Smart Parking Systems Industry Overview
The global smart parking systems market size was valued at USD 5.75 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 21.2% from 2022 to 2030.
Due to the COVID-19 pandemic, countries across the globe have experienced varying degrees of lockdowns and many governments have also issued policies to stimulate economic recovery. Cities are experiencing a steep drop in traffic congestion. According to SpotHero, Inc., a U.S.-based smart parking solutions provider, since mid-March 2020, the demand for parking systems has decreased by 90% across the U.S. This decline is expected to adversely impact the growth of the market in the country as well as across the globe, at least for a short duration.
Gather more insights about the market drivers, restrains and growth of the Global Smart Parking Systems market
However, post the COVID-19 pandemic, people are expected to use their vehicles for solo travel and avoid shared mobility, including public transportation. This is expected to significantly impact the traffic congestion in numerous metro cities across the globe. The demand for smart parking systems, which can assist city administrations in efficiently managing dispersed parking spaces and helping drivers find available parking spaces, is also expected to rise with increasing traffic congestion. The capability of these systems to provide the necessary flexibility and scalability is further expected to fuel the growth. However, the lack of awareness regarding the benefits of smart parking is the main restraint for the growth of the market during the forecast period.
The rise in the implementation of integrated automated solutions, combined with the advancements in wireless and digital payment technologies, is expected to contribute to market growth. Technologies utilized to implement these systems include Machine-to-Machine (M2M) communication, data analytics, advanced sensors, smart parking meters, and mobile applications for slot reservations and online payments. These technologies are designed to determine whether a parking lot is empty or occupied and evaluate and transmit the information to mobile and web applications. These advancements in technologies are expected to drive market growth.
The rise in poor traffic management leads to concerns regarding vehicle overcrowding and congestions in urban areas, which are the primary causes of air and noise pollution that can choke economic activities. The smart parking system provides real-time data details that can help to tackle these problems and determine the availability of parking lots. Furthermore, these systems can significantly reduce vehicular emissions as drivers unnecessarily do not have to loop around city blocks seeking parking spaces.
Growing environmental concerns, traffic congestion, and the population are causing governments around the world to look forward to the development of smart cities which will effectively improve the quality of life while aiding authorities in saving resources. As such, favorable government policies in this area are projected to contribute significantly to market growth. For instance, in April 2021, the Australian government announced funding of USD 50 million to cover the implementation of smart parking across the country.
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Parking Management Market - The global parking management market size was valued at USD 4.23 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 11.1% from 2022 to 2030.
North America Smart Parking System Market - The North America smart parking system market was valued at USD 1,337.8 million in 2018 and is projected to grow significantly over the forecast period. The increasing urbanization across the globe and accelerated use of automobiles is expected to propel the market growth over the forecast period, as they lead to congestion in cities.
Market Share Insights
November 2021 - Park Assist introduced its Parking Guiding System (PGS) to The City of Hollywood’s Nebraska parking garage. The system and the parking garage will offer ParkMobile and Pay-By-Plate payment options for residents and guests.
April 2021 - The Australian government announced funding of USD 50 million to cover the implementation of smart parking across the country.
Key Companies profiled:
Some prominent players in the global Smart Parking Systems market include
- Altiux Innovations
- Amano McGann, Inc.
- Amco S.A.
- BMW AG (ParkNow GmbH, Parkmobile LLC)
- Cisco Systems, Inc.
- CivicSmart, Inc.
- Deteq Solutions
- Flowbird
- gtechna
- INDECT Electronics & Distribution GmbH
- Kapsch TrafficCom
- Libelium Comunicaciones Distribuidas S.L.
- Meter Feeder, Inc.
- Mindteck
- Municipal Parking Services, Inc.
- Nedap N.V.
- Park Assist
- ParkHelp Technologies
- ParkJockey
- ParkMe Inc.
- Robert Bosch GmbH
- Siemens AG
- SKIDATA AG
- Smart Parking Ltd.
- SpotHero, Inc.
- Swarco AG
- Urbiotica, S.L.
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