Global Smart Parking Systems Market

Global Smart Parking Systems Market, By Component (Hardware [Pucks, Cameras & LPRs, Smart Meters, Signage, Parking Gates], and Software [Parking Guidance System, and Analytics Solutions Dispersion]); By Technology (Internet of Things (IoT), Ultrasonic, and RFID); By Application (Security & Surveillance, Smart Payments Systems, E-Parking, License Plate Recognition, and Others); By Type (On-Street, Off-Street [Garage Parking, and Lot Parking]); By End-User (Commercial, Government, and Transport Transit); By Region (North America, Europe, the Asia-Pacific, the Middle East & Africa, and Latin America) Trend Analysis, Competitive Market Share & Forecast, 2017-2027

  • Published Date: September 2021
  • Report ID: BWC2176
  • Available Format: PDF
  • Page: 190

Report Overview

With the growing number of IoT-based smart cities and the increasing number of automotive vehicles across the globe, the global market for smart parking systems is expected to grow substantially.

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 helps drivers park their vehicles safely and efficiently. The growth of the smart parking systems market is primarily supported by the growing adoption of IoT-based technology, and the increasing penetration of cars in both developed and developing economies. Additionally, the development of the smart parking systems market is further propelled by favorable government initiatives to build smart cities with smart parking systems.

global smart parking systems market

Source: BlueWeave Consulting

Global Smart Parking Systems Overview

Smart Parking Systems have emerged as an ideal method of optimizing urban traffic flow and reducing pollution through efficient and modern parking management. Technology and human innovation are integrated into smart parking systems to use as few resources as possible. Smart parking systems usually include cameras, sensors, IoT, ultrasonics, RFID (Radio-frequency Identification), etc. The transportation and automobile industries rely heavily on parking. By displaying the number of unoccupied and occupied spaces in a parking lot and guiding the user to reach the space in the minimum time, smart parking systems help users park their vehicles efficiently and save time.

Global Smart Parking Systems Market Trend

Growth Drivers

Growing Number of IoT-Based Smart Cities

Smart parking systems are one of the key factors that set smart cities apart from traditional ones.The power of technology enables smart cities to run smoothly and efficiently. Sensors and electronic methods are used in smart cities to collect and analyze data. Insights gained from that data are used to improve the operations of smart cities. IoT-connected smart cities can sense free and occupied parking spots through mobile apps/screens in the parking lots. Using the Internet of Things, the parking area's availability can be monitored wirelessly, while the user can stay up to date on the parking area's status. The market's growth has been boosted by government initiatives to build smart cities in the economies. More than half of all smart city pilot programs worldwide are conducted in China, with about 800 programs underway or planned. Therefore, the growth of the smart parking systems market can be attributed to rapid development in IoT-based smart cities.

Increasing Automotive and Transportation Industry

Smart parking systemsare widely adopted bythe automotive and transportation industry. There is an increasing demand for parking spaces in the automobile and transportation industries. The automotive and transportation industries are among the fastest-growing industries in the world, with China being the world's largest automotive manufacturer. In 2019, approximately 92 million vehicles were manufactured worldwide, with 67 million cars and 25 million commercial vehicles. The European Automobile Manufacturers Association claims that the European automobile industry is a global player, exporting high-quality "Made in Europe" goods and helping the EU achieve a USD 74-billion trade surplus.Thus, the growing automotive and transportation industries along with increasing parking demand have organically boosted the smart parking systems market.

Restraints

High Implementation Cost

The cost of production and implementation is regarded as the most critical factor in determining a car parking system's price. The cost of production and performance may include the cost of raw materials, labor, transportation, and the manufacturing process. Because of the sensor, and electronic devices integrated into the system, smart parking systems are bulky and more expensive than a simple parking system.The San Francisco Government reports that SFpark has around USD 27 million in funding spread over two years. According to Urbiotica, even a simpler system, such as theirs, costs between $200 and $400 per sensor to install.

Impact of COVID-19on the Global Smart Parking Systems Market

Due to the impact of the COVID-19 pandemic, millions of people fled into their homes, leading to low traffic, steep drops in congestion, empty highways, and empty buildings, which impacted the growth of smart parking systems. As COVID-19 continues to wreak havoc around the world, particularly after the emergence of many lethal viral variants, SpotHero, a leader in smart parking systems in North America with 7,500 partner locations, reported a 90% loss in parking volume.

Global Smart Parking Systems Market: By Technology

Based on technology types, the smart parking systems market is grouped into IoT, ultrasonic, and RFID. In 2020, the IoT segment accounted for the largest share in the smart parking systems market. The Internet of Things (IoT) is the most advanced and efficient technology used in the smart parking system. An IoT-based parking system transmits data about available parking spaces to the driver via a mobile/web application. The IoT devices include sensors and microcontrollers, which are located in the parking place. The user receives a live update about occupied and vacant spaces and chooses the most suitable parking space. These features of IoT technology are contributing to the growth of the smart parking systems market.

Smart Parking Systems Market Size

Source: BlueWeave Consulting

 

Global Smart Parking Systems Market: By Application

Based on applications, the smart parking systems market is grouped into security & surveillance, smart payments systems, e-parking, license plate recognition, and others. In 2020, the smart payments system segment accounted for the largest share in the smart parking systems market. The effective use of technology-driven digital payment methods through mobile applications has driven the growth of the smart payments system in the application segment, which further influenced the growth of the smart parking systems 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. The governments of the United States and Canada are working to reduce traffic on the roads, particularly in crowded and downtown areas. In addition, government initiatives to develop smart cities across North America have spurred the growth of the smart parking systems market in the region. In Washington, D.C., the District Department of Transportation has installed StreetSmart Technology parking sensors in about 100 parking places in 10 blocks.

Regional Insights

Source: BlueWeave Consulting

Competitive Landscape

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 high production and implementation costs of smart parking systems are driving the key players to heavily invest in research and development in order to optimize their production.The growing applications of smart parking systems, as well as extensive R&D in this field, are creating lucrative opportunities for the key market players.

Recent Developments

  • In July 2021, Patna Municipal Corporation (India) announced the project to develop 38 smart parking systems across Patna on a pilot basis.

 

  • In July 2021,Cox Communications announced its continued Smart City initiative with the City of Henderson, Nevada. The two organizations share a vision of the future city, where a resilient and forward-looking infrastructure supports next-generation services and improves the quality of life for residents and visitors alike.

Scope of the Report

Attribute

Details

Years Considered

Historical data – 2017-2020

Base Year – 2020

Forecast – 2021 – 2027

Facts Covered

Revenue in USD Billion

Market Coverage

U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Argentina, Japan, South Korea, Australia, China, India, UAE, South Africa, Saudi Arabia, Turkey

Product/Service Segmentation

By Type, Component, End-User, Technology,  Applications and Region

Key Players

Key Players for the market areAltiux 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

 

By Component

  • Hardware
  • Pucks
  • Cameras & LPRs
  • Smart Meters
  • Signage
  • Parking Gates
  • Software
  • Parking Guidance System
  • Analytics Solutions  Dispersion

By Type

  • On-Street
  • Off-Street
  • Garage Parking
  • Lot Parking

By Application

  • Security & Surveillance
  • Smart Payments Systems
  • E-Parking
  • License Plate Recognition
  • Others

By Technology

  • IoT
  • Ultrasonic
  • RFID

By Region

  • The Asia-Pacific
  • North America
  • Europe
  • The Middle East & Africa
  • Latin America

Frequently Asked Questions:

Ans: The global smart parking systems market has reached USD 4.5 billion in 2020.
Ans: The major factors driving the growth of the global smart parking systems market are the growing number of IoT-based smart cities and the thriving automotive & transportation industry.
Ans: The key players in the global smart parking systems market areAltiux 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.
Ans: Based on applications, the smart payment methodsegment accounted for the larger share in the global smart parking systems market.
Ans: North America holds the largest share in the global smart parking systems market.