Smart Parking Market, Size, Global Forecast 2023-2030, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysi

Smart Parking Market, Size, Global Forecast 2023-2030, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysi

Global Smart Parking Market is anticipated to be around US$ 23.56 Billion in 2030, according to Renub Research. In today's technology-driven era, where cities are embracing the Smart City model to tackle 21st-century challenges, parking has become a focus area. One of the emerging solutions is the smart parking system, which offers digital advancements to bring order and efficiency to parking lots. Utilizing sensors and software, it revolutionizes parking space management. Real-time occupancy information helps drivers find available spots, while dynamic pricing optimizes parking utilization. Smart parking reduces traffic congestion, improves air quality, and simplifies parking searches. It enhances parking management through data-driven decisions, generates revenue, and contributes to transportation and developmental initiatives.

Smart parking provides drivers with numerous benefits, such as the convenience of seamless payment options like credit cards and mobile apps. It optimizes the utilization of parking resources by implementing dynamic pricing, which promotes efficient use of available spaces and prevents overcrowding. Moreover, smart parking systems collect valuable data on parking usage patterns, empowering stakeholders to make well-informed decisions about pricing, allocation, and enforcement strategies. Beyond these advantages, the adoption of smart parking contributes to transportation and developmental initiatives in urban areas, fostering an enhanced urban environment and improving the overall quality of life for residents.

Global Smart Parking Market is expected to experience a CAGR of 19.80% from 2022 to 2030

The global vehicle population, estimated at 1.4 Billion in 2023 according to the World Bank, is expected to reach 1.6 Billion by 2030. This growth, coupled with limited parking spaces in urban areas, drives the smart parking market. Utilizing advanced technologies like sensors, software, and connectivity, smart parking optimizes parking space management. The integration of technology in smart cities supports the adoption of smart parking solutions, recognized by governments for their benefits in reducing traffic congestion, improving air quality, and enhancing the urban experience. The user-friendly nature of smart parking systems, enabling drivers to easily find available spaces through mobile apps or signage systems further fuels their growth in smart parking industry globally. Advancements in IoT, AI, and data analytics enhance smart parking capabilities, enabling accurate parking availability prediction, efficient payment processing, and seamless integration with other smart city applications.

Off-street parking is poised for growth in the smart parking market due to rising demand for parking space

There are two types available in the global smart parking market- Off-Street, and On-Street. Off-street parking refers to parking facilities situated away from the street, such as parking garages and lots, commonly used in areas with limited street parking. These facilities, often large and intricate, can greatly benefit from the implementation of smart parking technologies. By utilizing smart parking technologies, off-street parking can be made more efficient, resulting in reduced parking costs and an enhanced overall experience for drivers.

With a projected global population of 9.7 Billion by 2050 and an additional 2 Billion vehicles, parking resources will be strained, especially in urban areas. Off-street parking facilities alleviate this pressure by offering more space than on-street options. Real-time parking information reduces congestion, improves air quality, and deters crime. Streamlined enforcement and lower maintenance expenses result in financial savings for businesses and municipalities. Smart parking technology optimizes operations and addresses mounting parking challenges.

Software will continue to thrive in the global smart parking market

There are two components present in the global smart parking market - hardware, and software. Software components will dominate the smart parking market due to their ability to provide real-time data and analytics, ensuring up-to-date information for drivers and optimizing parking operations. The scalability and flexibility of software enable smart parking systems to adapt to large parking facilities and changing demand. Software ensures the security and reliability of sensitive data, such as credit card information and driver's license numbers.

The hardware segment of the smart parking market is projected to grow due to the increasing demand for wireless parking sensors and cameras. These components enable real-time monitoring of parking spaces, enhancing parking management efficiency. The global smart parking market is driven by the rising number of vehicles, urbanization, and government initiatives to improve traffic management.

Smart meters enhance efficiency proliferating their leadership in the global smart parking market

Hardware components in global smart parking market consists of Pucks (Wireless Sensors), Cameras & LPRs, Smart Meters, Signage, and Parking Gates. Smart meters play a crucial role in the smart parking market by collecting data on parking availability, enabling real-time information for drivers to find open spaces, and reducing traffic congestion. They enhance parking management efficiency and increase revenue for operators by providing accurate data for setting parking rates and targeted marketing. Smart meters also improve customer satisfaction through convenient features such as real-time availability information, remote payment options, and feedback mechanisms, ensuring a better overall parking experience.

Signage enhances parking management efficiency, reducing congestion and improving air quality. Moreover, signage boosts revenue by providing accurate data for pricing and targeted marketing. It also enhances customer satisfaction through convenient features like real-time availability updates, remote payments, and feedback options. Examples of signage in smart parking systems include digital signage, variable message signs (VMS), and parking guidance systems that track occupancy and guide drivers to available spaces.

Engineering services optimize smart parking systems, ensuring customer satisfaction, making them dominant in the global smart parking market

Consulting Services, Engineering Services, and Mobile App Parking Services are the key services in the global smart parking market. Engineering services are vital in the smart parking market, offering design, installation, and maintenance of systems. Engineering services expected to grow with increasing demand; these services enhance efficiency, revenue, and customer satisfaction. They create user-friendly systems that reduce congestion, improve air quality, and enable accurate data collection for pricing and targeted marketing. Moreover, engineering services design convenient systems with real-time information, remote payment options, and feedback mechanisms.

Commercial institutions dominate the global smart parking market with their high demand for efficient parking solutions

By end-users, the global smart parking market is categorized into Commercial Institutions, Governments and Municipalities, Transport Transit, and Corporate Institutes. Commercial institutions dominate the global smart parking market, seeking efficient and convenient parking solutions in hospitals, shopping malls, and office buildings. The growing number of vehicles and urban parking challenges highlight the significance of smart parking systems in these settings. By adopting smart parking technologies, commercial institutions optimize operations, improve customer satisfaction, and enhance overall efficiency.

Government and municipalities are growing markets for smart parking solutions, driven by the need for efficient parking in public areas. Smart parking systems provide real-time information, reducing congestion and improving air quality. They also increase revenue by offering accurate data for pricing and targeted marketing, while enhancing customer satisfaction through convenient features like real-time information and remote payment options. These benefits make smart parking solutions highly desirable for government and municipalities.

United States dominates the smart parking market due to high demand for solutions that address parking challenges

The countries in the global smart parking market are the United States, Argentina, Australia, Belgium, Brazil, Canada, China, France, Germany, India, Israel, Italy, Japan, Mexico, Netherlands, Saudi Arabia, South Africa, Spain, Switzerland, United Kingdom, Turkey, South Korea, U.A.E, Egypt, and Rest of the world. Smart parking initiatives have received robust backing from the United States government. Several smart parking projects have received funding from the Federal Highway Administration (FHWA), while the Department of Transportation (DOT) has offered guidance on the utilization of smart parking technology. Key trends shaping the US market include the impact of connected and autonomous vehicles, the popularity of mobile payments, and the growing demand for sustainability in transportation. Smart parking solutions in the US contribute to easing congestion, improving sustainability, and enhancing the convenience of payment options for drivers.

Key Players

IBM, Xerox, ASM International, Siemens Technology, Continental AG, Cisco, 3M Corporate, and Vodafone Group are among the key players in the global smart parking market.

As an example, in October 2022, PT PP (Persero) Tbk, an investment and construction company based in Indonesia, partnered with LG CNS, a smart industrial solution provider from South Korea, to develop a smart city project for Indonesia's new capital, Nusantara. This collaboration aligns with the industry trend of smart city development.

Renub Research report titled “Global Smart Parking Market by Type (Off-Street, and On-Street), Components (hardware (Pucks (Wireless Sensors), Cameras & LPRs, Smart Meters, Signage, and Parking Gates), and software), Services (Consulting Services, Engineering Services, and Mobile App Parking), End-User (Commercial Institutions, Governments and Municipalities, Transport Transit, and Corporate Institutes), Country (United States, Argentina, Australia, Belgium, Brazil, Canada, China, France, Germany, India, Israel, Italy, Japan, Mexico, Netherlands, Saudi Arabia, South Africa, Spain, Switzerland, United Kingdom, Turkey, South Korea, U.A.E, Egypt, and Rest of the world), Company Analysis (IBM, Xerox, ASM International, Siemens Technology, Continental AG, Cisco, 3M Corporate, and Vodafone Group)"" provides complete study of Global Smart Parking Market.

Type – Global Smart Parking Market breakup from 2 Viewpoints:

1. Off-Street
2. On-Street

Components – Global Smart Parking Market breakup from 2 Viewpoints:

1. Software
2. Hardware

Hardware – Global Smart Parking Market breakup from 5 Viewpoints:

1. Pucks (Wireless Sensors)
2. Cameras & LPRs
3. Smart Meters
4. Signage
5. Parking Gates

Services – Global Smart Parking Market breakup from 3 Viewpoints:

1. Consulting Services
2. Engineering Services
3. Mobile App Parking Services

End Users – Global smart Parking Market breakup from 4 Viewpoints:

1. Commercial Institutions
2. Governments and Municipalities
3. Transport Transit
4. Corporate Institutes

Country – Global Smart Parking Market breakup from 25 Viewpoints:

1. United States
2. Argentina
3. Australia
4. Belgium
5. Brazil
6. Canada
7. China
8. France
9. Germany
10. India
11. Israel
12. Italy
13. Japan
14. Mexico
15. Netherlands
16. Saudi Arabia
17. South Africa
18. Spain
19. Switzerland
20. United Kingdom
21. Turkey
22. South Korea
23. U.A.E
24. Egypt
25. Rest of the world

Company has been covered from 3 Viewpoints:

• Overview
• Recent Developments
• Revenue

Company Analysis:

1. IBM
2. Xerox
3. ASM International
4. Siemens Technology
5. Continental AG
6. Cisco
7. 3M Corporate
8. Vodafone Group