urban population.
The automated valet parking system uses a combination of technologies to aid vehicle owners in finding an appropriate parking space. Additionally, smart valet parking management solutions offer vehicle owners the data on their parking spot's exact location, depriving them of the relevant hassles. According to the study, smart valet parking solutions will witness a Y-o-Y growth of 9.9% in 2022 over 2021.
In 2022, the commercial segment is likely to dominate the smart parking solutions market, accounting for nearly 40% of the revenue share. The increased adoption of smart parking solutions at shopping malls, sports complexes, corporate buildings, and theatres, among other public venues, can be attributed to the segment's growth. The commercial segment is expected to grow due to the flexibility, high level of convenience, and mobile payment options provided by smart parking solutions.
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By 2022, the smart parking solutions market will likely reach US$ 4.4 Bn
From 2017-2021, smart parking solutions deployment expanded at a CAGR of 18%
As per Fact.MR, a CAGR of 21% is projected for smart parking solutions from 2022 to 2032
As of 2032, smart parking solutions are likely to accumulate a value of over US$ 30 Bn
According to Fact.MR, smart parking solutions demand is anticipated to surge at 15% CAGR in the U.S
In China, smart parking solutions are expected to rise at a CAGR of 12% until 2032
Yes, Germany is expected to remain the dominant market, clocking a 16% CAGR
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