Smart Parking Market by Technology, Component, Vertical, Application, Ownership

List of Tables

[194 Pages Report] The Smart Parking Market size was estimated at USD 10.79 billion in 2023 and expected to reach USD 12.42 billion in 2024, at a CAGR 14.74% to reach USD 28.25 billion by 2030.

Smart parking encompasses the use of advanced technologies and solutions for parking management that optimize the use of available spaces, reduce environmental impact, and improve user convenience and governmental operational efficiency. The market includes various components such as hardware, software, and services, integrating IoT, automation, and real-time data analytics. The growing urban population and increased vehicle ownership, which lead to congested cities, are expanding the need for efficient parking solutions, creating a platform for the growth of the market. The growing availability of policies and investments focused on smart city projects is expanding the scope of smart parking as a critical component. Additionally, the growing emphasis on reducing CO2 emissions and optimizing space usage favors the adoption of smart parking systems. High initial investment costs for infrastructure setup and technology integration and data privacy and security concerns associated with the collection and handling of user information hampers the market growth. The growing development of sophisticated algorithms for predictive analytics to improve space utilization and traffic flow management is expected to create opportunities for market growth.

KEY MARKET STATISTICS
Base Year [2023]	USD 10.79 billion
Estimated Year [2024]	USD 12.42 billion
Forecast Year [2030]	USD 28.25 billion
CAGR (%)	14.74%

Component: Growing usage of hardware for facilitating the physical infrastructure and supporting intelligent functionalities

The hardware is an important component of any smart parking system, consisting of physical devices such as sensors, cameras, entry/exit terminals, and payment kiosks. These components are essential for gathering data, managing access, and facilitating transactions within a smart parking environment. High-resolution cameras & sophisticated algorithms enable the automatic recognition of license plates. This aids in real-time vehicle identification and authorization within parking facilities. Parking gates control access to parking areas and can be operated manually or automatically, often using RFID, smart cards, or license plate recognition for entry and exit authentication. Sensors are deployed within parking lots to detect the presence or absence of vehicles in individual spots. They are crucial for providing real-time parking occupancy information. Digital & electronic signs direct drivers to available parking spaces, displaying real-time information about occupancy rates and parking guidance. Smart meters are integrated devices that allow for electronic payment and real-time monitoring of parking duration, optimizing revenue collection and compliance enforcement. Services in the smart parking context include installation, maintenance, and support, as well as value-added services including parking space management and analytics. Services are critical for organizations that may not have the in-house capabilities to fully manage and maintain smart parking systems. Such services ensure the smooth operation and longevity of smart parking solutions. Consultancy services offer expertise in the design and implementation of smart parking systems, focusing on optimizing parking workflows and enhancing user experience. Engineering services encompass the technical aspects of smart parking systems, including installation, maintenance, and hardware integration. R&D is at the forefront of innovation in smart parking, involving the development of new technologies and processes to improve parking operations and user services. Software powers the analysis, decision-making, and user interface aspects of smart parking solutions, enabling functionalities including real-time data processing, analytics, and mobile app integration. A parking guidance system offers real-time information to drivers, steering them towards available parking spaces and improving overall traffic flow within parking areas. Parking management software encompasses the central management application that monitors, manages, and reports on all aspects of the parking operation, ensuring efficiency and user satisfaction. Parking reservation management software allows drivers to reserve parking spots in advance, often through mobile applications, enhancing convenience and reducing search time.

Vertical: Growing potential of smart parking across the commercial sector to address parking needs for business environments

The commercial sector includes shopping centers, office buildings, airports, and hospitals, where parking demand often surpasses supply, especially during peak hours. Efficient parking management here is crucial to enhance customer satisfaction, reduce congestion, and optimize space usage. Within the commercial sector, the emphasis is on solutions that provide real-time information, facilitate rapid vehicle turnover, and integrate with payment systems for ease of use. Residential smart parking focuses on apartment complexes, condominiums, and gated communities where space can be scarce and security is a priority. The needs are more personalized compared to the commercial sector. In residential areas, smart parking technologies ensure a streamlined parking experience for residents and their visitors. By employing systems such as automated access controls, occupancy sensors, and mobile application integrations, residential complexes can offer secure and user-friendly parking options. This segment prioritizes convenience and security, enabling users to have more predictable and stress-free parking access within their living community.

Regional Insights

In the Americas, the smart parking market is largely driven by the need to address traffic congestion and environmental concerns in North American metropolitan areas. Technological advancements and the adoption of electric vehicles (EVs) are also contributing to market growth. Within the Americas, smart parking solutions are driven by the need to optimize limited parking spaces in major cities and reduce carbon emissions by minimizing the time vehicles spend looking for parking. South American cities are similarly adopting smart parking solutions and focusing on sustainability and public-private partnerships. In Asia Pacific, the rapid urbanization rate, especially in China, Japan, and India, has resulted in significant traffic congestion and a pressing need for efficient parking solutions. Consumer needs in this region are high due to the increasing number of vehicles on the road, leading to a surge in demand for innovative and intelligent parking systems. EMEA shows diverse market dynamics, with Europe taking the lead in smart parking due to its strong regulatory framework and high environmental consciousness. In Europe, there is a strong push from the EU toward smart city initiatives, which prominently include intelligent transport systems including smart parking. Consumers in European countries value convenience and eco-friendly options, and they are likely to prefer smart parking solutions that offer real-time availability data and support for electric vehicles. The Middle East, particularly in the Gulf Cooperation Council (GCC) nations, has seen a substantial uptake in smart parking due to the increasing luxury vehicle market, high disposable income, and smart city developments in nations including the United Arab Emirates and Saudi Arabia. In Africa, the smart parking market is growing, with customer needs focused on resolving inefficiencies in urban centers.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Smart Parking Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Smart Parking Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Smart Parking Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., Aisin Corporation, Amano Corporation, Barcelona Smart Technologies, S.L., Cisco Systems, Inc., CivicSmart, Inc., Cleverciti Systems GmbH, Conduent Incorporated, Continental AG, Cubic Corporation, Delphi Technologies by BorgWarner Inc., Digiteum LLC, EnR Consultancy Services, FlashParking, Inc., Flowbird Group, Happiest Minds Technologies Limited, hIOTron, Honeywell International Inc., Huawei Technologies Co. Ltd., IEM SA, INRIX, Inc., Intercomp S.p.A., International Business Machines Corporation, IPS Group, Inc., JustPark Parking Limited, Klaus Multiparking GmbH, Larsen & Toubro Limited, LeddarTech Inc., Libelium Comunicaciones Distribuidas S.L., Nedap N.V., Oracle Corporation, Parkeagle B.V., Parklio, ParkMobile, LLC by EasyPark AB, Qualcomm Technologies, Inc., Robert Bosch GmbH, Robotic Parking Systems, Inc., Siemens AG, SKIDATA AG, Smart Parking Limited, SmartParkZone, SL, Stanley Robotics SAS, Streetline, SWARCO AG, T2 Systems, Inc., Thales Group, TKH Group N.V., Total Parking Solutions Ltd., UKCPS Ltd, Wohr Parking Systems Pvt. Ltd., Zhejiang Dahua Technology Co., Ltd., and ZKTeco Co., Ltd.

Market Segmentation & Coverage

This research report categorizes the Smart Parking Market to forecast the revenues and analyze trends in each of the following sub-markets:

Technology
- Counter Technology
- Ground-sensor Technology
- Overhead Sensor/Camera-Based Technology

Component
- Hardware
  - Cameras & License Plate Recognition
  - Parking Gates
  - Sensors
  - Signage Systems
  - Smart Meters

Services
- Consultancy Services
- Engineering Services
- R&D

Software
- Parking Guidance System
- Parking Management Software
- Parking Reservation Management

Vertical
- Commercial
- Residential

Application
- Off-Street
- On-Street

Ownership
- Private
- Public

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Smart Parking Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Smart Parking Market?

3. What are the technology trends and regulatory frameworks in the Smart Parking Market?

4. What is the market share of the leading vendors in the Smart Parking Market?

5. Which modes and strategic moves are suitable for entering the Smart Parking Market?

Product Code: MRR-43539E5D3496

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Increasing number of vehicles and need for commercial and public parking spaces
  - 5.1.1.2. Rising investments and initiatives toward smart city development
- 5.1.2. Restraints
  - 5.1.2.1. High implementation cost of smart parking systems
- 5.1.3. Opportunities
  - 5.1.3.1. Growing penetration of IoT-based solutions for fully automated parking systems
  - 5.1.3.2. Significant emergence of robotic parking systems and driverless parking technology
- 5.1.4. Challenges
  - 5.1.4.1. Unavailability of supporting infrastructure and technical challenges associated with smart parking systems
5.2. Market Segmentation Analysis
- 5.2.1. Component: Growing usage of hardware for facilitating the physical infrastructure and supporting intelligent functionalities
- 5.2.2. Vertical: Growing potential of smart parking across the commercial sector to address parking needs for business environments
5.3. Market Trend Analysis
- 5.3.1. Ongoing collaborations and introduction of innovative smart parking solutions in the Americas
- 5.3.2. Emerging startups and smart city projects in the APAC region
- 5.3.3. Supportive government initiatives increase the market potential in the EMEA region.
5.4. Cumulative Impact of Russia-Ukraine Conflict
5.5. Cumulative Impact of High Inflation
5.6. Porter's Five Forces Analysis
- 5.6.1. Threat of New Entrants
- 5.6.2. Threat of Substitutes
- 5.6.3. Bargaining Power of Customers
- 5.6.4. Bargaining Power of Suppliers
- 5.6.5. Industry Rivalry
5.7. Value Chain & Critical Path Analysis
5.8. Regulatory Framework Analysis
5.9. Client Customization
- 5.9.1. Regulatory Framework
- 5.9.2. Parking Reservation Management
- 5.9.3. Valet Parking Management
- 5.9.4. License Plate Recognition

6. Smart Parking Market, by Technology

6.1. Introduction
6.2. Counter Technology
6.3. Ground-sensor Technology
6.4. Overhead Sensor/Camera-Based Technology

7. Smart Parking Market, by Component

7.1. Introduction
7.2. Hardware
7.3. Services
7.4. Software

8. Smart Parking Market, by Vertical

8.1. Introduction
8.2. Commercial
8.3. Residential

9. Smart Parking Market, by Application

9.1. Introduction
9.2. Off-Street
9.3. On-Street

10. Smart Parking Market, by Ownership

10.1. Introduction
10.2. Private
10.3. Public

11. Americas Smart Parking Market

11.1. Introduction
11.2. Argentina
11.3. Brazil
11.4. Canada
11.5. Mexico
11.6. United States

12. Asia-Pacific Smart Parking Market

12.1. Introduction
12.2. Australia
12.3. China
12.4. India
12.5. Indonesia
12.6. Japan
12.7. Malaysia
12.8. Philippines
12.9. Singapore
12.10. South Korea
12.11. Taiwan
12.12. Thailand
12.13. Vietnam

13. Europe, Middle East & Africa Smart Parking Market

13.1. Introduction
13.2. Denmark
13.3. Egypt
13.4. Finland
13.5. France
13.6. Germany
13.7. Israel
13.8. Italy
13.9. Netherlands
13.10. Nigeria
13.11. Norway
13.12. Poland
13.13. Qatar
13.14. Russia
13.15. Saudi Arabia
13.16. South Africa
13.17. Spain
13.18. Sweden
13.19. Switzerland
13.20. Turkey
13.21. United Arab Emirates
13.22. United Kingdom

14. Competitive Landscape

14.1. Market Share Analysis, 2023
14.2. FPNV Positioning Matrix, 2023
14.3. Competitive Scenario Analysis
- 14.3.1. SKIDATA and Kopernikus Automotive Forge Partnership to Elevate Smart Parking solutions
- 14.3.2. Quercus Technologies takes the parking experience to the next level, launching the new version of SC Indoor guidance sensors.
- 14.3.3. Parking Startup Metropolis Raises USD 1.7B, Buys SP Plus
- 14.3.4. Airtel Payments Bank, Park+ partner for FASTag-based Smart Parking Solution at Varanasi Airport
- 14.3.5. ParkMobile to Partner with the Town of Secaucus to Offer Digital Parking Payment Solution
- 14.3.6. Macquarie to invest in Austrian car park company Best in Parking
- 14.3.7. Neuron Mobility has Unveiled its Augmented Reality (AR) Parking Assistant to Help Ensure e-Scooters are Parked Responsibly
- 14.3.8. Synguard and Nedap Identification Systems Expand Partnership to Deliver Integrated Vehicle Access Control Solution for the Security Market
- 14.3.9. KT, Amano Korea Join Hands to Develop Smart Parking Solutions
- 14.3.10. Olimpia Parking Uses ABB Technology for Electric Vehicles Charging and Smart Buildings
- 14.3.11. Park+ Bags INR 140 Cr To Expand Parking Solutions To 100+ Cities
- 14.3.12. Qualcomm Builds Global Momentum in Advanced Driver Assistance and Autonomous Driving Segment with Snapdragon Ride Platform Portfolio
- 14.3.13. Libelium and SECO Join Forces in the Sensor Space
- 14.3.14. Smart parking start-up ParkMate raises undisclosed funding from We Founder Circle
- 14.3.15. Flowbird Group Acquire's UK's Leading Parking Technology Provider YourParkingSpace

15. Competitive Portfolio

15.1. Key Company Profiles
15.2. Key Product Portfolio