Market Research Report
Smart Parking Market 2021-2027
|Smart Parking Market 2021-2027|
Published: June 23, 2021
Orion Market Research Pvt Ltd
Delivery time: 2-3 business days
Global Smart Parking Market Size, Share & Trends Analysis Report by Solution (License/Registration Plate Recognition, Parking Reservation Management, Security And Surveillance, and Valet Parking Management), By Parking Site (On-Street Parking, and Off-Street Parking), By Application (Commercial, Government, and Others), By Components (Display Units, Parking Sensors, Steering Angle Sensors, Electronic Control Units, and Others) Forecast Period 2021-2027
The global smart parking market is predicted to grow significantly at a CAGR of 16.5% during the forecast period. The market is set to display impressive growth during the augur period with some key trends emerging, such as the increased acceptance of integrated automation solutions, as well as developments in wireless and digital payment technologies. Machine-to-machine communication, data analytics, advanced sensors, smart parking meters, and mobile applications for slot reservations and online payments are among the technologies used to develop effective systems. These technologies assist in determining if a parking slot is vacant or occupied, as well as evaluating and transmitting the data to mobile and web applications. Market growth is likely to be fueled by advancements in these technologies.
The global smart parking market has seen a strong decline during the COVID-19 pandemic as several countries across the globe have experienced lockdown due to the pandemic. Due to this, the cities are experiencing a rapid drop in traffic congestion. For instance, SpotHero, Inc., a US-based smart parking solutions provider, reported that since March 2020, the demand for parking systems has decreased by 90% across the US. This decline has adversely impacted the growth of the market.
However, people are anticipated to use their vehicles for individual travel post the COVID-19 pandemic and avoid shared mobility, such as public transit. This is predicted to exacerbate traffic congestion in several major cities across the globe. During the forecasted period, a rise in traffic congestion is predicted to drive demand for smart parking solutions.
The global smart parking market can be segmented based on solution, parking site, application, the technology used, and components. Based on the solution, the market is segmented into license/registration plate recognition, parking reservation management, security and surveillance, and valet parking management. Based on the parking site, the market is bifurcated into on-street parking and off-street parking. Based on the application, the market is classified into commercial, government, and others. In addition, based on components, the market is classified into display units, parking sensors, steering angle sensors, electronic control units, and others.
Geographically market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. The Asia Pacific is the fastest-growing market for the global smart parking market due to the increase in vehicles' manufacturing in countries like China and India. Besides, Europe is expected to create considerable opportunity during the forecast period due to government initiatives that support intelligent parking systems to reduce pollution and solve the problem of unsafe and insufficient parking spaces. For instance, the International Road Transport Union (IRTU) participated in an EU-funded study that concluded that Europe's lack of secure and safe parking facilities is a major concern. Approximately 90% of transport operators and drivers believe there is currently insufficient parking space. The key players of the global smart parking market include Robert Bosch GmbH, Valeo and Cisco, Bayerische Motoren Werke (BMW) AG, Siemens AG, 3M Co., Smart Parking Ltd., Nedap N.V., Altiux Innovations, Passport Labs, Inc., ParkMe, Inc., among others
The market study of the global smart parking market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to break down the market into various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.
Secondary Sources Include
Financial reports of companies involved in the market.
Whitepapers, research papers, and news blogs.
Company websites and their product catalog.
The report provides an in-depth analysis of market size, intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.
Global Smart Parking Market Research and Analysis by Solution
Global Smart Parking Market Research and Analysis by Parking Site
Global Smart Parking Market Research and Analysis by Application
Global Smart Parking Market Research and Analysis by Components
The Report Covers
Comprehensive research methodology of the global smart parking market.
This report also includes a detailed and extensive market overview with key analyst insights.
An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
Analysis of regional regulations and other government policies impacting the global smart parking market.
Insights about market determinants that are stimulating the global smart parking market.
Detailed and extensive market segments with the regional distribution of forecasted revenues.
Extensive profiles and recent developments of market players.