Smart Parking Systems Market Poised to Expand at a Robust Pace of $30.16 Billion Over 2030: Grand View Research Inc.

 

Smart Parking Systems Market Growth & Trends

The global smart parking systems market size is expected to reach USD 30.16 billion by 2030, registering a significant CAGR of 21.2% from 2022 to 2030, according to new reports of Grand View Research, Inc. The increasing number of automobiles on roads and the subsequent rise in traffic congestions are the key growth drivers for the market. The outbreak of the COVID-19 pandemic has negatively impacted the market due to the varying levels of lockdowns implemented across the world. However, with the lockdowns being slowly lifted, the demand for smart parking systems is expected to bounce back, and sales of personal vehicles might also witness a rise due to growing concerns over safety in public transport.

Additionally, an increase in the number of smartphones users worldwide simultaneously increases the number of users to park, pay, and book the slots in advance over mobile apps. Favorable regulations, government policies, and investments are encouraging the implementation of smart parking systems for a seamless and user-friendly parking experience for drivers and operators. The increasing demand for sophisticated features, such as auto-payment options and voice guidance enabled through smartphone apps, is also anticipated to drive the growth of the market. Several parking lots are incorporating Automatic Number Plate Recognition (ANPR) systems to efficiently operate vehicles in parking areas and access control systems.

The market is driven by factors such as the increasing availability of integrated automated solutions, advancements in wireless technologies, and developments in payment technologies. Moreover, smart cities are looking for sustainable mobility solutions to reduce pollution and lower congestion by allocating public and private spaces. These parking systems use data analytics, wireless communication technology, and sensors to address parking issues in cities and metros. These solutions can be used to locate available parking spaces with the help of sensors and mobile applications, thereby reducing time spent by circling vehicles searching for parking spaces and improving accessibility as well as center attractiveness.

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Smart Parking Systems Market Report Highlights

• The signage segment is expected to expand at a significant CAGR of 20.2% over the forecast period. The main purpose of signs is to identify routes, provide directions, and avoid ambiguity in rules and regulations related to driving and traffic to the users. This offers high comfort to the driver while driving and can be a positive factor for the market’s growth over the period
• The parking guidance system segment is anticipated to exhibit a CAGR of 21.2% during the forecast period. The promising growth prospects of the segment can be attributed to benefits offered by these systems, such as the analysis of customer behavior and usage patterns
• The mobile app parking services segment is estimated to witness significant growth in terms of revenue by 2030, registering a CAGR of 25.2% during the forecast period. The growth can be attributed to the benefits of the large-scale adoption of smartphones and apps supporting smart parking. These applications enable easy reservation of slots and mobile-enabled payments
• The off-street segment is poised to exhibit a significant CAGR of 21.6% over the forecast period. The growing demand for garages and lots for parking spaces in off-streets are the key driving factors for the growth of the segment
• The government segment is expected to witness a significant CAGR of 22.9% during the forecast period. Several governments globally are implementing smart city development projects, which is anticipated to strengthen the growth of this vertical over the forecast period
• The market in the Asia Pacific region is anticipated to witness the highest CAGR of 23.6% over the forecast period. The governments across the region are improving parking management and reducing traffic congestion and air pollution which is expected to fuel the demand for smart parking systems in the region

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Smart Parking Systems Market Segmentation

Grand View Research has segmented the global smart parking systems market based on hardware, software, service, type, application, and region:

Smart Parking Systems Hardware Outlook (Revenue, USD Million, 2017 - 2030)

• Pucks (Wireless Sensors)
• Cameras & LPRs
• Smart Meters
• Signage
• Parking Gates

Smart Parking Systems Software Outlook (Revenue, USD Million, 2017 - 2030)

• Parking Guidance System
• Analytics Solutions

Smart Parking Systems Service Outlook (Revenue, USD Million, 2017 - 2030)

• Consulting Service
• Engineering Service
• Mobile App Parking Service

Smart Parking Systems Service Type Outlook (Revenue, USD Million, 2017 - 2030)

• On-street
• Off-street
  • Garage Parking
  • Lot Parking

Smart Parking Systems Service Application Outlook (Revenue, USD Million, 2017 - 2030)

• Commercial
• Government
• Transport Transit

Smart Parking Systems Regional Outlook (Revenue, USD Million, Units, 2017 - 2030)

• North America
  • US.
  • Canada
• Europe
  • UK.
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • Singapore
  • Thailand
  • Philippines
  • Hong Kong
  • Vietnam
  • Indonesia
• Latin America
  • Brazil
• MEA

List of Key Players in the Smart Parking Systems Market

• 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.
• Meter Feeder, Inc.
• Mindteck
• Municipal Parking Services, Inc.
• Nedap N.V.
• Park Assist
• ParkHelp Technologies
• ParkJockey
• ParkMe Inc.
• Robert Bosch GmbH
• Siemens AG
• SKIDATA AG
• Smart Parking Ltd.
• SpotHero, Inc.
• Swarco AG
• Urbiotica, S.L.

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.