Global Smart Parking Systems Market
Global Smart Parking Systems Market By Offerings (Hardware, Software, Service), By Hardware (Sensors, Cameras, Smart Meters, Parking Gates, Others), By Software (Parking Guidance System, Analytics Solutions), By Services (Consulting Service, Engineering Service, Others), By Type (On-street, Off-street), By Application (Commercial, Government, Transport Transit) And By Geography – Covid-19 Impact Analysis, Post Covid Analysis, Opportunities, Trends And Forecast From 2020 to 2032
The global Smart Parking Systems market was valued at $6.40 Billion in 2022 and is anticipated to grow at a CAGR of 21.38% from 2023 to 2033. This growth is attributed to several macro and microeconomic factors such as
Rapid urbanization and population growthRapid urbanization and population growth significantly propels the adoption of smart parking systems in urban areas. As cities around the world experience a surge in population due to urbanization, the density of people and vehicles in urban centers increases substantially. This heightened urban density results in a rising demand for parking spaces, often outstripping the capacity of existing parking infrastructure. Consequently, urban areas grapple with parking shortages, traffic congestion, and frustrated drivers spending considerable time searching for parking. The economic repercussions of congestion, such as productivity losses and increased fuel consumption, along with environmental concerns, have spurred governments and municipalities to invest in smart city initiatives, including smart parking systems, to improve urban mobility and address these challenges. These systems, equipped with real-time information and optimization features, help alleviate congestion, enhance user experiences, and support more sustainable urban development in the face of rapid urbanization and population growth.
Further several factors restraining the market growth include
High Initial CostsHigh initiation costs related smart parking system presents a substantial challenge in its widespread adoption. This factor refers to the significant upfront expenditures required to plan, deploy, and operate these advanced parking solutions. It encompasses the cost of installing infrastructure such as sensors and cameras, integrating complex technological components, developing specialized software, managing data, and ensuring ongoing maintenance and security. Additionally, there are expenses associated with project management, training, and coordination with relevant stakeholders. The economic viability of these systems can be difficult to justify for municipalities and parking operators, particularly in the face of competing budgetary priorities. For end-users, the affordability of smart parking services may also pose concerns. Despite these hurdles, advancements in technology and the potential for long-term benefits, including reduced congestion and improved urban mobility, may help offset these initial costs over time. Addressing this factor remains essential to fostering the broader adoption of smart parking systems.
Advancements in the Internet of Things (IoT) and sensor technologies and collaborations and alliances in the Smart Parking Systems market are expected to generate higher avenues during the forecast period.
In the wake of the COVID-19 pandemic, supply chain disruptions have led to supply shortages or lower demand in the Smart Parking Systems market. The pandemic has caused a decline in new orders and a corresponding decrease in production.
This section will analyze how COVID-19 has impacted supply chains, leading to shortages and lower demand for Smart Parking Systems.
In terms of COVID-19 impact, the Smart Parking Systems market report also includes the following data points:Impact on Smart Parking Systems market size
Operating Weights Trend, Preferences, and Budget Impact
Regulatory Framework/Outdoor Policies
Key Players' Strategy to Tackle Negative Impact/Post-COVID Strategies
Opportunity in the Smart Parking Systems market
Key Insight in the report:The global Smart Parking Systems market report covers an executive summary, market dynamics, COVID impact & post-COVID scenario, market size and forecast, competitive intelligence, market positioning, and Types.
Our report covers extensive competitive intelligence which includes the following data points:Business Overview
Business Segment Data
Financial Data
Product Segment Analysis and Specification
Recent Development and Company Strategy Analysis
SWOT Analysis
Smart Parking Systems Market Segmentation:Offerings
Hardware
Software
Service
Hardware
Sensors
Cameras
Smart Meters
Parking Gates
Others
Software
Parking Guidance System
Analytics Solutions
Services
Consulting Service
Engineering Service
Others
Type
On-street
Off-street
Application
Commercial
Government
Transport Transit
Region/ Countries Covered:North America
US
Canada
Europe
UK
Germany
France
Italy
Spain
Benelux
Nordics
Rest of Europe
Asia Pacific
China
Australia
India
Japan
South Korea
South east Asia
Rest of Asia Pacific
Latin America
Brazil
Argentina
Mexico
Columbia
Rest of Latin America
Middle East & Africa
Saudi Arabia
UAE
Egypt
South Africa
Jordan
Rest of Middle East & Africa
Key Players Analyzed in the Report:WORLDSENSING
Nedap
ParkMobile
Siemens
Amano McGann, Inc.
Continental AG
IPS Group Inc.
Klaus Multiparking Systems
Robert Bosch GmbH
SMART PARKING LIMITED