Global Smart Parking System Market By Hardware (Pucks (Wireless Sensors), Cameras & LPRs, Smart Meters, Signage, and Parking Gates), By Software (Parking Guidance System, and Analytics Solutions) Growth, Share, Opportunities, and Competitive Analysis, 2016 – 2030

About this report

The global smart parking systems market report explores the critical analysis of the smart parking systems industry using major parameters. The global smart parking systems market report consists of investment strategies, the need for investments in the smart parking systems industry, and the several benefits for investors. The global smart parking systems market report sets out significant changes in the global smart parking systems market technical regulations for the Smart parking systems industry and how economic and non-economic barriers are helping the smart parking systems market growth. Moreover, the report analyses the regional, global, and country-level historic and forecasted market size. The global smart parking systems market report provides a comprehensive analysis of key investment propositions, competitors’ positioning,  demand and supply gap, STAR analysis, SRC analysis, and Tornado analysis. Key technological developments and other analyses such as porter’s five forces analysis, PESTEL analysis, value chain analysis, etc.

What is the market size of smart parking systems regarding value?

The global smart parking systems market is anticipated to grow at a significant CAGR of 20.80% in the upcoming years. The global Smart parking systems industry was estimated to be worth USD 5987.5 million in 2021 and was expected to worth USD 18605.7 million by 2028.

How are the major segments performing in the smart parking systems market?

• In 2021, the smart meters segment accounted for the highest share of the global market due to the increasing need for on-street parking spaces in various cities across the globe.
• In 2021, the parking guidance system segment was anticipated to hold the largest share of the global market due to this system gaining traction in the market st with vacant slots, providing several available spaces, parking guidelines, duration of availability, and saving time.
• In 2021, the engineering service segment was expected to hold the highest share of the global market. The growing adoption of autonomous and semi-autonomous cars in developed countries drives the segment’s growth.
• In 2021, the off-street segment was expected for the largest share of the global market. The growing rise of off-street parking can increase the number of companies providing an application for using spaces for parking in single slots.
• In 2021, the commercial segment was expected to have the largest share of the market. Increasing adoption of smart parking systems at sports complexes, shopping malls, corporate buildings, theaters, and other public venues, is expected to support the growth of the commercial segment over the forecast period.

Which region dominated the smart parking systems market?

In 2021, the North American region was expected to have the highest share of the global market. An increasing number of vehicles is predicted to grow in the North American market for smart parking systems during the forecast period. Civic authorities in Canada and the U.S. are making efforts to reduce traffic congestion, which has been getting more severe with the increasing demand for vehicle ownership. The governments are undertaking initiatives with the service providers to increase the adoption of smart parking systems that provide legal and safe parking for commercial and private vehicles. Moreover, the increasing adoption of smart cities is fuelling the implementation of smart parking systems in the region.

How is the U.S. market performing in the smart parking systems market?

In 2021, the biggest revenue share in the worldwide market share was anticipated to come from the North American area. The market is predicted to have significant growth due to the rising number of cars in the area. Municipalities in the US and Canada are working to reduce traffic congestion, which is becoming a major issue as more people own cars.

What is the competitive environment of the smart parking systems market?

The key industry participants include Altiux Innovations,  Cisco Systems, Inc. Siemens AG; Robert Bosch GmbH, SKIDATA AG, Amano McGann, Inc., BMW AG and ParkMe, Inc. Major companies offer innovative solutions and hardware equipment to stay ahead of competitors. To the increasing need for parking lot management, smart parking players in the market are strengthening collaborations with parking lot management firms. For instance, in November 2021, Park Assist introduced its Parking Guiding System to the City of Hollywood’s Nebraska parking garage. For residents and visitors, the system and the parking garage provide ParkMobile and Pay-By-Plate payment alternatives.

For instance: In 2019, Continental AG rolled out global parking data for the European market of Austria, Germany, France, Switzerland, Spain, the U.K., and Italy. This service offers real-time data from the parking zones and relevant information such as opening hours, prices, and electric charging stations.

Executive Summary

How does smart parking systems used in transport transit?

Smart parking systems are expected to register significant growth in transport transit due to increased airplane travel. Airport authorities offer the facility to book parking spaces through the website and mobile apps. In addition, many airport ticket vendors, like Ryanair, offer the facility to reserve parking spaces at the airport during booking airline tickets which is expected to the growth of this segment during the forecast period.

Which are the key investments by the smart parking systems market players?

Major corporations are showcasing cutting-edge hardware products and solutions. To meet the steadily evolving needs of parking management, smart parking system manufacturers are expanding their collaborations with parking lot management firms. To increase their market position, major businesses are concentrating on mergers and acquisitions. For instance, Urbiotica completed its suite of smart parking solutions in June 2020 when it purchased Worldsensing’s Fastprk product.

Some major players in the Smart parking systems market are Altiux Innovations; Amco S.A.; BMW AG (ParkNow GmbH, Parkmobile, LLC); Amano McGann, Inc.; Cisco Systems, Inc.; Deteq Solutions; Flowbird; techno; CivicSmart, Inc.; INDECT Electronics & Distribution GmbH; Kapsch TrafficCom.

What are the major driving factors for the smart parking systems market?

The need for smart parking systems that may aid city management in the professional organizing of scattered parking spaces and assist drivers in locating open parking spots is also projected to rise due to increasing traffic congestion. The market for smart parking systems is predicted to grow as a result of these systems’ capacity to ensure the necessary scalability and flexibility. The market grows as a result of the increased popularity of integrated automated solutions along with advancements in digital and wireless disbursement technologies. These tools help determine if a parking space is occupied or available, evaluate the situation, and broadcast the results to online and mobile applications. It is predicted that developments in these technologies will drive the market’s expansion.

What are the major risks for the smart parking systems market?

The challenge with smart parking systems is system integration due to the variety of hardware and software platforms. Such diversity in the availability of solutions and lack of interoperability between solutions poses system concerns as scalability. Technology platforms such as permit and enforcement and parking access and revenue control systems comprise multiple hardware sensors, messaging systems, traffic control devices, telecommunications systems, hardware and server drivers, wireless and wireline,  and application interfaces. Configuring all devices from different vendors and bringing them on a platform is a major challenge. Hence, these factors are projected to hamper the market growth shortly.

Which is the key application in the smart parking systems market?

In 2021, the market for smart parking systems was controlled by the business sector and accounted for the majority of revenues. The increased use of smart parking systems in numerous locations, including theaters, sports arenas, office buildings, malls, and other public spaces, may be credited with the sector’s expansion. Increased air travel will likely lead to a significant expansion of the transportation transit sector throughout the projected period. The international airport facilities provide the ability to reserve parking spaces via their websites and mobile apps. Sequentially, it is predicted that this would accelerate the growth of the transportation and transit sector during the anticipated timeframe.

How is the smart parking systems market performing in regions?

In 2020, North America held the major revenue in the global smart parking system market. The growing number of automobiles in the region is anticipated to observe momentous enlargement over the forecast period. In addition, municipal establishments in the US and Canada are doing efforts to decrease traffic congestion is a serious problem due to the growing automobile ownership. Some of the portion’s efforts are the augmented implementation of smart parking systems. This assists in offering officially permitted and safe parking for private and commercial vehicles. The market for smart parking systems in the area is expected to grow as the concept of smart cities and related technologies like autonomous cars gain more traction.

Due in large part to government initiatives supporting intelligent parking systems, which work similarly to initiatives to reduce greenhouse gas emissions, the European market is projected to present significant development opportunities. The region’s embrace of smart parking systems is being influenced by the growing unease over insufficient parking spots, especially in municipal locations. For instance, the International Road Transport Union (IRTU) took part in a review that was funded by the EU. It reaffirmed that Europe’s demand for safe and covered parking places is a major problem. 90% of the motorists and transit providers agreed that there is not enough parking space at the moment.

What is the regulatory landscape for the smart parking systems market?

Many countries throughout the world have seen lockdowns of varying degrees as a result of the Covid-19 pandemic’s outbreak. Additionally, the urban regions are experiencing a substantial decline in traffic congestion. According to Spot Hero, Inc., a U.S.-based provider of smart parking solutions, orders for parking systems have dropped by 90.0% nationwide from the middle of March 2020 for a brief duration. On the other side, after COVID-19, citizens are expected to avoid collective mobility, including using public transportation, and instead utilize their cars for single trips. It is anticipated that this may cause gridlock in several major cities throughout the world. It is anticipated that the rise in traffic congestion would increase demand for smart parking systems.

What are the major players planning for the future of the Smart parking systems market?

Innovative new product launches, joint ventures, mergers and acquisitions, and geographical expansions are major strategies key players adopt in smart parking systems. Keyplayers are focusing on acquisitions and mergers in order to expand their market presence. The key players covered in the smart parking system market such as Robert Bosch GmbH, Valeo, Delphi Technologies, Continental AG, AISIN SEIKI Co. Ltd., Amano Corporation, Kapsch TrafficCom AG, Siemens AG, Cubic Corporation, AppyParking, Smart Parking, TKH GROUP, Nedap, Urbiotica, SWARCO, KLAUS MULTIPARKING SYSTEMS PVT. LTD, IPS Group Inc., IEM SA, Dongyang Menics Co., Altiux Innovations, Parkmobile LLC, ParkMe, Inc., among other domestic and global players.  For instance, in 2017, the company Cisco System, Inc. entered into a cooperation agreement with Valeo to launch a smart parking service.

Segmentation of the Global Smart parking systems Market-

Global Smart parking systems Market – By Hardware

• Pucks (Wireless Sensors)
• Cameras & LPRs
• Smart Meters
• Signage
• Parking Gates

Global Smart parking systems Market – By Software

• Parking Guidance System
• Analytics Solutions

Global Smart parking systems Market – By Service

• Consulting Service
• Engineering Service
• Mobile App
• Parking Service

Global Smart parking systems Market – By Type

• On-street
• Off-street
• Garage Parking
• Lot Parking

Global Smart parking systems Market – By Application

• Commercial
• Government
• Transport Transit

Global Smart parking systems Market – By Region

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • The U.K.
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • South-east Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC Countries
  • South Africa
  • Rest of the Middle East and Africa