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Smart Parking Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

February 2023 | 136 pages | ID: SE38A7C3CB5AEN
IMARC Group

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The global smart parking market size reached US$ 4.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 9.6 Billion by 2028, exhibiting a growth rate (CAGR) of 12.9% during 2023-2028.

A smart parking system (SPS) optimizes parking spaces through automated access control systems, parking guidance systems (PGS), parking reserving barriers and ticketing systems. It utilizes mechanical arrangements to transport cars from one parking space to another and eliminate the wasted space in a multistory or single-story garage. It uses vehicle counting equipment, video cameras, automatic number plate recognition readers (ANPR) and pavement sensors to determine the occupancy of a parking lot and transmit the data to the control center in real time. It aims to assist in the smooth flow of traffic in congested areas and provide a systematic parking operation. It also guides users to available parking slots by navigating them via a smartphone application. When positioned as a system, smart parking saves time, decreases management costs and limits the cases of illegal parking in an area.

Rapidly increasing traffic congestion leading to limited space for smooth flow of traffic is the key factor contributing to the market growth. With growing urbanization and rising disposable incomes, there has been a rise in the preference for comfortable and luxurious cars. This has escalated the problem of on-road car parking, consequently resulting in the demand for smart parking systems. Additionally, an increase in governmental regulations for the development of green and smart cities, industrial parks and economic zones to reduce carbon dioxide emissions have also contributed to the demand for SPS. Moreover, the system is extremely convenient for the users as it reduces unnecessary paper consumption by replacing cash payments for parking with digital invoices sent directly on the user’s smartphone. Furthermore, the thriving international tourism industry is expected to drive the market as these systems can aid in smooth parking operations in popular and congested tourist destinations.

IMARC Group’s latest report provides a deep insight into the global smart parking systems market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the smart parking systems market in any manner.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global smart parking market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on system, technology, component, solution, vertical type and parking site.

Breakup by System:

Guided Park Assist System
Smart Park Assist System

Breakup by Technology:

Ultrasonic Sensors
Radar Sensors
Image Sensors
IoT
Others

On the basis of technology, ultrasonic sensors account for the largest market share.

Breakup by Component:

Hardware
Software
Services

On the basis of component, hardware segment currently holds the majority of the market share.

Breakup by Solution:

Security and Surveillance
Valet and Parking Reservation
License Plate Recognition

Among all the solution types, security and surveillance represents the leading category holding the largest share.

Breakup by Vertical Type:

Government and Municipalities
Commercial Institutions
Transport Facilities

Based on the vertical type, commercial institutions represent the leading segment.

Breakup by Parking Site:

Off-Street Parking
On-Street Parking

Based on parking site, off-street parking currently accounts for the highest market share.

Breakup by Region:

North America
Europe
Asia Pacific
Middle East and Africa
Latin America

On a regional basis, North America represents the largest market and holds the largest market share.

Competitive Landscape:

The report has also analysed the competitive landscape of the market with some of the key players being Valeo S.A., Continental AG, Robert Bosch GmbH, Kapsch TrafficCom AG, Cubic Corporation, TKH Group-Park Assist., Streetline Inc., Cisco Systems Inc., ParkMe Inc., Urbiotica, Skidata AG, Amano McGann Inc., Swarco AG, Smart Parking Ltd, Nedap N.V., Delphi Automotive PLC, Aisin Seiki Co. Ltd, Siemens AG, Xerox Corporation, etc.

Key Questions Answered in This Report

1. What was the size of the global smart parking market in 2022?
2. What is the expected growth rate of the global smart parking market during 2023-2028?
3. What are the key factors driving the global smart parking market?
4. What has been the impact of COVID-19 on the global smart parking market?
5. What is the breakup of the global smart parking market based on the system?
6. What is the breakup of the global smart parking market based on the technology?
7. What is the breakup of the global smart parking market based on the component?
8. What is the breakup of the global smart parking market based on the solution?
9. What is the breakup of the global smart parking market based on the vertical type?
10. What is the breakup of the global smart parking market based on the parking site?
11. What are the key regions in the global smart parking market?
12. Who are the key players/companies in the global smart parking market?
1 PREFACE

2 SCOPE AND METHODOLOGY

2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
  2.3.1 Primary Sources
  2.3.2 Secondary Sources
2.4 Market Estimation
  2.4.1 Bottom-Up Approach
  2.4.2 Top-Down Approach
2.5 Forecasting Methodology

3 EXECUTIVE SUMMARY

4 INTRODUCTION

4.1 Overview
4.2 Key Industry Trends

5 GLOBAL SMART PARKING MARKET

5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Breakup by System
5.5 Market Breakup by Technology
5.6 Market Breakup by Component
5.7 Market Breakup by Solution
5.8 Market Breakup by Vertical Type
5.9 Market Breakup by Parking Site
5.10 Market Breakup by Region
5.11 Market Forecast

6 MARKET BREAKUP BY SYSTEM

6.1 Guided Park Assist System
  6.1.1 Market Trends
  6.1.2 Market Forecast
6.2 Smart Park Assist System
  6.2.1 Market Trends
  6.2.2 Market Forecast

7 MARKET BREAKUP BY TECHNOLOGY

7.1 Ultrasonic Sensors
  7.1.1 Market Trends
  7.1.2 Market Forecast
7.2 Radar Sensors
  7.2.1 Market Trends
  7.2.2 Market Forecast
7.3 Image Sensors
  7.3.1 Market Trends
  7.3.2 Market Forecast
7.4 IoT
  7.4.1 Market Trends
  7.4.2 Market Forecast
7.5 Others
  7.5.1 Market Trends
  7.5.2 Market Forecast

8 MARKET BREAKUP BY COMPONENT

8.1 Hardware
  8.1.1 Market Trends
  8.1.2 Market Forecast
8.2 Software
  8.2.1 Market Trends
  8.2.2 Market Forecast
8.3 Services
  8.3.1 Market Trends
  8.3.2 Market Forecast

9 MARKET BREAKUP BY SOLUTION

9.1 Security and Surveillance
  9.1.1 Market Trends
  9.1.2 Market Forecast
9.2 Valet and Parking Reservation
  9.2.1 Market Trends
  9.2.2 Market Forecast
9.3 License Plate Recognition
  9.3.1 Market Trends
  9.3.2 Market Forecast

10 MARKET BREAKUP BY VERTICAL TYPE

10.1 Government and Municipalities
  10.1.1 Market Trends
  10.1.2 Market Forecast
10.2 Commercial Institutions
  10.2.1 Market Trends
  10.2.2 Market Forecast
10.3 Transport Facilities
  10.3.1 Market Trends
  10.3.2 Market Forecast

11 MARKET BREAKUP BY PARKING SITE

11.1 Off-Street Parking
  11.1.1 Market Trends
  11.1.2 Market Forecast
11.2 On-Street Parking
  11.2.1 Market Trends
  11.2.2 Market Forecast

12 MARKET BREAKUP BY REGION

12.1 North America
  12.1.1 Market Trends
  12.1.2 Market Forecast
12.2 Europe
  12.2.1 Market Trends
  12.2.2 Market Forecast
12.3 Asia Pacific
  12.3.1 Market Trends
  12.3.2 Market Forecast
12.4 Middle East and Africa
  12.4.1 Market Trends
  12.4.2 Market Forecast
12.5 Latin America
  12.5.1 Market Trends
  12.5.2 Market Forecast

13 SWOT ANALYSIS

13.1 Overview
13.2 Strengths
13.3 Weaknesses
13.4 Opportunities
13.5 Threats

14 VALUE CHAIN ANALYSIS

15 PORTER’S FIVE FORCES ANALYSIS

15.1 Overview
15.2 Bargaining Power of Buyers
15.3 Bargaining Power of Suppliers
15.4 Degree of Competition
15.5 Threat of New Entrants
15.6 Threat of Substitutes

16 PRICE ANALYSIS

17 COMPETITIVE LANDSCAPE

17.1 Market Structure
17.2 Key Players
17.3 Profiles of Key Players
  17.3.1 Valeo S.A.
  17.3.2 Continental AG
  17.3.3 Robert Bosch GmbH
  17.3.4 Kapsch TrafficCom AG
  17.3.5 Cubic Corporation
  17.3.6 TKH Group-Park Assist.
  17.3.7 Streetline Inc.
  17.3.8 Cisco Systems Inc.
  17.3.9 ParkMe Inc.
  17.3.10 Urbiotica
  17.3.11 Skidata AG
  17.3.12 Amano McGann Inc.
  17.3.13 Swarco AG
  17.3.14 Smart Parking Ltd
  17.3.15 Nedap N.V.
  17.3.16 Delphi Automotive PLC
  17.3.17 Aisin Seiki Co. Ltd
  17.3.18 Siemens AG
  17.3.19 Xerox Corporation

LIST OF TABLES

Table 1: Global: Smart Parking Market: Key Industry Highlights, 2022 and 2028
Table 2: Global: Smart Parking Market Forecast: Breakup by System (in Million US$), 2023-2028
Table 3: Global: Smart Parking Market Forecast: Breakup by Technology (in Million US$), 2023-2028
Table 4: Global: Smart Parking Market Forecast: Breakup by Component (in Million US$), 2023-2028
Table 5: Global: Smart Parking Market Forecast: Breakup by Solution (in Million US$), 2023-2028
Table 6: Global: Smart Parking Market Forecast: Breakup by Vertical Type (in Million US$), 2023-2028
Table 7: Global: Smart Parking Market Forecast: Breakup by Parking Site (in Million US$), 2023-2028
Table 8: Global: Smart Parking Market Forecast: Breakup by Region (in Million US$), 2023-2028
Table 9: Global: Smart Parking Market Structure
Table 10: Global: Smart Parking Market: Key Players

LIST OF FIGURES

Figure 1: Global: Smart Parking Market: Major Drivers and Challenges
Figure 2: Global: Smart Parking Market: Sales Value (in Billion US$), 2017-2022
Figure 3: Global: Smart Parking Market: Breakup by System (in %), 2022
Figure 4: Global: Smart Parking Market: Breakup by Technology (in %), 2022
Figure 5: Global: Smart Parking Market: Breakup by Component (in %), 2022
Figure 6: Global: Smart Parking Market: Breakup by Solution (in %), 2022
Figure 7: Global: Smart Parking Market: Breakup by Vertical Type (in %), 2022
Figure 8: Global: Smart Parking Market: Breakup by Parking Site (in %), 2022
Figure 9: Global: Smart Parking Market: Breakup by Region (in %), 2022
Figure 10: Global: Smart Parking Industry: SWOT Analysis
Figure 11: Global: Smart Parking Industry: Value Chain Analysis
Figure 12: Global: Smart Parking Industry: Porter’s Five Forces Analysis
Figure 13: Global: Smart Parking Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 14: Global: Smart Parking (Guided Park Assist System) Market: Sales Value (in Million US$), 2017 & 2022
Figure 15: Global: Smart Parking (Guided Park Assist System) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 16: Global: Smart Parking (Smart Park Assist System) Market: Sales Value (in Million US$), 2017 & 2022
Figure 17: Global: Smart Parking (Smart Park Assist System) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 18: Global: Smart Parking (Ultrasonic Sensors) Market: Sales Value (in Million US$), 2017 & 2022
Figure 19: Global: Smart Parking (Ultrasonic Sensors) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 20: Global: Smart Parking (Radar Sensors) Market: Sales Value (in Million US$), 2017 & 2022
Figure 21: Global: Smart Parking (Radar Sensors) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 22: Global: Smart Parking (Image Sensors) Market: Sales Value (in Million US$), 2017 & 2022
Figure 23: Global: Smart Parking (Image Sensors) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 24: Global: Smart Parking (IoT) Market: Sales Value (in Million US$), 2017 & 2022
Figure 25: Global: Smart Parking (IoT) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 26: Global: Smart Parking (Other Technologies) Market: Sales Value (in Million US$), 2017 & 2022
Figure 27: Global: Smart Parking (Other Technologies) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 28: Global: Smart Parking (Hardware) Market: Sales Value (in Million US$), 2017 & 2022
Figure 29: Global: Smart Parking (Hardware) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 30: Global: Smart Parking (Software) Market: Sales Value (in Million US$), 2017 & 2022
Figure 31: Global: Smart Parking (Software) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 32: Global: Smart Parking (Services) Market: Sales Value (in Million US$), 2017 & 2022
Figure 33: Global: Smart Parking (Services) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 34: Global: Smart Parking (Security and Surveillance) Market: Sales Value (in Million US$), 2017 & 2022
Figure 35: Global: Smart Parking (Security and Surveillance) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 36: Global: Smart Parking (Valet and Parking Reservation) Market: Sales Value (in Million US$), 2017 & 2022
Figure 37: Global: Smart Parking (Valet and Parking Reservation) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 38: Global: Smart Parking (License Plate Recognition) Market: Sales Value (in Million US$), 2017 & 2022
Figure 39: Global: Smart Parking (License Plate Recognition) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 40: Global: Smart Parking (Government and Municipalities) Market: Sales Value (in Million US$), 2017 & 2022
Figure 41: Global: Smart Parking (Government and Municipalities) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 42: Global: Smart Parking (Commercial Institutions) Market: Sales Value (in Million US$), 2017 & 2022
Figure 43: Global: Smart Parking (Commercial Institutions) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 44: Global: Smart Parking (Transport Facilities) Market: Sales Value (in Million US$), 2017 & 2022
Figure 45: Global: Smart Parking (Transport Facilities) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 46: Global: Smart Parking (Off-Street Parking) Market: Sales Value (in Million US$), 2017 & 2022
Figure 47: Global: Smart Parking (Off-Street Parking) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 48: Global: Smart Parking (On-Street Parking) Market: Sales Value (in Million US$), 2017 & 2022
Figure 49: Global: Smart Parking (On-Street Parking) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 50: North America: Smart Parking Market: Sales Value (in Million US$), 2017 & 2022
Figure 51: North America: Smart Parking Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 52: Europe: Smart Parking Market: Sales Value (in Million US$), 2017 & 2022
Figure 53: Europe: Smart Parking Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 54: Asia Pacific: Smart Parking Market: Sales Value (in Million US$), 2017 & 2022
Figure 55: Asia Pacific: Smart Parking Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 56: Middle East and Africa: Smart Parking Market: Sales Value (in Million US$), 2017 & 2022
Figure 57: Middle East and Africa: Smart Parking Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 58: Latin America: Smart Parking Market: Sales Value (in Million US$), 2017 & 2022
Figure 59: Latin America: Smart Parking Market Forecast: Sales Value (in Million US$), 2023-2028


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