The global smart parking solutions market is predicted to grow from around US$ 4.4 billion in 2022 to US$ 30.84 billion in 2032, with a remarkable 21% compound annual growth rate (CAGR) during the forecast period. Latest news about Germany Smart Parking find out below.

From 2017 to 2021, demand for smart parking solutions grew at a stunning 18% CAGR. This rapid expansion is linked to rising transportation congestion in both developed and developing countries. Vehicle ownership has increased as the world population has grown, posing a challenge in terms of finding appropriate parking space.

Furthermore, the growing tendency of cities being more automated has resulted in a greater reliance on various types of smart parking solutions, such as smart meters, guiding systems, analytics solutions, and engineering services. During the peak of the COVID-19 epidemic, the use of these remedies was limited due to lockdowns that stopped individuals from going to public places.

The rate of urbanization has increased rapidly as the world’s population grows. As a result, the number of people who own cars is increasing, necessitating a greater need for parking space. According to the United Nations Department of Economic and Social Affairs (UN DESA), by 2050, nearly 68 percent of the world’s population will be living in cities.

As a result, automakers are introducing internet of things (IoT) enabled and smart parking solutions to help alleviate the ever-increasing load of global traffic. Innovations in ubiquitous computing, combined with advancements in cloud platforms, are allowing smart parking solution providers to branch out into new territory.

Growing environmental concerns, traffic congestion, and population pressures are prompting governments around the world to consider the creation of smart cities, which will improve people’s quality of life while also assisting authorities in resource conservation. These characteristics have attracted significant investments in smart technology all around the world, fueling global demand for smart parking solutions.

The expansion of the smart parking market in the United States is driven by the presence of heavy traffic in cities such as New York, Los Angeles, and others, as well as a growing degree of awareness about current solutions for traffic control and parking.

Growing traffic congestion problems is prompting automotive manufacturers and vehicle users alike to opt for internet and smart-enabled parking solutions, enabling an improvement in city decongestion, remarks a Fact.MR analyst.

Key Takeaways:

• Global smart parking solutions market is expected to reach a valuation of US$ 4.4 Bn by 2022-end
• Germany to emerge as the fastest growing market with growing at a CAGR of 16%.
• U.S to register a stellar 15% CAGR, amid rising traffic congestion across major cities.
• Demand for smart parking solutions in China to grow at a 12% CAGR.
• Smart valet parking solutions to experience 9.9% Y-o-Y growth in 2022 over 2021.
• Commercial smart parking solutions to capture over 40% revenue share.

Growth Drivers: Germany Smart Parking

• Rising adoption of integrated automated solutions coupled with advancements in wireless and digital payment technologies to drive the smart parking solutions market growth.
• Increasing traffic congestion problems in developed and developing regions to stimulate the demand for smart parking solutions.

Competitive Landscape Germany Smart Parking

• APT Skidata, one of the UK’s top parking solutions providers, announced the launch of a new mobile-based digital solution in December 2020, which will provide owners and operators of single or multiple car parks with increased operational efficiencies and financial returns.
• In February 2020, the Memphis Area Transit Authority (MATA) in the United States granted Amco S.A. a contract.
• China’s first robotic diagonal smart parking garage opened in Nanjing, East China, in January 2019. It’s a smart parking system that maximizes space efficiency, fuel efficiency, and cost efficiency to make cities more livable.

Key Players in the Smart Parking Solutions Market Include: