Smart Parking Market Overview
Smart parking refers to the detection of occupancy for vehicle parking using sensors and devices. Smart parking solution offers advantages over normal parking solutions such as optimized parking and reduced traffic. Smart parking system consists of cameras, sensors, RFID tags and other components.
Market Size and Forecast
Global smart parking market is anticipated to flourish at a CAGR of 17.8% during the forecast period i.e. 2017-2024. Further, the market of smart parking was valued at USD 2.4 Billion in 2016 and is projected to garner USD 5.7 Billion by the end of 2024. Factors such as increasing sale of automotive across the globe and rising number of smart cities are making headway for the growth of the global smart parking market. Moreover, rising innovation and automation in automobiles is anticipated to positively impact the growth of the market.
Geographically, North America is anticipated to account for a significant portion of market share in the overall market of smart parking during the forecast period. Factors such as increasing need for innovative traffic management solutions and rising number of vehicles in the region is anticipated to fuel the growth of the North America smart parking market. Moreover, growing adoption of technology enabled parking solutions are opening a gateway of opportunities for the domestic and foreign vendors.
Europe smart parking market is expected to witness substantial growth over the forecast period. Growing sale of automotive vehicles in the region bodes well for smart parking market. Further, many major automotive manufacturers such as BMW, Audi and others are offering in-car smart parking solutions. This factor is envisioned to strengthen the growth of smart parking market in Europe. Moreover, Asia Pacific is poised to record fastest growth rate during the forecast period. Development of smart cities in the region is predicted to trigger the growth of the smart parking market in years ahead. Countries such as China, Japan and India are anticipated to exhibit faster growth rate as compared to other countries in the region. Moreover, increasing investment by the government for the establishment of smart parking is anticipated to fuel the growth of the Asia Pacific smart parking market.
Based on component, smart parking market is segmented into software and hardware, out of which, hardware smart parking segment is expected to dominate the overall smart parking market during the forecast period.
Our-in depth analysis of the global smart parking market includes the following segments:
By Parking Type
By End User:
The global smart parking market is further classified on the basis of region as follows:
Growth Drivers and Challenges
Growing need for smart infrastructure in mall, airports and others is the major factor which is expected to intensify the growth of the smart parking market. Moreover, evolving trend of intelligent transportation system is anticipated to benefit the growth of the global smart parking market. Further, benefit of smart parking such as better traffic management is anticipated to spur the demand for smart parking during the forecast period. Apart from this, increasing sale of vehicles across the globe fuels the growth opportunities for smart parking market. Increasing urbanization and rising disposable income of the population is driving the growth of the automotive industry which in turn, is anticipated to accelerate the growth of the global smart parking market.
Traffic authorities and municipal councils are adopting smart parking system owing to the increasing traffic congestion. Moreover, significant increase in the vehicle population is anticipated to drive the future adoption of the smart parking solutions in the years ahead.
Increasing government investments in smart cities are anticipated to further open a gateway of opportunities for the growth of the global smart parking market. Moreover, the market is witnessing public-private joint ventures to implement smart parking system. Manufacturers are involved in extensive research and development and are developing advanced smart parking components. For instance, on January 30,2018, Libelium launched new enhanced Smart Parking Sensor Node, which is able to detect parking spots with 99% accuracy. These activities are anticipated to strengthen the growth of the smart parking system.
However, high cost of implementation is the major restraining factor for the growth of this market. Moreover, less consumer awareness about smart parking solutions is also negatively hampering the growth of smart parking market.
Scope and Context
Overview of the Parent Market
The global smart parking market is segmented as follows:
Supply & Demand Risk
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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