The global smart parking market size is expected to grow from USD 24,329.6 million in 2020 to USD 95,059.9 million by 2027, at a CAGR of 25.5% from 2021 to 2027. The growth of the global smart parking market is majorly driven by increase in energy demand due to the rising population. In addition, the surge in the need for sustainable energy resources has been witnessed across the globe, coupled with favorable government regulations. These regulations focus on the reduced dependency on fossil fuels and help in controlling environmental pollution. This, in turn, favors the demand for renewable energy sources such as solar energy and is the key factor that fuels the demand for smart parking energy. In addition, reducing carbon footprint and upsurge in need for low-cost energy generation is expected to propel the growth of the smart parking market.
In addition, this technology is built for solving the permanent problem associated with parking that affects the ecosystem. The technology includes low-cost sensors, real-time data interference, and smart mobile applications that allow users to monitor available & unavailable parking spots. Facility to handle the vehicle's parking suitably with the use of smartphones and development of infrastructure to support such mobility result in a decrease in the amount of time spent by the user for finding out the vacant parking slot. Furthermore, some solutions facilitate the services, such as online payments, parking time notifications, and even car searching functionalities for massive parking lots.
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An increase in parking concerns across the globe, growth in demand for Internet of Things (IoT) based technology, and high adoption rate in several vehicles drive the need for the global smart parking market. However, high employment cost & configuration complexity, and low rate of internet penetration in developing regions restrain the market growth.
Global Smart Parking Market Dynamics
Drivers: Increased parking concerns across the globe
Finding a vacant parking space during peak hours is very difficult in hospitals, hotels & shopping centers, airports, universities, and exhibition & convention centers. The growth in several populations results in issues associated with residential parking as well as commercial. The problem linked to this is solved by using improved features such as notification of available free space by SMS & live updates of space reservation using the smart parking technology. This technology decreases the amount of time spent by the user to find the vacant parking slot and automates the process of searching the optimal parking floor and spot. Therefore, it creates a massive demand for the smart parking market.
Restraints: High implementation cost & configuration complexity
Due to constant technological advancements, there is a necessity to frequently upgrade the system & software required to keep them compatible with the external environment. In addition, the cost of all components, including sensor, RFID, and fuzzy logic, along with the assembly required in smart parking, cost higher to the consumer. As many components and sensors are assembled in a single dielectric plate according to the compatibility, it incurs a higher cost. This bulky system takes higher implementation costs as it needs to be connected with the wireless devices for proper operation. Therefore, high configuration complexity coupled with higher initial implantation cost hinders the wide adoption of the smart parking market.
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Opportunities: Rise in investment in building driverless vehicles
Many car manufacturing companies such as Tesla, Waymo, and Ford have tested the parking assistance function in the autonomous vehicle that shows free parking space. The development of technology to handle or park the vehicle using the smart phones is adopted by many countries such as Canada, the U.S., Germany, the UK, and others. Furthermore, software companies offer frequent updates to resolve the problem of congestion for the smart parking technique. The continuous advancements in technology and infrastructure are expected to create lucrative growth opportunities for the smart parking market in the near future.
Scope of the Report
The study categorizes the smart parking market based on type, technology, application, end-user, and regions.
By Type Outlook (Revenue, 2017-2027, USD Billion)
By Technology Outlook (Revenue, 2017-2027, USD Billion)
- Internet of Things (IoT)
- Image Sensors
By Application Outlook (Revenue, 2017-2027, USD Billion)
- Security & Surveillance
- Smart Payment Systems
- License Plate Recognition
By End User Outlook (Revenue, 2017-2027, USD Billion)
By Region Outlook (Revenue, 2017-2027, USD Billion)
- North America (US, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
- The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
The off-street segment account for the largest market share of the smart parking market
By type, the market is classified into on-street and off-street. Off-street has the largest market revenue share of 61.19% in 2020 and registering a CAGR of 13.15% in 2020. These are usually parking facilities like garages and lots. Off-street parking can be both indoors and outdoors. Off-street parking also includes private lots, garages, and driveways.
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Off-Street parking resolves the problem associated with parking. Off-street parking facilitates lesser spaces for parking, and the problem of parking near crowded areas is determined by providing roof & underground parking solutions. In addition, off-street smart parking is primarily propelling due to the surging demand for better parking management solutions, including proper enforcement methods, payment methods, and smart parking guidance systems. In addition, increased traffic congestion globally and optimization of time & travel convenience further boost the global market. For instance, in June 2019, a parking hardware and software solutions provider company, TIBA Parking Systems, has launched an X60 line of smart parking equipment for off-street parking operations. This system includes lane & payment equipment, cloud solutions for PARCS management, a mobile-based platform for digital operators, and a cross-brand parking intelligence service. During the forecast period, Asia-Pacific and Europe are expected to witness significant CAGRs of 14.7% and 14.1%, respectively. The cumulative share of these two regions was 53.4% in 2020 and is anticipated to reach 58.6% by 2027.
Asia Pacific accounts for the highest CAGR during the forecast period in the smart parking market.
Based on region, the global smart parking market has been segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa. In 2020, Asia Pacific was estimated to have the highest growth rate of 14.3% during the forecast period and having a market revenue share of 23.0%. Asia-Pacific includes China, Japan, India, Australia, and the Rest of Asia-Pacific. The rest of Asia-Pacific includes South Korea, Indonesia, Singapore, Malaysia, and others. An increase in demand for valet parking and a rise in growth for parking management at places, such as shopping malls, airports, commercial and residential complexes, in countries like Japan and China are expected to fuel the demand for smart parking in Asia-Pacific.
Technological advancement, a high number of vehicle population, and congestion in Asian countries are the primary factors that boost the growth of the smart parking market in Asia-Pacific. In addition, the presence of significant industry players also propels the market growth in Asia-Pacific. In October 2017, a leading technology company, Huawei, started to deploy a city-level IoT public service platform in Weifang city. A total of 12 IoT applications were launched on the forum, including smart parking, smart eGovernment, Internet of vehicles, smart building, and smart lighting. During the forecast period, India and China are expected to witness considerable CAGRs of 15.6% and 14.9%, respectively. The cumulative share of these two segments was 36.5% in 2020 and is anticipated to reach 38.8% by 2027.
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Key Market Players
The smart parking market is consolidated in nature with few players such as Amano McGann, Inc., Continental AG, Dongyang Menics Co., Ltd, IEM SA, IPS Group Inc., Klaus Multiparking Systems, Robert Bosch GmbH, Smart Parking Limited, Swarco AG, and Urbiotica. Comprehensive analysis of recent developments and growth curves of various companies helps to understand the growth strategies adopted by them and their potential effect on the market.
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