Smart Parking Market Overview 2022-2027:
The latest report by IMARC Group, titled “Smart Parking Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on the global smart parking market size. The report also includes competitor and regional analysis, and contemporary advancements in the global market.
The global smart parking market reached a value of US$ 3.97 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 8.52 Billion by 2027, exhibiting at a CAGR of 13.4% during 2022-2027. Smart parking refers to a system that optimizes parking spaces through automated access control systems, parking reserving barriers, ticketing systems, parking guidance systems, etc. It uses mechanical arrangements to transport cars from one parking space to another. Smart parking assists in eliminating wasted space in a multistory or single-story garage. It utilizes video cameras, automatic number plate recognition readers, pavement sensors, vehicle counting equipment, etc., to transmit the data to the control center and determine the occupancy of a parking lot. A smart parking system helps in enabling smooth traffic flow in congested areas and offers a systematic parking operation. Besides this, it also aids in guiding the users to available parking slots by navigating them through smartphone applications.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Global Smart Parking Market Trends:
The growing traffic congestion levels are primarily driving the smart parking market across the globe. Apart from this, the shifting consumer preferences towards comfortable and luxurious cars, owing to the inflating disposable incomes and the elevating levels of urbanization, are also propelling market growth. Furthermore, the integration of smart parking systems with Internet of Things (IoT)- based technologies is acting as another significant growth-inducing factor. In addition to this, the rising investments towards building driverless or autonomous cars and the launch of numerous favorable initiatives by government bodies aimed at building smart cities are also positively influencing the global market. Moreover, the expanding international tourism industry is projected to catalyze the smart parking market in the coming years.
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The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market.
Some of these key players include:
- Valeo S.A.
- Continental AG
- Robert Bosch GmbH
- Kapsch TrafficCom AG
- Cubic Corporation
- TKH Group-Park Assist.
- Streetline Inc.
- Cisco Systems Inc.
- ParkMe Inc.
- Skidata AG
- Amano McGann Inc.
- Swarco AG
- Smart Parking Ltd
- Nedap N.V.
- Delphi Automotive PLC
- Aisin Seiki Co. Ltd
- Siemens AG
- Xerox Corporation
Key Market Segmentation:
Breakup by System:
- Guided Park Assist System
- Smart Park Assist System
Breakup by Technology:
- Ultrasonic Sensors
- Radar Sensors
- Image Sensors
Breakup by Component:
Breakup by Vertical Type:
- Government and Municipalities
- Commercial Institutions
- Corporate Institutions
- Transport Facilities
Breakup by Solution:
- Security and Surveillance
- Valet and Parking Reservation
- License Plate Recognition
Breakup by Parking Site:
- Off-Street Parking
- On-Street Parking
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Historical, Current, and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
TOC for the Report:
- Scope and Methodology
- Executive Summary
- Global Market
- SWOT Analysis
- Value Chain Analysis
- Price Analysis
- Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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