Quadintel published a research report on the Smart Parking Market. The study offers primary and secondary research and exhaustive global market analysis. In addition, the research report explores the parent industry and its strategic substances in detail.
The global smart parking market size was US$ 6.1 billion in 2021. The global smart parking market is forecast to grow to US$ 13.1 billion by 2030 by growing at a compound annual growth rate (CAGR) of 25.1% from 2021 to 2030.
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Factors Influencing the Market
The global smart parking industry is forecast to gain traction due to the growing population and rising demand for smart infrastructure. Furthermore, the rising demand for sustainable energy resources and favorable government regulations will surge the growth of the market.
The growing cost of fossil fuels and rising demand to control environmental pollution will contribute to the growth of the market.
The rising road traffic and increasing demand to implement effective solutions to save the time of people will escalate the growth of the market.
The benefits of smart parking, such as real-time data interference and smart mobile applications, will accelerate the growth of the global smart parking market. Furthermore, growing concerns related to parking and the increasing adoption of the Internet of Things (IoT) will drive the market forward.
On the contrary, the high cost of implementation may limit the growth of the global smart parking market.
The growing number of launches and partnerships between industry players will contribute to the growth of the market. For instance, Continental AG designed miniaturized Contact Sensor System (CoSSy) sensors in 2019, which aims to improve the safety of automated parking systems. In addition, IEM SA inked a partnership deal with Telenor, one of Scandinavias leading telecommunication companies, in 2020.
The Asia-Pacific smart parking market is forecast to grow at the fastest growth rate, owing to the rising demand for valet parking in the region. Growing urbanization and rising demand for parking management at public places like shopping malls, airports, commercial and residential complexes will further contribute to the growth of the smart parking market.
The growing deployment of technologically advanced products and rising vehicle traffic will benefit the market. Furthermore, the presence of prominent industry players, such as Amano McGann, Inc., will surge the growth of the regional market.
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COVID-19 Impact Analysis
The wake of the COVID-19 pandemic negatively affected the entire travel, transportation, and hospitality industry. Due to the pandemic, governments of various economies imposed strict lockdown, which halted the travel for approximately two years. Thus, it affected the deployment of smart parking solutions. In addition, the focus of governments also shifted from infrastructure improvement. Thus, it hampered the growth of the global smart parking market.
Competitors in the Market
Amano McGann, Inc.
Dongyang Menics Co., Ltd
IPS Group Inc.
Klaus Multiparking Systems
Robert Bosch GmbH
Smart Parking Limited
Other Prominent Players
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The global smart parking market segmentation focuses on Type, Technology, Application, End-User, and Region.
By Type Outlook
By Technology Outlook
Internet of Things (IoT)
By Application Outlook
Security & Surveillance
Smart Payment Systems
License Plate Recognition
By End User Outlook
By Regional Outlook
Rest of Western Europe
Rest of Eastern Europe
Australia & New Zealand
Rest of Asia Pacific
Middle East & Africa (MEA)
Rest of MEA
Rest of South America
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What is the aim of the report?
- The market report presents the estimated market size of $$ Smart Parking Market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
- Based on various indicators, the Year-on-Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
- The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
- The various parameters accelerating the growth of Market are incorporated in the research report.
- The report analyses growth rate, market size and valuation of the Market during the forecast period.
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