DUBLIN--(BUSINESS WIRE)--The "Smart Parking Market Report by Hardware, Software, Service, Type, Application, Regions and Company Analysis 2024-2032" report has been added to ResearchAndMarkets.com's offering.
Smart Parking Market will reach US$ 42.51 billion by 2032, up from US$ 7.03 billion in 2023, with a CAGR of 22.14% between 2024 and 2032.
Smart Parking is a type of solution in parking that uses in-ground sensors, cameras and counting sensors to provide real-time Parking spaces. The gathered data is returned to a mobile application or a website to let people know whether there are free parking lots available. Its vision is to make parking easier and convenient for drivers to the extent of reducing the time, energy, and resources that are required in the process of finding a spot to park.
Finding a parking space is a common activity that people have to carry out every day, across the globe, and this usually becomes rather time-consuming and utterly inconvenient. Another problem related to the case is the impact as to pollution. Smart parking is a sophisticated concept to replace previous parking management and it applies the usage of cameras, sensors, and data analytics. It directly informs drivers about available parking slots and aids them in navigating to the available spots by virtue of light signals or application supported by their smartphones. Anything sensitive is generally a reservation option or method of payment, and support assistance aids in navigation also adds onto the whole package.
Driving forces for smart parking technologies
Increased demand for IoT in vehicles - IoT along with internet connected and smart vehicles need real time data exchange solutions to help with analysis of the vehicle's condition for proper maintenance and safety. With consumers desiring to have compact entrance and exit between the devices, the use of IoT based vehicles is on the rise. Recently, Jimi IoT is said to have unveiled the VL101G INS-Aided IP66-Rated Vehicle Tracker, a product that can be installed on vehicles to capture real-time coordinates and accurate positioning depending on the application.
More cars on the roads - Automobile usage is a factor tracing a major issue in transport within cities. This leads to an increase in traffic jams, environmental impact, and the need to find a creatively meaningful way of providing solutions for the unending traffic and transport system. According to the reports of April 2022, estimates of the global population are around 1.446 billion cars in use around the world, and about 17.7% of the global population had car access. This number is expected to double in 2040, with the most significant increase expected to be observed in the developing countries like China and India.
Government policies and regulations in the advancement of smart parking solutions - Implementing policies and regulations, governments can help support the growth of smart parking. Over the last few years, decision makers are involving themselves in projects that help implement intelligent parking solutions in order to enhance the traffic flow and reduce congestion.
These regulations are crucial within this context to encourage the development of such technologies, the implementation of smart parking systems, and arise to concern a more sustainable urban environment. In 2022, Beijing demanded that real estate developers provide sufficient parking capacity for residential and offices or C&D buildings regardless of car ownership, transit accessibility, or lack of demand for parking lots.
Technological Advancements - Technological advancement is also another driver that has influenced the parking market where companies are adopting IoT technology, AI, and ML algorithms to monitor and control parking spaces. Further advancements to improve IAPS consist of the development of improved GUIs, refined predictor models, and compatibility with other systems. Also, Aussie smart parking is another related business based in Sydney that has taken its technology to the USA, supplying data sets and the digital solutions for parking and smart city applications.
China Smart Parking Market
China smart parking systems is estimated to grow due to an increase in vehicle ownership. Consumers across China use mobile apps for parking and the incorporation of analytics into parking solutions fosters industry growth. There are innovative policies for utilizing public-private control for introducing intelligent parking to curb increasing traffic intensiveness; the government plans for safe and legitimate parking for owned and commercial automobiles.
As per the Zhiyan Consulting Network, it is suggested that the number will rise to 280 million by 2020 up from 360 million by 2025. While adopting smart parking can increase the utilization of available parking lots, something still has to be done in order to deal with the issues of scarcity of proper parking spaces for the growing number of automobiles. Moreover, there is an imbalance distribution of parking resources where first and second-tier cities only have an average of 0.8 parking spaces per car and other small towns and cities having only 0.5 parking spaces every car.
The difficulty of looking for parking spaces and attempts to solve this problem are being addressed through the establishment of China's city-level smart parking system. The General Office of the State Council has provided its recommendations on how the three areas of parking service applications, information management platforms, and city information modeling should be integrated properly. Further, several local governments have issued the policies that they require city-level parking platforms to be established.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 220 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $7.03 Billion |
| Forecasted Market Value (USD) by 2032 | $42.51 Billion |
| Compound Annual Growth Rate | 22.1% |
| Regions Covered | Global |
Key Players Analysis: Business Overview, Sales Analysis, Recent Development & Strategies
- Siemens AG
- Xerox Corporation
- Cubic Corporation
- Amano corporation
- Kapsch TrafficCom AG
- Continental AG
- Cisco Systems Inc
- Nedap NV
Market Segmentation
Hardware - Market breakup in 5 viewpoints:
- Pucks (wireless sensors)
- Cameras and LPRs
- Smart Meters
- Signage
- Parking Gates
Software - Market breakup in 2 viewpoints:
- Parking Guidance System
- Analytics Solution
Service - Market breakup in 3 viewpoints:
- Consulting Service
- Engineering Service
- Mobile App Parking Service
Type - Market breakup in 2 viewpoints:
- Off-Street
- On-Street
Application - Market breakup in 3 viewpoints:
- Commercial
- Government
- Transport Transit
Country - Market breakup of 25 Countries
- North America
- United States
- Canada
- Europe
- France
- Germany
- Italy
- Spain
- United Kingdom
- Belgium
- Netherland
- Turkey
- Asia Pacific
- China
- Japan
- India
- South Korea
- Thailand
- Malaysia
- Indonesia
- Australia
- New Zealand
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
For more information about this report visit https://www.researchandmarkets.com/r/q3jmfr
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