Global Smart Parking Market will reach US$ 11.2 Billion by 2027 from US$ 4.1 Billion in 2021, growing at a CAGR of 18.2%
According to ITS America’s Market Analysis, fishing for parking is routine. It is estimated that drivers cruising for parking space create nearly 30% of urban congestion. Also resulting in oil wastage, almost 1 million barrels of world’s oil every day. smart parking
This ever-growing traffic congestion and uncertainty in parking availability and payment have thus enforced the need for Smart Parking systems. An intelligent parking technology enables optimized parking space use, enhances the efficiency of the parking operations, and helps smoother traffic flow. It is an intelligent parking system that allows drivers in safe parking.
Further, the increase in parking problems across the globe, growth in demand for (IoT) Internet of Things based technology, and high adoption rate in several vehicles drive the demand for the global smart parking market.
Moreover, the system is highly 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.
COVID-19 Impact on Worldwide Smart Parking Industry
Regardless, the COVID-19 outbreak has considerably slowed down the market due to the varying levels of lockdowns implemented across several countries globally.
The impact of this slowdown is to be experienced in the short term. As industry re-opens, smart parking systems are predicted to regain demand due to the potential rise in the usage of private transportation and its result on the demand for smart parking space management.
Off Street Segment dominates the Market
In terms of type, the off street segment dominates the market due to the increasing need for single slots to park maximum cars. The growing adoption of off-street parking can be ascribed to the increasing demand to utilize accommodate and space many cars in a single slot.
Smart city initiatives demand better parking space utilization using smart, sensor-based vehicle detection technology to manage parking issues. The increased number of industries requiring adequate parking and smart detection facilities further contributes to the segment growth.
Transport Facilities Segment is Experiencing the Fastest Growth
On the basis of end-users, the smart parking market is segmented into Transport Facilities, Governments, Municipalities, Commercial Institutions, Corporate institutions.
Transport Facilities segment is witnessing the fastest growth, due to increased travel by airplanes. Airport authorities globally offer the facility to book or reserve parking spaces through its mobile apps and website. Online airport ticket vendors such as Ryanair deliver the facility to reserve parking spaces at the airport while booking airline tickets. Thus, is anticipated to drive the transport transit segment growth over the forecast period.
Geographically North America & Europe has Significant Market Share
North America holds the significant market due to the rising number of vehicles in the region. Civic authorities in U.S. and Canada are driving efforts to reduce traffic congestions, which has been gaining more and more severe with the growth in vehicle ownership. The expanded adoption of smart parking systems is part of the steps which help deliver safe and legal parking for private and commercial vehicles.
The Asia Pacific is also gaining its market share year on year. This growth is primarily due to the rise in vehicles’ manufacturing in countries like China and India. Another factor, such as the growing demand for advanced technologies to reduce the effect on the environment in this region, is likely to give rise in demand of smart parking in this region.
This industry has several companies working in this field for market share.
The key industry participants include
- Continental AG
- Cubic Corp
- TKH Group
- Cisco Systems Inc
- Cisco Systems Inc
- 3M Corporation
- Deutsche Telekom AG
- Vodafone Group Plc