Global Smart Parking Systems Market to Clock Double-Digit Growth—Projected to Reach worth USD 17.2 Billion by 2027
Published | 01 September 2021
The global smart parking systems market is being driven by the increasing adoption of IoT-based technology as well as the increasing penetration of cars in both developed and developing economies....
A study recently conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global smart parking systems market was worth USD 4.5 billion in 2020 and is further projected to reach USD 17.2 billion by 2027, at a CAGR of 21.2% during the forecast period (2021-2027). Smart parking systems are gaining popularity due to the growing adoption of these systems by various end-users, such as governments and commercial buildings. Furthermore, favorable government initiatives for developing smart cities and smart parking infrastructure are also driving the growth of the global smart parking systems market. Additionally, the growing concern regarding traffic and parking has further increased the demand for smart parking systems worldwide. For instance, Patna Municipal Corporation (India), in July 2021, announced the project to develop 38 smart parking systems across the city on a pilot basis.
Increasing Concerns Related to Parking across the Globe has Driven the Market Growth
Finding a vacant parking space in a downtown area or a crowded city is a difficult task in most develop and developing countries. Moreover, finding vacant parking spaces in hospitals, shopping complexes, commercial buildings, hotels, airports, etc., is an equally challenging task. The growing number of car sales around the world, as well as the requirement to park them appropriately, has propelled the smart parking systems market to new heights. Smart parking systems solve the problem related to parking by linking the parking system with a smart parking system. Moreover, features such as prior booking, SMS & live updates regarding reservations help users overcome parking challenges. For instance, in May 2021, L&T Technology developed an A.I. solution for a smart parking system. This technology has been developed with the help of Intel Corporation.
Growth of Autonomous Vehicle and Rapid Investment in Driverless Vehicles are Propelling the Market Forward
Some of the most well-known names in the automobile industry, such as Tesla, Ford, Volkswagen, and others, are investing in self-parking assistance in autonomous vehicles that display free parking spaces. Software companies are collaborating with vehicle manufacturers to integrate self-parking systems into autonomous vehicles. For instance, in July 2021, Parkopedia, the world's top parking services provider, entered into a partnership with Volkswagen of America (VWoA) to provide parking reservation services to Volkswagen users in the United States who use the Car-Net service and its related smart phone app. The growth in the collaboration between automotive manufacturers and parking service providers has created ample opportunities for the smart parking systems market.
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The Hardware Segment Holds the Largest Share in the Component Segment
Based on components, the smart parking systems market is segmented into hardware and software. The hardware segment consisting of pucks, cameras & LPRs, smart meters, signage, and parking gates holds a significant share in the smart parking systems market. Cameras, and smart meters, are widely deployed in on-street parking. The growing demand for on-street parking in cities has resulted in widespread hardware implementation. Since most people park their cars on-road for several hours, governments are installing more hardware and cameras on-road to maintain traffic flow, which is driving the growth of smart parking systems. In July 2021, Sony published a new showcase of how its IMX500 sensors, backed by artificial intelligence (AI) processing, are at the core of three “smart city” trials currently being run in Rome, Italy.
Impact of COVID-19
Globally, numerous businesses have been slowed down by the pandemic. The COVID-19 has negatively impacted supply chains, logistics, raw material suppliers, miners, and many more. As a result of the pandemic, the market for smart parking systems has also been negatively affected. Several industries and commercial buildings suffered a halt in operations due to the lockdown imposed by the governments of different countries to prevent the virus from spreading. The automotive sector, where smart parking systems find their most prominent application, witnessed a sharp decline in sales volume due to the pandemic and its impact. Nevertheless, the automotive industry has proven to be extremely resilient.
Since millions of people were forced to remain at home due to the impact of COVID-19, cities saw a reduction in traffic, steep decrease in congestion, empty highways, vacant buildings, which has negatively impacted the growth of the smart parking market.
Global Smart Parking Systems Market: Regional Insights
Geographically, the smart parking systems market is categorized into North America, Europe, the Asia-Pacific, the Middle East & Africa, and Latin America. North America accounted for the largest share in the smart parking systems market in 2020 and is likely to dominate during the forecast period. Europe’s smart parking system accounted for the second-largest share in the smart parking systems market. The integration of technology and rising collaboration between the smart parking companies and automotive vehicle manufactures have driven the growth of the smart parking systems market in this region. Additionally, Europe is also one of the largest manufacturers of automotive in the world.
Some of the key players in the 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, Flowbird, gtechna, INDECT Electronics & Distribution GmbH, Kapsch TrafficCom, Libelium Comunicaciones Distribuidas S.L., Robert Bosch GmbH, Siemens AG, Municipal Parking Services, Inc., Nedap N.V., and other prominent players. The growing applications of smart parking systems, as well as extensive R&D in this field, are creating lucrative opportunities for the market's key players.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global smart parking systems market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the smart parking systems market, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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