Global Smart Parking Market Analysis
The Smart Parking Market is projected to experience significant growth, with an anticipated valuation of US$ 42.51 billion by 2032, an increase from US$ 7.03 billion in 2023. This growth is expected to be driven by a compound annual growth rate (CAGR) of 22.14% between 2024 and 2032.
Smart Parking is an innovative solution that utilizes a combination of in-ground sensors, cameras, and counting sensors to provide real-time information about available parking spaces. This data is then made accessible to users through a mobile application or website, allowing them to easily find free parking lots. The goal of Smart Parking is to simplify the parking process for drivers by reducing the time, energy, and resources required to locate a parking spot. This is especially valuable in addressing the common and time-consuming task of finding parking, which people encounter daily around the world. Additionally, Smart Parking contributes to reducing the environmental impact of vehicles searching for parking, as it aims to optimize the management of parking spaces using cameras, sensors, and data analytics. The system not only informs drivers about available parking slots, but also assists them in navigating to these spaces using light signals or smartphone applications. Furthermore, features such as reservation options, payment methods, and navigation support enhance the overall user experience.
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Driving forces for smart parking technologies
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The demand for Internet of Things (IoT) in vehicles is increasing: In today’s interconnected world, the integration of Internet of Things (IoT) technology with smart vehicles has become increasingly important. Real-time data exchange solutions are essential for analyzing a vehicle’s condition and ensuring proper maintenance and safety. As consumer demand for seamless connectivity between devices continues to grow, the use of IoT-based vehicles is on the rise. Recently, Jimi IoT introduced the VL101G INS-Aided IP66-Rated Vehicle Tracker, a cutting-edge product designed to be installed on vehicles. This innovative tracker captures real-time coordinates and provides highly accurate positioning tailored to specific applications.
The volume of vehicles on the streets has increased: The rise in automobile usage has become a significant issue impacting urban transportation. This surge has resulted in escalating traffic congestion, heightened environmental concerns, and a pressing need to develop innovative solutions to address the ongoing challenges in the transportation system. As of April 2022, global estimates indicated that approximately 1.446 billion cars were in operation worldwide, with around 17.7% of the global population having access to cars. Projections suggest that this number is poised to double by 2040, with the most substantial increase anticipated in developing nations such as China and India.
Government policies and regulations play a crucial role in advancing smart parking solutions: In recent years, governments have increasingly taken an active role in promoting the expansion of smart parking through the implementation of various policies and regulations. This shift is driven by a growing recognition among decision makers of the benefits associated with integrating intelligent parking solutions. The primary aim is to optimize traffic flow and mitigate congestion in urban areas. These regulations play a critical role in fostering the advancement of smart parking technologies and systems, ultimately contributing to the creation of more sustainable urban environments. Notably, in 2022, Beijing mandated that real estate developers ensure adequate parking capacity for residential and commercial buildings, irrespective of car ownership, access to public transit, or the actual demand for parking spaces.
Technological Advancements: Technological progress has been a significant factor driving changes in the parking industry. Companies are increasingly integrating IoT technology, artificial intelligence, and machine learning algorithms to better manage and monitor parking spaces. Further enhancements to improve IAPS (Intelligent Automated Parking Systems) include the development of more user-friendly interfaces, enhanced predictive models, and compatibility with other systems. Additionally, an Australian company called Aussie Smart Parking, based in Sydney, has made strides in the industry by expanding to the USA, offering data sets and digital solutions for parking and smart city applications.
China Smart Parking Market
China’s smart parking systems are experiencing growth due to the increase in vehicle ownership. Mobile apps are popular for parking, and analytics are being incorporated into parking solutions. Innovative public-private control policies are being implemented to introduce intelligent parking and curb traffic intensiveness. The government plans to ensure safe and legitimate parking for both owned and commercial automobiles. The number of parking spaces is projected to reach 280 million by 2020 and 360 million by 2025. Although adopting smart parking can increase parking lot utilization, there are still challenges with the scarcity of proper parking space for the growing number of automobiles. Additionally, there is an imbalance in the distribution of parking resources between different city tiers.
Smart Parking Company Analysis
The top smart parking companies are Siemens AG, Xerox Corporation, Cubic Corporation, Amano Corporation, Kapsch TrafficCom AG, Continental AG, Cisco Systems Inc., and Nedap NV.
Smart Parking Company News
Jan 2023: Robert Bosch GmbH declared that it planned to equip garages throughout Germany with automated valet parking technology.
Dec 2022: Raleigh-Durham International Airport has awarded a contract to TKH Group for an automated parking guidance system.
Oct 2022: Soldier Field and Amano McGann Inc. introduced new parking technologies to streamline updates and lower maintenance expenses.
Oct 2022: PT PP (Persero) Tbk, an Indonesian company, partnered with LG CNS from South Korea to develop a smart city project for Indonesia’s new capital, Nusantara.
Add F&Q of the Market
Hardware– Market breakup in 5 viewpoints:
- Pucks (wireless sensors)
- Cameras and LPRs
- Smart Meters
- Signage
- Parking Gates
Software- Market breakup in 2 viewpoints:
- Parking Guidance System
- Analytics Solution
Service- Market breakup in 3 viewpoints:
- Consulting Service
- Engineering Service
- Mobile App Parking Service
Type- Market breakup in 2 viewpoints:
- Off-Street
- On-Street
Application- Market breakup in 3 viewpoints:
- Commercial
- Government
- Transport Transit
Country – Market breakup of 25 Countries:
- North America
- United States
- Canada
- Europe
- France
- Germany
- Italy
- Spain
- United Kingdom
- Belgium
- Netherland
- Turkey
- Asia Pacific
- China
- Japan
- India
- South Korea
- Thailand
- Malaysia
- Indonesia
- Australia
- New Zealand
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
All the key players have been covered from 3 Viewpoints:
- Business Overview
- Sales Analysis
- Recent Development & Strategies
Key Players Analysis:
- Siemens AG
- Xerox Corporation
- Cubic Corporation
- Amano corporation
- Kapsch TrafficCom AG
- Continental AG
- Cisco Systems Inc
- Nedap NV
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