Global Market for Smart Parking System is Anticipated to grow at a Significant Pace i.e., USD 11.89 Billion during the Forecast Period 2021-2027

Published Date: Sep, 2021

The smart parking systems market is expected to witness a CAGR of 10.57% during the forecast period. The smart parking system optimizes parking space through an automatic access control system, parking guidance system (PGS), parking reservation barrier, and ticketing system. Smart parking system offers real-time information about the availability of parking space and helps drivers about available parking slots by navigating them via a smartphone application.

The key dynamics that influence the global smart parking system market are rising consumer preference towards comfort and luxury, rising competition between OEMs to provide driver assistance features, increasing government initiatives, limited parking space availability, an increasing number of accidents caused by vehicles during reversing out parking spaces, and rising consumer demand for advanced vehicle and passenger safety systems in passenger cars.

However, high employment costs, configuration complexity, and low internet penetration in emerging economies may hinder the market growth of the smart parking system market. Nevertheless, the increasing investment to build driverless vehicles and rising government initiatives to build smart cities globally will create promising opportunities for the growth of the smart parking system market.

The COVID-19 pandemic had a negative impact on the global smart parking system market owing to the use of smart parking systems for isolation centers and quarantine homes to a proper shelter for patients to recover.

Browse 95 market data Tables and 55 Figures spread through 201 Pages and in-depth TOC on " Smart Parking Systems Market by Vehicle Type (Hardware, Software, and Services), by System Type (Smart Park Assist System, and Guided Park Assist System), by Parking Site (On-Street, and Off-Street), by Technology (Ultrasonic Sensor, Radar Sensor, and Image Sensor), by Application (Security and Surveillance, Valet Parking Management, License Plate Recognition, and Parking Reservation Management), by Component (Parking Sensors, Display Unit, Steering Angle Sensors, and Electronic Control Unit (ECU)), and End User (Commercial and Government), and Region - Global Forecast to 2027"

By parking site, off-street is anticipated to be the most lucrative segment in the smart parking systems market during the forecast period.

Off-street smart parking systems have high demand as they can be easily implemented and fine-tuned. They are privately owned and can be made of commercial parking lots and garages. Off-street parking spaces are the easiest place to implement effective smart parking systems and are robot-assisted or automated parking services. These systems help improve the comfort and safety of all passengers.

Global Smart Parking Systems Market Segmentation Analysis

Segment

Categorization

Leading Category

Vehicle Type

Hardware, Software, and Services

Hardware (Largest)

System Type

Smart Park Assist System, and Guided Park Assist System

Smart Park Assist System (Fastest)

Parking Site

On-Street, and Off-Street

Off-Street (Largest)

Technology

Ultrasonic Sensor, Radar Sensor, and Image Sensor

Ultrasonic Sensor (Largest)

Application

Security and Surveillance, Valet Parking Management, License Plate Recognition, and Parking Reservation Management

Valet Parking Management (Fastest)

Component

Parking Sensors, Display Unit, Steering Angle Sensors, and Electronic Control Unit (ECU)

Parking Sensors (Largest)

End User

Commercial, Residential, and Government

Commercial (High CAGR)

Government (High CAGR)

Region

North America, Europe, Asia-Pacific, and Rest of the World

Europe (Largest)

Asia-Pacific (Fastest)

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“Europe to hold the largest regional market share in 2020.”

Europe is anticipated to have many opportunities owing to initiatives taken by the government to support smart parking systems in order to reduce pollution. Furthermore, the increasing concern about insufficient parking space, particularly in urban areas will further propel the growth in the region.

Some of the major players in the global smart parking system market include Robert Bosch GmbH, Aisin Seiki Co., Ltd, Cubic Corporation, Continental AG, Amano Corporation, Valeo S.A., Kapsch Trafficcom AG, Siemens AG, TKH Group–Park Assist, Delphi Automotive PLC, Xerox Corporation, and Nedap Identification Systems.

Scope of the Report

 

Report Metric

Details

Market Size Available for the Years in the Study

2015–2027

Historical Period

2015–2020

Base Year

2020

Forecast Period

2021–2027

Segments Covered in the Study

Vehicle Type, System Type, Parking Site, Technology, Application, Component, End User, and Region

Geographies Covered in the Study

North America (U.S., Canada, Mexico), Europe (Germany, U.K., France, Italy, Spain, Russia), Asia-Pacific (China, Japan, India, South Korea), and Rest of the World (Brazil, Saudi Arabia, South Africa, U.A.E.)

Companies Covered in the Study

Robert Bosch GmbH, Aisin Seiki Co., Ltd, Cubic Corporation, Continental AG, Amano Corporation, Valeo S.A., Kapsch Trafficcom AG, Siemens AG, TKH Group–Park Assist, Delphi Automotive PLC, Xerox Corporation, and Nedap Identification Systems

Global Smart Parking Systems Market Coverage

Vehicle Type Insight and Forecast 2015-2027

  • Hardware
    • Wireless Sensors
    • Cameras & LPRs
    • Smart Meters
    • Signage
    • Parking Gates
  • Software
    • Parking Guidance Systems
    • Analytics Solutions
  • Services
    • Consulting Service
    • Engineering Service
    • Mobile App Parking Service

System Type Insight and Forecast 2015-2027

  • Smart Park Assist System
  • Guided Park Assist System

Parking Site Insight and Forecast 2015-2027

  • On-Street
  • Off-Street

Technology Insight and Forecast 2015-2027

  • Ultrasonic Sensor
  • Radar Sensor
  • Image Sensor

Application Insight and Forecast 2015-2027

  • Security and Surveillance
  • Valet Parking Management
  • License Plate Recognition
  • Parking Reservation Management

Component Insight and Forecast 2015-2027

  • Parking Sensors
  • Display Unit
  • Steering Angle Sensors
  • Electronic Control Unit (ECU)

End-User Insight and Forecast 2015-2027

  • Commercial
    • Academic
    • Recreational
    • Transportation
    • Retail
    • Hospitality
  • Residential
  • Government

Geographical Segmentation

Smart Parking Systems Market by Region

North America

  • By Vehicle Type
  • By System Type
  • By Parking Site
  • By Technology 
  • By Application 
  • By Component
  • By End-User
  • By Country – U.S., Canada, and Mexico

Europe

  • By Vehicle Type
  • By System Type
  • By Parking Site
  • By Technology 
  • By Application 
  • By Component
  • By End-User
  • By Country – Germany, U.K., France, Italy, Spain, Russia, and Rest of Europe

Asia-Pacific (APAC)

  • By Vehicle Type
  • By System Type
  • By Parking Site
  • By Technology 
  • By Application 
  • By Component
  • By End-User
  • By Country – China, Japan, India, South Korea, and Rest of Asia-Pacific

Rest of the World (RoW)

  • By Vehicle Type
  • By System Type
  • By Parking Site
  • By Technology 
  • By Application 
  • By Component
  • By End-User
  • By Country – Brazil, Saudi Arabia, South Africa, U.A.E., and Other Countries

 

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Global Market for Smart Parking System is Anticipated to grow at a Significant Pace i.e., USD 11.89 Billion during the Forecast Period 2021-2027