Smart Parking Market Analysis
Renub Research’s latest report, “Smart Parking Market Report by Hardware (Pucks (Wireless Sensors), Cameras and LPRs, Smart Meters, Signage, Parking Gates), Software (Parking Guidance System, Analytics Solution), Service (Consulting Service, Engineering Service, Mobile App Parking Service), Type (Off-Street and On-Street), Application (Commercial, Government, Transport Transit), Regions and Company Analysis 2024-2032,” projects the smart parking market to reach a remarkable US$ 42.51 billion by 2032, up from US$ 7.03 billion in 2023. This reflects a strong compound annual growth rate (CAGR) of 22.14% from 2024 to 2032.
As the number of car users continues to rise globally, the demand for parking spaces is increasing. The advent of smart cities, driven by the Internet of Things (IoT), has gained significant traction as it addresses parking challenges, such as traffic congestion and road safety concerns. Smart parking systems, which incorporate security and surveillance, smart payment systems, and license plate recognition, have been developed to tackle these issues and improve driver convenience.
Smart parking systems provide drivers with real-time data on available parking spaces, using embedded sensors and software to detect vehicle presence. This allows for a seamless parking experience by reducing interference from other vehicles. The growth of traffic congestion, especially in urban areas, is a key factor driving demand for smart parking systems. Additionally, increasing urbanization, higher disposable incomes, and the rise in government regulations aimed at developing smart cities and green zones have fueled the demand for these systems.
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COVID-19 Impact on the Smart Parking Market
The global smart parking market experienced a slowdown in 2020 due to the COVID-19 pandemic. Several smart parking systems were repurposed as isolation and quarantine facilities. Airports, a significant source of parking revenue, were hit hard by travel restrictions, halting many construction and repair projects. Additionally, the shift to remote work and virtual learning further reduced the demand for parking spaces. However, as the situation normalizes, the market is expected to recover, with increasing adoption of contactless parking solutions.
Market Segments
Off-Street Segment Dominates
The smart parking market is divided into off-street and on-street segments. The off-street segment holds the largest market share due to the growing number of smart parking companies offering services such as security and surveillance, smart payment systems, and license plate recognition. Off-street parking systems optimize parking space usage, automate access control, and reduce personnel requirements.
Transport Transit Segment to Witness Significant Growth
The transport transit sector is expected to see substantial growth as airport authorities worldwide offer mobile apps and websites for reserving parking spaces. Airlines such as Ryanair are integrating parking reservations with flight bookings, driving demand in this segment.
Regional Analysis: North America Leads the Market
North America holds the largest market share in the global smart parking market. Increasing traffic congestion in the U.S. and Canada has spurred the adoption of smart parking solutions. Civic authorities in these countries are working to reduce traffic congestion, which is worsening with the growing demand for vehicle ownership. Smart parking systems are part of efforts to ensure safe and legal parking for both private and commercial vehicles, especially in congested areas.
Key Players and Market Share Insights
Prominent players in the smart parking market include:
- Cisco Systems Inc.
- 3M Corporation
- Continental AG
- Cubic Corp
- TKH Group
- Vodafone Group Plc
- Deutsche Telekom AG
- Mindteck
These companies are continuously innovating to improve smart parking solutions and meet the growing demand for efficient parking systems.
Market Summary
- Type: The smart parking market is categorized into off-street and on-street parking.
- Application: The market covers applications such as security and surveillance, smart payment systems, license plate recognition, and others.
- End Users: The end-user segments include transport facilities, governments, municipalities, and commercial and corporate institutions.
- Regions: The report covers market analysis across North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
About Renub Research
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