The global smart parking systems market size is expected to reach USD 30.16 billion by 2030, registering a significant CAGR of 21.2% from 2022 to 2030, according to new reports by Grand View Research, Inc. The increasing number of automobiles on roads and the subsequent rise in traffic congestions are the key growth drivers for the market.
Smart Parking Systems Market Report Highlights
- The signage segment is expected to expand at a significant CAGR of 20.2% over the forecast period. The main purpose of signs is to identify routes, provide directions, and avoid ambiguity in rules and regulations related to driving and traffic to the users. This offers high comfort to the driver while driving and can be a positive factor for the market’s growth over the period
- The parking guidance system segment is anticipated to exhibit a CAGR of 21.2% during the forecast period. The promising growth prospects of the segment can be attributed to benefits offered by these systems, such as the analysis of customer behavior and usage patterns
- The mobile app parking services segment is estimated to witness significant growth in terms of revenue by 2030, registering a CAGR of 25.2% during the forecast period. The growth can be attributed to the benefits of the large-scale adoption of smartphones and apps supporting smart parking. These applications enable easy reservation of slots and mobile-enabled payments
- The off-street segment is poised to exhibit a significant CAGR of 21.6% over the forecast period. The growing demand for garages and lots for parking spaces in off-streets are the key driving factors for the growth of the segment
- The government segment is expected to witness a significant CAGR of 22.9% during the forecast period. Several governments globally are implementing smart city development projects, which is anticipated to strengthen the growth of this vertical over the forecast period
- The market in the Asia Pacific region is anticipated to witness the highest CAGR of 23.6% over the forecast period. The governments across the region are improving parking management and reducing traffic congestion and air pollution which is expected to fuel the demand for smart parking systems in the region
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Smart Parking Systems Market Report
The outbreak of the COVID-19 pandemic has negatively impacted the market due to the varying levels of lockdowns implemented across the world. However, with the lockdowns being slowly lifted, the demand for smart parking systems is expected to bounce back, and sales of personal vehicles might also witness a rise due to growing concerns over safety in public transport.
Additionally, an increase in the number of smartphones users worldwide simultaneously increases the number of users to park, pay, and book the slots in advance over mobile apps. Favorable regulations, government policies, and investments are encouraging the implementation of smart parking systems for a seamless and user-friendly parking experience for drivers and operators. The increasing demand for sophisticated features, such as auto-payment options and voice guidance enabled through smartphone apps, is also anticipated to drive the growth of the market. Several parking lots are incorporating Automatic Number Plate Recognition (ANPR) systems to efficiently operate vehicles in parking areas and access control systems.
The market is driven by factors such as the increasing availability of integrated automated solutions, advancements in wireless technologies, and developments in payment technologies. Moreover, smart cities are looking for sustainable mobility solutions to reduce pollution and lower congestion by allocating public and private spaces. These parking systems use data analytics, wireless communication technology, and sensors to address parking issues in cities and metros. These solutions can be used to locate available parking spaces with the help of sensors and mobile applications, thereby reducing time spent by circling vehicles searching for parking spaces and improving accessibility as well as center attractiveness.
Smart Parking Systems Market Insights By Geographical Regions
North America held the largest revenue share of over 35%. The increasing number of vehicles is expected to grow the regional market for smart parking systems over the forecast period. The governments are also undertaking initiatives along with the service providers to the increase adoption of smart parking systems, which provide safe and legal parking for commercial and private vehicles. The Europe region is expected to expand at a significant CAGR over the forecast period, owing to government initiatives supporting intelligent parking systems as a part of the efforts to reduce pollution. Moreover, concerns related to inadequate parking spaces are also one of the major drivers for the growth of the market in the region.
Industry Share Analysis By Major Companies
Leading companies are offering innovative solutions and hardware equipment to stay ahead of competitors. Some of the prominent players operating in the global smart parking systems market are:
- Altiux Innovations
- Amano McGann, Inc.
- Amco S.A.
- BMW AG (ParkNow GmbH, Parkmobile LLC)
- Cisco Systems, Inc.
- CivicSmart, Inc.
- Deteq Solutions
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Smart Parking Systems Market Segmentation
Grand View Research has segmented the global smart parking systems market based on hardware, software, service, type, application, and region:
- Smart Parking Systems Hardware Outlook (Revenue, USD Million, 2017 – 2030)
- Smart Parking Systems Software Outlook (Revenue, USD Million, 2017 – 2030)
- Smart Parking Systems Service Outlook (Revenue, USD Million, 2017 – 2030)
- Smart Parking Systems Service Type Outlook (Revenue, USD Million, 2017 – 2030)
- Smart Parking Systems Service ApplicationOutlook (Revenue, USD Million, 2017 – 2030)
- Smart Parking Systems Regional Outlook (Revenue, USD Million, Units, 2017 – 2030)
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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