Smart Parking Market will reach US$ 42.51 billion by 2032, up from US$ 7.03 billion in 2023, with a CAGR of 22.14% between 2024 and 2032.

Smart Parking Market outlooks

Smart Parking is a type of solution in parking that uses in-ground sensors, cameras and counting sensors to provide real-time Parking spaces. The gathered data is returned to a mobile application or a website to let people know whether there are free parking lots available. Its vision is to make parking easier and convenient for drivers to the extent of reducing the time, energy, and resources that are required in the process of finding a spot to park.

Finding a parking space is a common activity that people have to carry out every day, across the globe and this usually becomes rather time-consuming and utterly inconvenient. Another problem related to the case is the impact as to pollution. Smart parking is a sophisticated concept to replace previous parking management and it applies the usage of cameras, sensors, and data analytics. It directly informs drivers about available parking slots and aids them in navigating to the available spots by virtue of light signals or application supported by their smartphones. Anything sensitive is generally a reservation option, method of payment, and support assistance aids in navigation also adds onto the whole package.

Driving forces for smart parking technologies

Increased demand for IoT in vehicles – IoT along with internet connected and smart vehicles need real time data exchange solutions to help with analysis of the vehicle’s condition for proper maintenance and safety. With consumers desiring to have compact entrance and exit between the devices, the use of IoT based vehicles is on the rise. Recently, Jimi IoT is said to have unveiled the VL101G INS-Aided IP66-Rated Vehicle Tracker, a product that can be installed on vehicles to capture real-time coordinates and accurate positioning depending on the application.

More cars on the roads – Automobile usage is a factor tracing a major issue in transport within cities. This led to an increase in traffic jam, environmental impact, and the need to find a creatively meaningful way of providing solutions for the unending traffic and transport system. According to the reports of April 2022, estimates of the global population are around 1.446 billion cars were in use round the world, and about 17.7% of the global population had car access. This number is expected to further rise double in 2040 the most significant increase expected to be observed in the developing countries like China and India.

Government policies and regulations in the advancement of smart parking solutions – Implementing policies and regulations, governments can help support the growth of smart parking. Over the last few years, decision makers are involving themselves in projects that help implement intelligent parking solutions in order to enhance the traffic flow and reduce congestion. These regulations are crucial within this context to encourage the development of such technologies, the implementation of smart parking systems, and arise to concern a more sustainable urban environment. In 2022, Beijing demanded that real estate developers provide sufficient parking capacity for residential and offices or C&D buildings regardless of car ownership, transit accessibility, or lack of demand for parking lots.

Technological Advancements - Technological advancement is also another driver that has influenced the parking market where companies are adopting IoT technology, AI, and ML algorithms to monitor and control parking spaces. Further advancements to improve IAPS consist of the development of improved GUIs, refined predictor models, and compatibility with other systems. Also, Aussie smart parking is another related business based in Sydney that has taken its technicality to USA supplying data sets and the digital solutions for parking and smart city applications.

China Smart Parking Market

China smart parking systems is estimated that growth due to increase in vehicle ownership. Consumer across China’s uses mobile apps for parking and the incorporation of analytics into parking solutions fosters industry growth. There are innovative policies for utilizing public-private control for introducing intelligent parking to curb increasing traffic intensiveness; the government plans for safe and legitimate parking for owned and commercial automobiles.

As per the Zhiyan Consulting Network suggest that the number will rise to 280 million by 2020 up from 360 million by 2025. While adopting smart parking can increase the utilization of available parking lots, still something has to do to deal with the issues of scarcity of proper parking space for the growing number of automobiles sufficiently. Moreover, there is an imbalance distribution of parking resources where first and second-tier cities only have an average of 0.8 parking spaces per car and other small towns and cities having only 0.5 parking spaces every car.

The difficulty of looking for parking space and attempts to solve this problem through the establishment of china’s city-level smart parking system. The General Office of the State Council has provided its recommendations on how the three areas of parking service applications, information management platforms, and city information modeling should be integrated properly. Further, several local governments have issued the policies that they require city-level parking platforms to be established.

Smart Parking Company Analysis

The top smart parking companies are Siemens AG, Xerox Corporation, Cubic Corporation, Amano Corporation, Kapsch TrafficCom AG, Continental AG, Cisco Systems Inc., and Nedap NV.

Smart Parking Company News

Jan 2023: Robert Bosch GmbH declared that it planned to equip garages throughout Germany with automated valet parking technology.
Dec 2022: Raleigh-Durham International Airport has awarded a contract to TKH Group for an automated parking guidance system.
Oct 2022: Soldier Field and Amano McGann Inc. introduced new parking technologies to streamline updates and lower maintenance expenses.
Oct 2022: PT PP (Persero) Tbk, an Indonesian company, partnered with LG CNS from South Korea to develop a smart city project for Indonesia’s new capital, Nusantara.

Add F&Q of the Market

Hardware– Market breakup in 5 viewpoints:

1. Pucks (wireless sensors)
2. Cameras and LPRs
3. Smart Meters
4. Signage
5. Parking Gates

Software- Market breakup in 2 viewpoints:

1. Parking Guidance System
2. Analytics Solution

Service- Market breakup in 3 viewpoints:

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

Type- Market breakup in 2 viewpoints:

1. Off-Street
2. On-Street

Application- Market breakup in 3 viewpoints:

1. Commercial
2. Government
3. Transport Transit

Country – Market breakup of 25 Countries:

  • North America
  • · United States
  • · Canada
  • Europe
  • · France
  • · Germany
  • · Italy
  • · Spain
  • · United Kingdom
  • · Belgium
  • · Netherland
  • · Turkey
  • Asia Pacific
  • · China
  • · Japan
  • · India
  • · South Korea
  • · Thailand
  • · Malaysia
  • · Indonesia
  • · Australia
  • · New Zealand
  • Latin America
  • · Brazil
  • · Mexico
  • · Argentina
  • Middle East & Africa
  • · Saudi Arabia
  • · UAE
  • · South Africa

All the key players have been covered from 3 Viewpoints:

  • Business Overview
  • Sales Analysis
  • Recent Development & Strategies

Key Players Analysis:

1. Siemens AG
2. Xerox Corporation
3. Cubic Corporation
4. Amano corporation
5. Kapsch TrafficCom AG
6. Continental AG
7. Cisco Systems Inc
8. Nedap NV