The high cost of installing smart parking technologies is impeding their adoption in emerging nations. Companies should seize this likelihood by investing in research and development to obtain cost-effective resources.
Wilmington, Delaware, United States, Oct. 13, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global smart parking technologies market is expected to rise at a CAGR of 17.3% between 2021 and 2031. The global market is estimated to hit US$ 17.4 billion by the end of 2031.
The smart parking technologies market is witnessing remarkable growth as cities worldwide grapple with increasing urbanization and escalating vehicular traffic. These technologies, encompassing IoT sensors, real-time data analytics, mobile apps, and automated payment systems, offer innovative solutions to the perennial problem of finding parking spaces in congested urban areas.
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Smart parking systems not only optimize parking space usage but also significantly reduce traffic congestion and lower carbon emissions by minimizing the time vehicles spend searching for spots.
Government initiatives aimed at building smart cities and promoting sustainable transportation solutions are propelling the market forward. The integration of smart parking systems with existing urban mobility infrastructures is becoming a prevalent trend, enhancing overall transportation efficiency.
Advancements in artificial intelligence and machine learning are enabling predictive analytics, allowing users to find parking spaces more efficiently based on historical data and real-time information.
The monetization of parking data through analytics and location-based services is creating new revenue streams for businesses operating in this market. As cities continue to expand and mobility challenges persist, the smart parking technologies market is poised for sustained growth.
Key Takeaways from the Market Study
- The global smart parking technologies market was estimated to be worth more than US$ 3.5 billion in 2020.
- In 2020, North America held a market share of 30%.
- The market in North America is estimated to expand at a CAGR of 18% until 2031.
- The market in Asia Pacific is expected to expand at a CAGR of 14% until 2031.
- Europe accounted for the highest share of 35% of the global market in 2020
Global Smart Parking Technologies Market- Key Drivers and Trends
- Rapid urbanization has led to increased vehicle ownership, exacerbating traffic congestion. Smart parking technologies, including sensors and real-time data analytics, help optimize parking spaces, making them a crucial solution in congested urban areas.
- Government initiatives to promote smart cities and reduce traffic congestion drive the adoption of smart parking technologies. Incentives, subsidies, and regulations encouraging the implementation of IoT-based parking solutions push the market forward.
- Smart parking technologies contribute to reduced carbon emissions by minimizing the time spent searching for parking spaces. As environmental concerns grow, cities are adopting these technologies to promote sustainable urban mobility solutions.
- Integration with other urban mobility solutions, such as public transportation systems and ride-sharing platforms, is a growing trend. Smart parking technologies are becoming part of a larger ecosystem, offering users comprehensive mobility solutions.
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Regional Landscape of the Smart Parking Technologies Market
- North America, particularly the United States and Canada, leads in the adoption of smart parking technologies. Cities facing chronic traffic congestion, such as New York and San Francisco, invest heavily in IoT-based parking solutions. The region benefits from advanced infrastructure, high urbanization rates, and a tech-savvy population, fostering the growth of smart parking systems.
- European countries, including the United Kingdom, Germany, and France, have embraced smart parking technologies to optimize urban mobility. The European Union’s focus on smart city initiatives and environmental sustainability drives the adoption of sensor-based parking solutions. Many cities offer integrated apps and online platforms to help drivers find parking spaces efficiently.
- The Asia-Pacific region, with countries like China, Japan, South Korea, and India, is experiencing rapid urbanization and population growth. Many cities face parking challenges. Governments and private entities in these countries are investing in smart parking technologies to alleviate congestion. Chinese cities, in particular, are at the forefront of adopting IoT-based parking systems.
Competitive Landscape
The smart parking technologies market boasts intense competition among key players like Cleverciti Systems GmbH, Comarch SA, Continental AG, Robert Bosch GmbH, Siemens AG, Smart Parking Limited, SWARCO, TKH GROUP, driving innovation and market expansion.
These companies invest heavily in IoT solutions, mobile apps, and data analytics to optimize parking management. Regional players also play a significant role, catering to specific market needs. Strategic partnerships, mergers, and acquisitions are common, fostering technological advancements.
- Bosch Service Solutions, a manufacturer of technology-based services, launched a system named Bosch Secure Truck Parking in Spain in February 2022. This infrastructure digitally connects existing parking places in car parks, business parks, and other regions, making them accessible to truck parking.
- Cleverciti Systems GmbH’s parking assistance system was installed in the Los Angeles suburb of El Monte in May 2021 to cut emissions and overall car kilometers driven. The system has been deployed at El Monte’s Main Street and MetroLink parking lots to help minimize traffic congestion in busy parts of the city.
Key Segments Covered
- Parking Type
- Off-Street Parking
- Single Level Parking
- Multi-level Parking
- On-Street Parking
- Off-Street Parking
- Component
- Hardware
- Parking Sensors
- Cameras
- Parking Meters
- Display Unit
- Others (Barriers, Network Gateways, etc.)
- Software
- Services
- Hardware
- System
- Ground Sensor Technology
- Counter Technology
- Overhead Sensor / Camera-Based Technology
- Application
- Parking Payment Management
- Parking Reservation Management
- Valet Parking Management
- License Plate Recognition
- Others (Permission Control Blacklist & Whitelist, Security & Surveillance, etc.)
- End-use
- Government Institutions
- Hospitals
- Parks
- Transit Systems
- Malls and Stadiums
- Others (Colleges & Universities, Residential, etc.)
- Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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