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Smart Parking Market

Global Smart Parking Market Size, Growth, Share, Forecast: By Solution: Security and Surveillance, Parking Reservation Management, Valet Parking Management, License Plate Recognition; By System Type: Guided Park Assist, Smart Park Assist; By Component; By Sensor Technology; By Vertical; Regional Analysis; Competitive Landscape; 2024-2032

Global Smart Parking Market Outlook

The global smart parking market size reached approximately USD 7.37 billion in 2023. The market is projected to grow at a CAGR of 15.0% between 2024 and 2032, reaching a value of around USD 25.98 billion by 2032.

 

Key Trends in the Market

Smart parking systems are advanced traffic management solutions that are integrated with sensors, cameras, and advanced technologies, such as artificial intelligence and machine learning, that enable better management of traffic. They also integrate ground sensor technology where sensors, cameras, and other components are embedded into the parking spots.

 

  • One of the primary factors fuelling the smart parking market growth is technological advancements, which are propelling the adoption of automated parking solutions. Technologies such as data analytics, smart parking meters, and machine-to-machine communication are increasingly being implemented in parking management systems to determine the number of empty and occupied parking slots.
  • The robust growth of the automotive sector has increased the number of vehicles present on the roads. This creates a substantial growth of the smart parking market demand as advanced systems are increasingly installed in more locations to enhance parking services.
  • The increasing focus on developing smart cities is one of the major factors propelling the expansion of the market. Smart city plans are increasingly being launched by countries around the world to manage the increasing urban traffic. Smart parking systems allow the administrative body of the city to manage the dispersion of traffic to tackle the problem of congestion.
  • Moreover, the rising levels of environmental pollution act as another smart parking market trend. It has compelled various regulatory bodies to implement better management systems, which include smart parking systems.

 

Market Analysis

Based on the solution, the market is segmented into security and surveillance, parking reservation management, valet parking management, and license plate recognition. The global smart parking market segmentation, based on system type, includes guided park assist, smart park assist, on-street, and off-street. Based on components, the market can be categorised into parking sensors, steering angle sensors, ECU, and display units.

 

The market, based on sensor technology, is segmented into ultrasonic sensor, radar sensor, and image sensor. The market, on the basis of vertical, is bifurcated into government and commercial. The major regional markets for smart parking are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

The comprehensive EMR report provides an in-depth assessment of the market based on Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global smart parking market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments and expansion plans.

 

  • T2 Systems
  • Flowbird Group
  • Amano Corporation
  • IBM Corporation
  • Robotic Parking Systems, Inc.
  • SKIDATA GmbH
  • Streetline
  • Continental AG
  • Valeo Park4U
  • Amano McGann, Inc
  • Others

 

Market Share by System Type

Off-street parking is expected to hold a major portion of the smart parking market share in the coming years. Its growth can be attributed to the implementation of sensor-based vehicle detection technology to address parking challenges in smart cities and the surging road development initiatives. Moreover, companies are offering parking space applications for individual slots, further propelling the development of the segment.

 

Market Share by Technology

Ultrasonic sensors are poised to register significant growth, aiding in the expansion of the smart parking market. These sensors play a pivotal role in assisting drivers by identifying suitable parking spaces and detecting obstacles within proximity. The widespread adoption of ultrasonic sensors can be attributed to their cost-effectiveness, which outperforms image and radar sensors in terms of affordability.

 

Competitive Landscape

T2 Systems is a parking technology company holding a leading position in the market. The company was established in the year 1994 and has developed extensive experience in the field of parking technologies. Operating from its headquarters in Indiana, United States, its speciality lies in parking software development, pay stations, citation control, and permit management, among others.

 

Flowbird Group is a prominent company that specialises in providing intelligent urban mobility solutions. Since its establishment in 2002, the company has focused on designing and developing innovative products and services to enhance urban transportation systems. Flowbird Group offers a wide range of solutions, including parking management systems, ticketing systems for public transport, and mobility services.

 

Amano Corporation is a well-established company that operates in the field of time and attendance management, parking solutions, and security systems. With a rich history and global presence, Amano Corporation has built a reputation for delivering innovative and reliable products and services. The company offers a range of solutions for employee time tracking, including time clocks, biometric systems, and software applications.

 

Other smart parking market players include IBM Corporation, Robotic Parking Systems, Inc., SKIDATA GmbH, Streetline, Continental AG, Valeo Park4U, and Amano McGann, Inc, among others.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Solution
  • System Type
  • Component
  • Sensor Technology
  • Vertical
  • Region
Breakup by Solution
  • Security and Surveillance
  • Parking Reservation Management
  • Valet Parking Management
  • License Plate Recognition
Breakup by System Type
  • Guided Park Assist
  • Smart Park Assist
  • On-Street
  • Off-Street
Breakup by Component
  • Parking Sensors
  • Steering Angle Sensors
  • ECU
  • Display Unit
Breakup by Sensor Technology
  • Ultrasonic Sensor
  • Radar Sensor
  • Image Sensor
Breakup by Vertical
  • Government
  • Commercial
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT
  • Porter's Five Forces
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • T2 Systems
  • Flowbird Group
  • Amano Corporation
  • IBM Corporation
  • Robotic Parking Systems, Inc.
  • SKIDATA GmbH
  • Streetline
  • Continental AG
  • Valeo Park4U
  • Amano McGann, Inc
  • Others

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description
    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary
    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Market Snapshot
    6.1    Global
    6.2    Regional
7    Opportunities and Challenges in the Market
8    Global Smart Parking Market Analysis
    8.1    Key Industry Highlights
    8.2    Global Smart Parking Historical Market (2018-2023) 
    8.3    Global Smart Parking Market Forecast (2024-2032)
    8.4    Global Smart Parking Market by Solution
        8.4.1    Security and Surveillance
            8.4.1.1    Historical Trend (2018-2023)
            8.4.1.2    Forecast Trend (2024-2032)
        8.4.2    Parking Reservation Management
            8.4.2.1    Historical Trend (2018-2023)
            8.4.2.2    Forecast Trend (2024-2032)
        8.4.3    Valet Parking Management
            8.4.3.1    Historical Trend (2018-2023)
            8.4.3.2    Forecast Trend (2024-2032)
        8.4.4    License Plate Recognition
            8.4.4.1    Historical Trend (2018-2023)
            8.4.4.2    Forecast Trend (2024-2032)
    8.5    Global Smart Parking Market by System Type
        8.5.1    Guided Park Assist
            8.5.1.1    Historical Trend (2018-2023)
            8.5.1.2    Forecast Trend (2024-2032)
        8.5.2    Smart Park Assist
            8.5.2.1    Historical Trend (2018-2023)
            8.5.2.2    Forecast Trend (2024-2032)
        8.5.3    On-Street
            8.5.3.1    Historical Trend (2018-2023)
            8.5.3.2    Forecast Trend (2024-2032)
        8.5.4    Off-Street
            8.5.4.1    Historical Trend (2018-2023)
            8.5.4.2    Forecast Trend (2024-2032)
    8.6    Global Smart Parking Market by Component
        8.6.1    Parking Sensors
            8.6.1.1    Historical Trend (2018-2023)
            8.6.1.2    Forecast Trend (2024-2032)
        8.6.2    Steering Angle Sensors
            8.6.2.1    Historical Trend (2018-2023)
            8.6.2.2    Forecast Trend (2024-2032)
        8.6.3    ECU
            8.6.3.1    Historical Trend (2018-2023)
            8.6.3.2    Forecast Trend (2024-2032)
        8.6.4    Display Unit
            8.6.4.1    Historical Trend (2018-2023)
            8.6.4.2    Forecast Trend (2024-2032)
    8.7    Global Smart Parking Market by Sensor Technology
        8.7.1    Ultrasonic Sensor
            8.7.1.1    Historical Trend (2018-2023)
            8.7.1.2    Forecast Trend (2024-2032)
        8.7.2    Radar Sensor
            8.7.2.1    Historical Trend (2018-2023)
            8.7.2.2    Forecast Trend (2024-2032)
        8.7.3    Image Sensor
            8.7.3.1    Historical Trend (2018-2023)
            8.7.3.2    Forecast Trend (2024-2032)
    8.8    Global Smart Parking Market by Vertical
        8.8.1    Government
            8.8.1.1    Historical Trend (2018-2023)
            8.8.1.2    Forecast Trend (2024-2032)
        8.8.2    Commercial
            8.8.2.1    Historical Trend (2018-2023)
            8.8.2.2    Forecast Trend (2024-2032)
    8.9    Global Smart Parking Market by Region
        8.9.1    North America
            8.9.1.1    Historical Trend (2018-2023)
            8.9.1.2    Forecast Trend (2024-2032)
        8.9.2    Europe
            8.9.2.1    Historical Trend (2018-2023)
            8.9.2.2    Forecast Trend (2024-2032)
        8.9.3    Asia Pacific
            8.9.3.1    Historical Trend (2018-2023)
            8.9.3.2    Forecast Trend (2024-2032)
        8.9.4    Latin America
            8.9.4.1    Historical Trend (2018-2023)
            8.9.4.2    Forecast Trend (2024-2032)
        8.9.5    Middle East and Africa
            8.9.5.1    Historical Trend (2018-2023)
            8.9.5.2    Forecast Trend (2024-2032)
9    North America Smart Parking Market Analysis
    9.1    United States of America 
        9.1.1    Historical Trend (2018-2023)
        9.1.2    Forecast Trend (2024-2032)
    9.2    Canada
        9.2.1    Historical Trend (2018-2023)
        9.2.2    Forecast Trend (2024-2032)
10    Europe Smart Parking Market Analysis
    10.1    United Kingdom
        10.1.1    Historical Trend (2018-2023)
        10.1.2    Forecast Trend (2024-2032)
    10.2    Germany
        10.2.1    Historical Trend (2018-2023)
        10.2.2    Forecast Trend (2024-2032)
    10.3    France
        10.3.1    Historical Trend (2018-2023)
        10.3.2    Forecast Trend (2024-2032)
    10.4    Italy
        10.4.1    Historical Trend (2018-2023)
        10.4.2    Forecast Trend (2024-2032)
    10.5    Others
11    Asia Pacific Smart Parking Market Analysis
    11.1    China
        11.1.1    Historical Trend (2018-2023)
        11.1.2    Forecast Trend (2024-2032)
    11.2    Japan
        11.2.1    Historical Trend (2018-2023)
        11.2.2    Forecast Trend (2024-2032)
    11.3    India
        11.3.1    Historical Trend (2018-2023)
        11.3.2    Forecast Trend (2024-2032)
    11.4    ASEAN
        11.4.1    Historical Trend (2018-2023)
        11.4.2    Forecast Trend (2024-2032)
    11.5    Australia
        11.5.1    Historical Trend (2018-2023)
        11.5.2    Forecast Trend (2024-2032)
    11.6    Others
12    Latin America Smart Parking Market Analysis
    12.1    Brazil
        12.1.1    Historical Trend (2018-2023)
        12.1.2    Forecast Trend (2024-2032)
    12.2    Argentina
        12.2.1    Historical Trend (2018-2023)
        12.2.2    Forecast Trend (2024-2032)
    12.3    Mexico
        12.3.1    Historical Trend (2018-2023)
        12.3.2    Forecast Trend (2024-2032)
    12.4    Others
13    Middle East and Africa Smart Parking Market Analysis
    13.1    Saudi Arabia
        13.1.1    Historical Trend (2018-2023)
        13.1.2    Forecast Trend (2024-2032)
    13.2    United Arab Emirates
        13.2.1    Historical Trend (2018-2023)
        13.2.2    Forecast Trend (2024-2032)
    13.3    Nigeria
        13.3.1    Historical Trend (2018-2023)
        13.3.2    Forecast Trend (2024-2032)
    13.4    South Africa
        13.4.1    Historical Trend (2018-2023)
        13.4.2    Forecast Trend (2024-2032)
    13.5    Others
14    Market Dynamics
    14.1    SWOT Analysis
        14.1.1    Strengths
        14.1.2    Weaknesses
        14.1.3    Opportunities
        14.1.4    Threats
    14.2    Porter’s Five Forces Analysis
        14.2.1    Supplier’s Power
        14.2.2    Buyer’s Power
        14.2.3    Threat of New Entrants
        14.2.4    Degree of Rivalry
        14.2.5    Threat of Substitutes
    14.3    Key Indicators for Demand
    14.4    Key Indicators for Price  
15    Competitive Landscape
    15.1    Market Structure
    15.2    Company Profiles
        15.2.1    T2 Systems
            15.2.1.1    Company Overview
            15.2.1.2    Product Portfolio
            15.2.1.3    Demographic Reach and Achievements
            15.2.1.4    Certifications
        15.2.2    Flowbird Group
            15.2.2.1    Company Overview
            15.2.2.2    Product Portfolio
            15.2.2.3    Demographic Reach and Achievements
            15.2.2.4    Certifications
        15.2.3    Amano Corporation
            15.2.3.1    Company Overview
            15.2.3.2    Product Portfolio
            15.2.3.3    Demographic Reach and Achievements
            15.2.3.4    Certifications
        15.2.4    IBM Corporation
            15.2.4.1    Company Overview
            15.2.4.2    Product Portfolio
            15.2.4.3    Demographic Reach and Achievements
            15.2.4.4    Certifications
        15.2.5    Robotic Parking Systems, Inc.
            15.2.5.1    Company Overview
            15.2.5.2    Product Portfolio
            15.2.5.3    Demographic Reach and Achievements
            15.2.5.4    Certifications
        15.2.6    SKIDATA GmbH
            15.2.6.1    Company Overview
            15.2.6.2    Product Portfolio
            15.2.6.3    Demographic Reach and Achievements
            15.2.6.4    Certifications
        15.2.7    Streetline
            15.2.7.1    Company Overview
            15.2.7.2    Product Portfolio
            15.2.7.3    Demographic Reach and Achievements
            15.2.7.4    Certifications
        15.2.8    Continental AG
            15.2.8.1    Company Overview
            15.2.8.2    Product Portfolio
            15.2.8.3    Demographic Reach and Achievements
            15.2.8.4    Certifications
        15.2.9    Valeo Park4U
            15.2.9.1    Company Overview
            15.2.9.2    Product Portfolio
            15.2.9.3    Demographic Reach and Achievements
            15.2.9.4    Certifications
        15.2.10    Amano McGann, Inc.
            15.2.10.1    Company Overview
            15.2.10.2    Product Portfolio
            15.2.10.3    Demographic Reach and Achievements
            15.2.10.4    Certifications
        15.2.11    Other
16    Key Trends and Developments in the Market


List of Key Figures and Tables

1.    Global Smart Parking Market: Key Industry Highlights, 2018 and 2032
2.    Global Smart Parking Historical Market: Breakup by Solution (USD Billion), 2018-2023
3.    Global Smart Parking Market Forecast: Breakup by Solution (USD Billion), 2024-2032
4.    Global Smart Parking Historical Market: Breakup by System Type (USD Billion), 2018-2023
5.    Global Smart Parking Market Forecast: Breakup by System Type (USD Billion), 2024-2032
6.    Global Smart Parking Historical Market: Breakup by Component (USD Billion), 2018-2023
7.    Global Smart Parking Market Forecast: Breakup by Component (USD Billion), 2024-2032
8.    Global Smart Parking Historical Market: Breakup by Sensor Technology (USD Billion), 2018-2023
9.    Global Smart Parking Market Forecast: Breakup by Sensor Technology (USD Billion), 2024-2032
10.    Global Smart Parking Historical Market: Breakup by Vertical (USD Billion), 2018-2023
11.    Global Smart Parking Market Forecast: Breakup by Vertical (USD Billion), 2024-2032
12.    Global Smart Parking Historical Market: Breakup by Region (USD Billion), 2018-2023
13.    Global Smart Parking Market Forecast: Breakup by Region (USD Billion), 2024-2032
14.    North America Smart Parking Historical Market: Breakup by Country (USD Billion), 2018-2023
15.    North America Smart Parking Market Forecast: Breakup by Country (USD Billion), 2024-2032
16.    Europe Smart Parking Historical Market: Breakup by Country (USD Billion), 2018-2023
17.    Europe Smart Parking Market Forecast: Breakup by Country (USD Billion), 2024-2032
18.    Asia Pacific Smart Parking Historical Market: Breakup by Country (USD Billion), 2018-2023
19.    Asia Pacific Smart Parking Market Forecast: Breakup by Country (USD Billion), 2024-2032
20.    Latin America Smart Parking Historical Market: Breakup by Country (USD Billion), 2018-2023
21.    Latin America Smart Parking Market Forecast: Breakup by Country (USD Billion), 2024-2032
22.    Middle East and Africa Smart Parking Historical Market: Breakup by Country (USD Billion), 2018-2023
23.    Middle East and Africa Smart Parking Market Forecast: Breakup by Country (USD Billion), 2024-2032
24.    Global Smart Parking Market Structure

Key Questions Answered in the Report

What was the global smart parking market value in 2023?

In 2023, the market reached an approximate value of USD 7.37 billion.

What is the growth rate of the global smart parking market?

The market is projected to grow at a CAGR of 15.0% between 2024 and 2032.

What is the forecast outlook of the smart parking market for 2024-2032?

The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach a value of around USD 25.98 billion by 2032.

What are the major market drivers?

The major market drivers are the rapidly increasing urban population and the growth of the automotive sector.

What are the key trends in the market?

The major factors propelling the growth of the market include the increasing implementation of advanced technologies and the launch of numerous smart city projects around the world.

What are the major regional markets for smart packaging, according to the EMR report?

The regional markets for smart packaging include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

What are the major system types for smart parking?

The major system types in the market are guided park assist, smart park assists, on-street, and off-street.

Who are the key market players, according to the global smart parking market report?

The key players in the market are T2 Systems, Flowbird Group, Amano Corporation, IBM Corporation, Robotic Parking Systems, Inc., SKIDATA GmbH, Streetline, Continental AG, Valeo Park4U, and Amano McGann, Inc, among others.

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