A recent report published by Infinium Global Research on smart parking market provides in-depth analysis of segments and sub-segments in the global as well as regional smart parking market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional smart parking market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global smart parking market.
Smart Parking is a parking approach that combines technology and human ingenuity to conserve resources including gasoline, time, and space. Smart parking systems identify parking spot availability in real-time, assisting in the optimization of on-street parking in cities, as well as parking garages or surface parking lots found at retail malls, train stations, corporate campuses, and other locations. Smart Parking solutions have been designed to provide drivers with a complete solution for their journey from start to finish, eliminating the need to seek parking, cost, travel time, and other factors. Smart parking applications provide a huge step forward in urban mobility, efficiency, and sustainability. Smart parking systems address a serious issue confronting urban centers throughout the world by leveraging technology to maximize parking space consumption, minimize congestion, and enhance overall quality of life. As cities expand, the integration of smart parking systems is expected to increase over time.
Personal car ownership has increased dramatically as a result of the world's metropolitan population growing at an accelerated rate. This has led to a rise in the number of vehicles on the road consequently leading to a rise in traffic congestion in many cities. Therefore, to overcome traffic congestion, a smart parking system is widely adopted by drivers. To provide information to drivers and parking lot operators, smart parking technology integrates sensors, streetlights, smart navigation systems, and online payment platforms. The sensor system's real-time data is converted into useful information for smart parking applications. Drivers then utilize these to choose the least congested route, examine a summary of available parking, make payments instantly, and help further contribute to lessening traffic congestion on the roadways. Moreover, Drivers in urban areas throughout the world confront a common problem: finding a parking place may be time-consuming and stressful. Furthermore, traditional parking management frequently depends on manual operations, which leads to inefficiencies and revenue losses for parking operators. Thus, to overcome the challenges faced by the driver, there is a rising demand for smart parking systems across urban areas. However, high installation costs associated with smart parking hamper the growth of the market. Looking forward, the rise in investment in smart cities creates an opportunity for the smart parking market to grow.
Geographically, North America is expected to hold the most significant share in the upcoming forecast period. The growth of the market across the North America region is attributed to several factors such as rising urbanization, an increase in the number of vehicles on the road, and a rise in traffic congestion. Furthermore, as the North America region is the fastest region to adopt technologies, there is a substantial rise in the transformation of the cities to smart cities, thus the rise in the smart cities across the region further encourages the integration of smart parking solutions, contributing to the growth of the market. Moreover, the Asia-Pacific (APAC) region is anticipated to be the fastest-growing region in the smart parking market. The rise in the urban population across the significant countries of APAC such as China, India, and Japan, led to a rise in the number of vehicles on the road, further leading to the rise in traffic congestion. Hence, the rise in traffic congestion across APAC region drives the growth of the smart parking market in the region. Besides, governments in APAC are putting more emphasis on strengthening urban infrastructure and traffic management. Smart parking systems are viewed as a means to do this by maximizing existing parking spots and minimizing pollution generated by idle automobiles.
| Report Coverage | Details |
|---|---|
| Market Size in 2022 | USD 6.85 Billion |
| Market Size by 2030 | USD 36.46 Billion |
| Growth Rate from 2023 to 2030 | CAGR of 20.16% |
| Largest Market | North America |
| No. of Pages | 100 |
| Market Drivers |
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| Market Segmentation | By System Type, By Parking Site, By Component, By Technology, By Solutions, and By End user |
| Regional Scope | North America, Europe, Asia Pacific, and RoW |
The report on global smart parking market provides a detailed analysis of segments in the market based on System Type, Parking Site, Component, Technology , Solutions, and End user.
· Ground Sensor Technology
· Counter Technology
· Overhead Sensor or Camera-based Technology
· On-street
· Off-street
· Hardware
· Software
· Internet of Things
· Ultrasonic
· RFID
· Others
· Security and Surveillance
· Smart Payment Systems
· e-parking
· License Plate Recognition
· Commercial
· Government
· IPS Group, Inc
· AISIN CORPORATION
· Scheidt & Bachmann
· Continental AG
· CVEDIA
· Smart Parking
· NEC Corporation India Pvt. Ltd
· IEM SA
· Urbiotica
· Nwave
The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the smart parking market. Moreover, the study highlights current market trends and provides forecasts from 2023-2030. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.