Global Smart Parking Market – Size, Outlook, Trends and Forecast (2024 – 2032)

Smart parking consists of sensor devices where vehicles can easily or quickly find a place to park and reduces car emissions in urban areas. Global smart parking market size was valued at $2.6 billion in 2017 and is estimated to reach $9.78 billion by 2025 with the CAGR of 18.01% during 2019-2025. The key factors propelling the growth of smart parking market are increasing development of smart sensors, rising adoption of smartphones, growing rate of mobile applications, rising concern on parking slots, accessing demand for the internet of things and high deployment rate of vehicles. Whereas, high cost for installation, involving complexity for configuration, non-availability of proper infrastructure, increasing the cost of vehicles and development of cities with less space is hindering the market growth. Growth in investments for driverless vehicles, rising initiatives from the government on smart cities and advancements in autonomous technology on cars are the future drivers expected to enhance the market growth.

Research Study Objectives:

• Define, estimate, and forecast the smart parking market statistics by type, component, system type, technology, application, end users and regions concerning the individual growth drivers, market trends and their contribution toward the smart parking market growth.
• Provides comprehensive information regarding the key factors influencing the market growth (drivers, restraints & challenges, and opportunities)
• Estimate & forecast the market size of all the segments concerning geographies including North America, Europe, Asia Pacific (APAC), South America and the Middle East and Africa (MEA).
• Recent competitive developments including M&A (mergers and acquisitions), partnerships, and product innovations are provided in the smart parking market analysis report.
• Analysis and conclusions on the future smart parking market outlook.

Top-down and bottom-up approaches are used to validate the smart parking market size and are used to estimate the size of other dependent submarkets. Key players in the market are identified through various secondary sources; databases including Bloomberg Businessweek, Hoovers, Factiva, journals and associations and the market revenues are estimated and are thoroughly validated through primary and secondary research. Secondary research involves the study of annual and financial reports of top players in the market, whereas primary research includes extensive interviews with the KoL’s such as CEOs, directors, board members, VP’s, sales managers, engineers, marketing executives, technicians, account managers, investors, strategic decision makers and others. The smart parking market shares and breakdowns are determined using secondary sources and are verified by the primary sources. All possible parameters/factors that are affecting the smart parking market demand are covered in the research study are verified through primary research, analysed and interpreted to get the final qualitative and quantitative data. This data is collected and added with detailed analysis from Envision Inteligence and presented in this report.

The scope of the Report

The smart parking market segmentation is as follows:

By Type

• Off-Street
• On-Street

By Component

• Passenger Car Smart Parking Market
• Parking Sensors
• Steering Angle Sensors
• Electronic Control Unit (ECU)
• Display Unit

By System Type

• Automotive Park Assist
  • Guided Park Assist System
  • Smart Park Assist System

By Sensor Technology

• Sensors
  • Ultrasonic Sensor
  • Radar Sensor
  • Image Sensor

By Application

• Security and Surveillance
• Parking Reservation Management
• Valet Parking Management
• License Plate Recognition

By End Users

• Government
• Commercial
• Personal
• Transport & Aviation
• Others

Geographical Analysis:

Smart parking market is segmented by geography into North America, South America, Europe, APAC and Middle East & Africa. U.S., Canada, Mexico and Costa Rica are analysed under North American region which is usually turning as the hotspot in the market. The South American region is further segregated into Brazil, Argentina, Chile, Columbia and some other emerging economies. In Europe, the market is extensively examined by covering U.K., Germany, France, Italy, Spain, Netherlands, Poland, Switzerland and some other promising economies. APAC is further categorised by countries into China, India, Japan, South Korea, Australia & New Zealand, Malaysia, Singapore and many other emerging nations. In the Middle East & African region, Saudi Arabia, UAE, Iran, Iraq, Qatar, South Africa, Algeria, Morocco, Nigeria and so on countries are evaluated to understand the market growth lucidly.

Customisation Options:

With the given research report, Envision Inteligence offers customisations as per the client’s specific requirements. The following customisation options offered for the smart parking market include:

• Scope Revision
• Geographic Analysis
• Company Profiles
• Historical Data & Forecasting
• Key Contact Persons in companies

Global Smart Parking Market Research Report Includes:

• An executive summary condensing the whole report such that essential authority can rapidly twist up doubtlessly acquainted with brief overview and conclusion.
• To have a complete market analysis through industry value chain analysis, Porter’s Five Force Model, PESTLE, SWOT analysis, and Y-o-Y analysis.
• Regional and global diversity is analysed with the major countries and the unions. Scrutinising the revenue generation on Year-On-Year
• Identifying DROC in the current market and their impact on altering market dynamics.
• Competitive landscape analysis to identify the merger and acquisition which will have a comparative financial study with significant competitors.
• Expertise investment opportunities by an analyst to the individual and organisation to have a better foothold in the market.
• Identify the latest developments, market shares and strategies that are employed by the significant smart parking, such as
  • Siemens AG
  • Continental AG
  • Delphi Automotive Plc
  • Cubic Corporation
  • Xerox Corporation

Along with these companies, many other companies are considered in the report while analysing the global smart parking market competitive strategies and environment. These companies held substantial share-owning to the nature of the industry whereas, the rest of the market shares are marginal chunks to regional and local level manufacturers. Other players also have considerable presence owing to its robust brand image, geographical reach and stable customer base.