Press Releases

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 2030"

 

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 2022.”

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	2018–2030
Historical Period	2018–2022
Base Year	2022
Forecast Period	2023–2030
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 2018-2030

• 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 2018-2030

• Smart Park Assist System
• Guided Park Assist System

 

Parking Site Insight and Forecast 2018-2030

• On-Street
• Off-Street

Technology Insight and Forecast 2018-2030

• Ultrasonic Sensor
• Radar Sensor
• Image Sensor

 

Application Insight and Forecast 2018-2030

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

 

Component Insight and Forecast 2018-2030

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

 

End-User Insight and Forecast 2018-2030

• 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