According to MRFR analysis, the Smart Parking Market is evaluated to grow at a massive CAGR of 20.77% during the forecast period. It is further estimated that the Smart Parking Market Revenue will further increase up to USD 22 Billion in the studied forecast period 2024-2030. The technological development of cars with advanced features is happening rapidly. Due to this, safe parking is emerging as a significant challenge. Hence, it is adopted by various big cities at a rapid rate as it helps take less space.
Multiple Factors to Augment Market Growth
The majority of developed countries, as well as those in development, are having difficulty parking their vehicles. One of the most effective ways to fight this issue is to install an intelligent parking system. Government planning policies have planned for a massive expansion of the smart parking market size. The number of additional parking spots has increased, and multi-story car parking has been installed in several locations.
Intelligent parking systems have seen technical breakthroughs in the previous few years, resulting in more efficient and precise parking. The user experience has also improved dramatically. The introduction of self-driving cars, as well as increased expenditures in related technology, have had a substantial impact on the value of the smart parking industry. The emergence of mobile applications to search for parking spaces, as well as photos and other information, has further aided its expansion.
There have been several regulatory implications for the smart parking market revenue, not only at the local and regional levels but also at the national level. In practically every corner of the world, more cars and vehicles are being registered. In other words, different standards are imposed by foreign nations.
While most of the world's regions are progressing and more vehicles are being added on a regular basis, managing car parking is becoming more difficult. This is where smart parking plays a significant role. These bring with them the use of cutting-edge technologies and the assurance of safe and convenient vehicle parking. While governments have attempted to minimize traffic congestion, particularly in densely populated areas, smart parking has proven to be a game-changer.
Market segmentation:
Applications, solutions, sensor technologies, system types, parking locations, and components are all subsets of the Smart Parking Market.
The global market is segmented into the transport & transit, government & public sector, and business & commerce end-use sectors.
Valet and parking reservation services, security and surveillance, and license plate recognition make up the three main solution groups in the industry.
It is further segmented into SmartApp, Image Sensor, Ultrasonic Sensor, Radar Sensor, and Others based on the type of sensor used.
Electronic Control Units (ECU), Parking Sensors, Display Units, and Steering Angle Sensors are some of the subcategories that make up the Component sector.
The global parking market is segmented into Off-Street and On-Street parking, respectively.
The parking management industry is segmented into two main subsets: Smart Parking and Guided Parking.
Regional Analysis
North America to Dominate the Global Market
Since the largest solution providers are situated in the United States, the region that controls the smart parking Market Share is North America. For some time now, it has been focusing on the navigation of the lot parking from quotes. Spot parking allows vehicles to find a parking space for themselves, even in congested areas. In North America, there are currently 800 million parking spaces.
APAC to Witness the Fastest Growth Rate
Due to the development of vehicle manufacturing in developing nations such as India and China, the Asia Pacific region is expected to have the biggest and fastest smart parking market growth.
Key Players
Many companies in Smart Parking Market are focusing on advancements to stay ahead in the competition.
Amano McGann, Inc. (U.S.), IPS Group Inc. (U.S.), IEM SA (Switzerland), Smart Parking Limited (Australia), among others.
Competitive Landscape
Amano McCann Inc., IPS Group Inc., Smart parking limited, which is based in Australia, IEM SA, which is based in Switzerland, Klaus multi parking system, which is located in Germany, Mindteck, which is an Indian company, and Park layer, which is also based in India, are the major companies that dominate the worldwide smart parking market revenue.
All of these significant competitors have developed strategic planning and implementation systems that have propelled them to their current position. Not only for themselves, but they have made significant contributions to the smart parking market. Moreover, to keep ahead of the competition, leading organizations offer innovative solutions and hardware equipment. Smart parking market participants are strengthening their collaborations with parking lot management organizations in response to the increasingly diverse needs of parking lot management.
Industry News
In February 2020, Amco S.A. was granted a contract for an automated fare collection system by the Memphis Area Transit Authority (MATA) in the United States.
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