Smart Parking is a parking strategy that combines technology and human innovation in an effort to use as few resources as possible—such as fuel, time, and space—to achieve faster, easier, and denser parking of vehicles for the majority of time they remain idle. smart parking system

The global smart parking market is set to display impressive growth during the augur period, with some key trends emerging, such as the increased acceptance of integrated automation solutions as well as developments in wireless and digital payment technologies. Machine-to-machine communication, data analytics, advanced sensors, smart parking meters, and mobile applications for slot reservations and online payments are among the technologies used to develop effective systems. These technologies assist in determining if a parking slot is vacant or occupied, as well as evaluating and transmitting the data to mobile and web applications. Market growth is likely to be fueled by advancements in these technologies. smart parking system

The global smart parking market has seen a strong decline during the COVID-19 pandemic, as several countries across the globe have experienced lockdowns due to the pandemic. Due to this, the cities are experiencing a rapid drop in traffic congestion. For instance, SpotHero, Inc., a US-based smart parking solutions provider, reported that since March 2020, the demand for parking systems has decreased by 90% across the US. This decline has adversely impacted the growth of the market.

However, people are anticipated to use their vehicles for individual travel post-COVID-19 pandemic and avoid shared mobility, such as public transit. This is predicted to exacerbate traffic congestion in several major cities across the globe. During the forecasted period, a rise in traffic congestion is predicted to drive demand for smart parking solutions.

The global smart parking market can be segmented based on solution, parking site, application, technology used, and components. Based on the solution, the market is segmented into license/registration plate recognition, parking reservation management, security and surveillance, and valet parking management. Based on the parking site, the market is bifurcated into on-street parking and off-street parking. Based on the application, the market is classified into commercial, government, and others. In addition, based on components, the market is classified into display units, parking sensors, steering angle sensors, electronic control units, and others.

The Asia Pacific is the fastest-growing market for the global smart parking market due to the increase in vehicles’ manufacturing in countries like China and India. Besides, Europe is expected to create considerable opportunity during the forecast period due to government initiatives that support intelligent parking systems to reduce pollution and solve the problem of unsafe and insufficient parking spaces. For instance, the International Road Transport Union (IRTU) participated in an EU-funded study that concluded that Europe’s lack of secure and safe parking facilities is a major concern. Approximately 90% of transport operators and drivers believe there is currently insufficient parking space.

Companies involved in Smart Parking:

The “Smart Parking Market 2021-2027” report has been added to ResearchAndMarkets.com‘s offering.