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Global Smart Parking to Grow at a CAGR of 18% Over the Forecast Period 2016-2024

(March 12, 2018)

About 30% of the vehicles looking for parking space on the roads are responsible for traffic congestion which has considerably augmented the need for smart parking solutions

Global smart parking market is expected to expand at a compound annual growth rate (CAGR) of 18.0% over the forecast period i.e. 2016-2024.

Market Landscape

Parking space has been largely overlooked when it comes to technological innovations and designs. However, growing number of vehicles on road from past few years have significantly demanded efficient parking lots and smart parking solutions. Advanced technology such internet of things (IoT) and big data allowed the essential development of smart parking concept and likely to augment smart parking market with the emergence of concepts such as smart cities and smart homes. Not only developed but developing countries are showcasing huge growth potential for the market growth such as India, China and Gulf countries among others. For instance, The Ministry of Transport and Communications (MoTC) of Qatar has initiated the Qatar Parking Master Plan and will advance a geographic information system (GIS) and smart applications for the future parking plan. On the other hand, advancement in IoT (Internet of Things) and M2M technologies in recent times have boosted the smart parking systems and further given a lift to the adoption of smart parking systems.

“Global Smart Parking Market Outlook, 2016-2024” covers the present ground scenario and future opportunity prospects for the market players to analyze the target markets across the globe. Moreover, the competitive analysis includes the in-depth analysis of the major players and leaders in the smart parking industry. The market study conducted on the basis of primary as well as secondary research where the analysts fragment the data from various databases such as Bloomberg, Factiva, Owler and others. Our primary research team conducted various interviews, surveys and group discussions with industry professionals, smart parking manufacturers, aftermarket vendors and component suppliers to analyze the future prospects of the overall smart parking industry.

Global Smart Parking Market Segmentation can be classified on the basis of:-

  • By Smart Parking Component
    • Sensors
      • Ultrasonic Sensors
      • Magnetic Sensors
      • Radar Sensors
      • Image Sensors
    • Cameras
    • Smart Parking Meters
    • Electronic Billing and Payment Systems
    • Others (Displays, ECUs)
  • By Smart Parking Site
    • On Street Parking
    • Off Street Parking
  • By Smart Parking Service Provider
    • Parking Management System Providers
    • Parking Site Providers
    • Electronic Payment Technology Providers
  • By smart Parking Vertical
    • Residential
    • Commercial
  • By region
    • North America (US, Canada) {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
    • Europe (UK, France, Italy, Germany, Spain, Hungary, Sweden, Russia, Poland and Rest of Europe) {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
    • The Middle East and Africa (GCC Countries, North Africa, South Africa and Rest of the Middle East & Africa) {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
    • Latin America (Brazil, Mexico and Rest of Latin America) {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
    • Asia Pacific (China, Japan, India, Singapore, South Korea, Australia, New Zealand and Rest of Asia-Pacific) {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}

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Market Trends, Drivers and Challenges

Traffic congestion caused by the ever growing vehicle on road across the globe has been growing exponentially. Additionally, as the as the global population continues to urbanize in the absence of well-planned these problems will get worse. According to our estimates, if the smart parking solution will be implemented successfully, smart parking solutions could result in more than 200,000 gallons of fuel saving by 2030. Moreover, the high growth rate in the new vehicle registration across the globe, with a major explosion from regional economies such as Asia Pacific (APAC), will open the vast avenues of opportunities for parking management business. The ongoing and upcoming smart city projects around the world will produce opportunistic space for the intelligent parking management systems.  

Global Smart Parking Market Report” has been prepared based on an in-depth market analysis from industry experts. The report covers the competitive landscape and current position of major players in the market space. The report also includes Porter's five force model, SWOT analysis, company profiling, business strategies of market players and their business models. Global smart parking market report also recognizes value chain analysis to understand the cost differentiation to provide a competitive advantage to the existing and new entry players. 

Media Contact
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