the global smart parking market the size should go from $24,329.6 million in 2020 for $95,059.9 million by 2027, at a CAGR of 25.5% from 2021 to 2027. The growth of the global smart parking market is primarily driven by increasing demand for energy due to increase in population. Furthermore, the increase in the need for sustainable energy resources has been observed around the world, coupled with favorable government regulations. These regulations focus on reducing dependence on fossil fuels and help control environmental pollution. This, in turn, promotes the demand for renewable energy sources such as solar power and is the key factor that fuels the demand for smart parking energy. Additionally, reduction in carbon footprint and rising demand for low-cost power generation is expected to propel the growth of the smart parking market.
In addition, this technology is designed to solve the permanent parking problem that affects the ecosystem. The technology includes low-cost sensors, real-time data interference, and smart mobile apps that allow users to monitor available and unavailable parking spaces. The possibility of properly managing the parking of the vehicle with the use of smartphones and the development of infrastructures to support such mobility lead to a reduction in the time spent by the user looking for a free parking space. Additionally, some solutions facilitate services, such as online payments, parking time notifications, and even car search features for massive parking lots.
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An increase in parking issues across the globe, growth in demand for Internet of Things (IoT) based technologies and high adoption rate in several vehicles are increasing the need for the global smart parking market. However, high cost of labor and complexity of setup along with low internet penetration in developing regions are restraining the growth of the market.
Global smart parking market dynamics
Drivers: increasing parking problems worldwide
Finding a vacant parking space during peak hours is very difficult in hospitals, hotels and shopping malls, airports, universities and exhibition and convention centers. The growth of several populations leads to problems related to residential as well as commercial parking. The problem related to this is solved by using enhanced features such as notification of free space available via SMS and live updates of space reservation using smart parking technology. This technology reduces the time spent by the user in finding the vacant parking space and automates the process of finding the optimal floor and parking space. Hence, this creates a massive demand for the smart parking market.
Constraints: high implementation cost and configuration complexity
Due to the constant advancement in technology, it is necessary to frequently update the system and required software to keep them compatible with the external environment. Moreover, the cost of all components including the sensor, RFID and fuzzy logic, as well as the assembly required in smart parking, cost the consumer more. As many components and sensors are assembled in a single dielectric plate based on compatibility, it leads to higher cost. This large system requires higher implementation costs because it must be connected to wireless devices for proper operation. Therefore, high configuration complexity coupled with higher initial implementation cost hinders large-scale adoption of smart parking market.
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Opportunities: increased investment in the construction of driverless vehicles
Many car manufacturing companies such as Tesla, Waymo, and Ford have tested the parking assist feature in the self-driving vehicle that displays a free parking space. The development of technology to handle or park the vehicle using smart phones is adopted by many countries like Canada, USA, Germany, UK and others. In addition, software vendors provide frequent updates to solve the congestion problem of smart parking technique. Continuous advancements in technology and infrastructure are expected to create lucrative growth opportunities for the smart parking market in the near future.
The study categorizes the smart parking market based on type, technology, application, end-user, and regions.
By Type Outlook (Revenue, 2017-2027, USD Billion)
By Technology Outlook (Revenue, 2017-2027, USD Billion)
- Internet of Things (IoT)
- Image sensors
By Outlook Application (Revenue, 2017-2027, USD Billion)
- Security Monitoring
- Smart payment systems
- license plate recognition
By End-User Insights (Revenue, 2017-2027, USD Billion)
Outlook by Region (Revenue, 2017-2027, USD Billion)
- North America (United States, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, Philippines, Singapore, Australia and New Zealand, Rest of Asia-Pacific)
- The Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa, North Africa, Rest of MEA)
The off-street segment accounts for the largest market share of the smart parking market
By type, the market is categorized into street and off-street. Off-street has the largest market revenue share of 61.19% in 2020 and registering a CAGR of 13.15% in 2020. It is generally parking facilities like garages and lots. Off-street parking can be indoors and outdoors. Off-street parking also includes private lots, garages and driveways.
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Off-street parking solves the parking problem. Off-street parking facilitates smaller parking spaces, and the problem of parking near crowded areas is determined by providing rooftop and underground parking solutions. Furthermore, smart off-street parking is mainly propelled due to the growing demand for better parking management solutions, including proper enforcement methods, payment methods, and smart parking guidance systems. Furthermore, increasing traffic congestion globally and optimization of travel time and convenience is further driving the global market. For example, in June 2019, a parking hardware and software solution provider company, TIBA Parking Systems, launched an X60 line of intelligent parking equipment for off-street parking operations. This system includes lane and payment equipment, cloud solutions for PARCS management, a mobile platform for digital operators and a cross-brand parking intelligence service. During the forecast period, Asia-Pacific and Europe are expected to witness significant CAGRs of 14.7% and 14.1%, respectively. The combined share of these two regions was 53.4% in 2020 and is expected to reach 58.6% by 2027.
Asia-Pacific accounts for the highest CAGR over the forecast period in the smart parking market.
Based on region, the global smart parking market has been segmented into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. In 2020, Asia-Pacific was estimated to have the highest growth rate of 14.3% over the forecast period and a market revenue share of 23.0%. Asia Pacific includes China, Japan, India, Australia and Rest of Asia Pacific. The rest of Asia-Pacific includes South Korea, Indonesia, Singapore, Malaysia and others. An increase in the demand for valet parking and an increase in the growth of parking management in places such as shopping malls, airports, commercial and residential complexes, in countries such as Japan and China are expected to fuel the demand for smart parking in Asia-Pacific.
Technological advancement, high number of vehicles and congestion in Asian countries are the major factors driving the growth of the Asia-Pacific smart parking market. Furthermore, the presence of prominent industry players is also propelling the market growth in Asia Pacific. In October 2017, a leading technology company, Huawei, began rolling out a city-level IoT utility platform in Weifang City. A total of 12 IoT applications were launched on the forum, including smart parking, smart e-government, internet of vehicles, smart building and smart lighting. During the forecast period, India and China are expected to witness considerable CAGRs of 15.6% and 14.9%, respectively. The combined share of these two segments was 36.5% in 2020 and is expected to reach 38.8% by 2027.
Main market players
The smart parking market is consolidated in nature with few players such as Amano McGann, Inc., Continental AG, Dongyang Menics Co., Ltd, IEM SA, IPS Group Inc., Klaus Multiparking Systems, Robert Bosch GmbH, Smart Parking Limited, Swarco AG and Urbiotica. A comprehensive analysis of recent developments and growth charts of various companies helps in understanding the growth strategies adopted by them and their potential effect on the market.
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