Smart Parking Systems Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2028

The global Smart Parking Systems market size is expected to be worth around US$ 14.5 billion by 2028, according to a new report by Vision Research Reports.

The global Smart Parking Systems market size was valued at US$ 3.10 billion in 2020 and is anticipated to grow at a CAGR of 17.5% during forecast period 2021 to 2028.

Growth Factors

An anticipated upsurge in demand for these systems for transport transit and commercial applications is expected to drive the growth in the market. Rising demand for hassle-free parking coupled with the advances in technology are anticipated to propel market growth over the forecast period.

Favorable government initiatives and increasing public sector funding to roll out solutions aimed at addressing traffic congestion issues are anticipated to drive the market. Furthermore, the inclusion of sophisticated features, such as voice guidance and auto-payment options enabled through smartphone apps, are also projected to fuel the growth of the market. Various parking lots are integrating Automatic Number Plate Recognition (ANPR) systems to effectively manage vehicle at parking areas and access control systems.

Ensuring adequate parking space is turning out to be a challenge for civic administrations as the number of automobiles continues to increase. The demand for intelligent systems is rising across the globe as a result. These systems can effectively address traffic congestion issues and space-related concerns. They can also open potential opportunities for reusing commercial and municipal areas and garages, thereby reducing fuel consumption, curtailing vehicular emissions, and subsequently making the cities cleaner and greener.

Report Highlights

Based on hardware, the market has been segmented into pucks, cameras and LPRs, smart meters, signage, and gates. The cameras and LPRs segment is expected to emerge as the fastest-growing segment over the forecast period owing to the increasing use of LPRs in-vehicle surveillance and license plate recognition. Smart parking guidance systems and LPR systems often feature PTZ cameras and stereo cameras to monitor and guide vehicles in the slots.

The smart meters segment accounted for the largest market share owing to the adoption of smart meters for on-street applications. These meters significantly reduce the requirement of the workforce to manage small or large parking areas. Smart meters are widely used owing to their ability to continuously provide large volumes of data for further processing and analysis using the operator model. Furthermore, these meters are widely used in garages and lots as it allows the use of various ways of payments, such as through debit cards and credit cards.

On the basis of software, the market for smart parking system has been further segmented into parking guidance system and analytics solution. The parking guidance system segment held the largest market share in 2019. These system scans guide drivers to vacant slots and eventually help in saving their time. These system scan ensure a user-friendly experience for vehicle drivers as they monitor the status of various ultra-sonic sensors and electronic signs and offer a user-friendly graphical interface for drivers.

The analytics solutions segment is expected to grow at a remarkable rate over the forecast period. The growth of the segment can be attributed to the ability of the affixed to the light poles to systematically and reliably gather information about the occupied and vacant spaces. This information is gathered in real-time and transmitted to the drivers and managerial personnel using an analytics solution. The gathered information helps in ensuring safety and security at parking sites in case of contingencies and emergencies.

On the basis of service, the market for smart parking system has been further segmented into consulting services, engineering services, and mobile app services. The engineering services segment held the largest market share in 2019. Companies providing engineering services often offer services, such as designing, development, and installation of customized equipment and solutions in line with the parking requirements in order to reduce the hassles as well as the time and costs associated with parking. Moreover, the developments in the automotive industry across the world have created the need for engineered parking facilities.

On the basis of type, the smart parking systems market has been further segmented into on-street and off-street. The off-street segment accounted for the largest market share in 2019 and is predicted to continue dominating the market for smart parking system over the forecast period. The growth of the segment can be attributed to the continued rollout of smart city and smart infrastructure projects in various parts of the world. The off-street segment has been further segmented into garage and lot sub-segments.

On the basis of application, the market for smart parking system has been further segmented into commercial, government, and transport transit. The commercial segment accounted for the largest share in 2019. The growth of the commercial segment can be attributed to the increased adoption of these systems at corporate buildings, shopping malls, theaters, and sports complexes, among other public venues. The high level of convenience and flexibility along with mobile payment options are projected to drive the growth of the commercial segment.

The government segment is expected to witness significant growth over the forecast period. The smart city initiatives being pursued in different parts of the globe would contribute to the growth of the segment. Various smart parking systems rolled out in smart cities offer functions such as mobile payment and reservation of parking spots. Numerous vendors are focusing on launching new apps with innovative features as part of their initiatives to ensure user convenience.

North American dominated the market for smart parking system in 2019. The market is expected to grow in North America owing to the growing number of vehicles in the region. The civic authorities in the U.S. and Canada are trying aggressively to reduce the traffic congestion, which has been getting more and more severe. These systems help provide legal and safe parking for commercial vehicles in the region. Furthermore, various factors, such as advancements in the automotive sector and increasing demand for vehicle guidance systems, are expected to propel the growth of the regional market.

Key Players

Cisco Systems, Inc.; Altiux Innovations; Robert Bosch GmbH; Siemens AG; SKIDATA AG.; Amano McGann, Inc.; Parkmobile LLC; and ParkMe, Inc. 

Market Segmentation

The Smart Parking Systems market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Smart Parking Systems market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Smart Parking Systems market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Smart Parking Systems market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Smart Parking Systems market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Smart Parking Systems capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Smart Parking Systems by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Smart Parking Systems market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Smart Parking Systems market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Smart Parking Systems market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Smart Parking Systems industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

The Smart Parking Systems market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Smart Parking Systems market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Smart Parking Systems market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Smart Parking Systems market. These factors have benefited the growth of the global market for Smart Parking Systems. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Smart Parking Systems. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Smart Parking Systems are as follows:

• Historic Year: 2017-2020
• Base Year: 2020
• Forecast Year 2021 to 2028

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

• To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2028);
• Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
• Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
• To define, describe and forecast the market by type, application and region.
• To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
• To identify significant trends and factors driving or inhibiting the market growth.
• To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
• To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
• To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
• To strategically profile the key players and comprehensively analyze their growth strategies.