The smart parking market is projected to witness a compound annual growth rate of 11.61% to grow to US$12.639 billion by 2027, from US$5.859 billion in 2020. The prime reason driving the demand for the smart parking market is the surge in the construction of smart cities and smart homes, which has created scope for the smart parking market. Furthermore, increasing disposable income and a rise in automotive sales have increased the requirement for safer and smarter parking, which hence drives the market demand. Moreover, increasing parking issues and high maintenance costs have heightened ] the need for safer parking which also supports the market growth. Infrastructure development and the proper construction of markets have further expanded the market growth opportunities.
The smart parking market, by region, has been segmented into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific. The North American and European markets for smart parking are anticipated to hold a dominating share owing to the rise in the construction of smart buildings and smart homes. The regions have a technologically advanced infrastructure and have been inculcated with smart buildings for houses and businesses. Furthermore, a rise in the standard of living and surging demand for luxury lifestyles are forecasted to support the market demand. Increasing sales of passenger vehicles coupled with the rise in individuals’ preference for private vehicles also supports the market. Moreover, robust investment and innovation in smart vehicles, such as self-driving vehicles, provide promising growth opportunities during the forecasted period.
The Asia Pacific smart parking market is forecasted to grow at the fastest rate owing to a surge in the construction of smart cities with robust urbanization and infrastructure development. Countries like India, China, South Korea, Japan, and Australia have been investing significantly in better economic development and hence have been investing in smart cities. Furthermore, the rise in disposable income has increased sales of automobiles, which has further created significant demand for smart parking. The rise in construction of multi-complexes and malls, along with smart buildings, has created notable scope for smart parking.
In-ground sensors are expected to dominate the market.
Based on technology, the smart parking market has been segmented into overhead indicator sensors, in-ground sensors, and surface-mount sensors. Due to the surge in the underground parking of vehicles, in-ground sensors are projected to dominate the market for smart parking. Smart parking software is expected to hold a notable share
By solution, the smart parking market has been segmented into hardware, software, and services. Software-based smart parking is expected to hold a notable share.
One of the prime reasons supporting the growth in the smart parking market is the rising demand for automobiles. Increased standards of living and innovation in the industry have raised vehicle sales. Data from OICA shows that motor vehicles sales globally increased in 2021. From January to June 2021, 44.401 million new vehicles were registered, up from 34.321 million in 2020. The Asia Pacific and the Middle East saw the largest surge in sales during the period. Sales of vehicles reached 21.372 million in 2021, up from 16.876 million in 2020. In the North American region, sales reached 11.521 in 2021, up from 8.827 in 2020, while in Europe, sales reached 7.769 in 2021.
Another key factor that supports the market for smart parking is a surge in infrastructure development, which has resulted in a rise in the development of smart cities, particularly in the Asia Pacific region. In China, the government, through its projects Made in China 2025 and China Standard 2035, has laid out its plans that are expected to support the development of smart cities in the country. In India, the government has recognized 91 cities that have the capability to be converted into smart cities. Surat, Dehradun, Vadodara, Ahmedabad, and Hyderabad are a few cities in the country that are under development to be converted into smart cities. Australia and Japan are other countries in the region that are expected to provide robust demand for smart parking.
Increasing investment and a higher standard of living have increased the construction of multi-complexes and shopping malls, surging the demand for smart parking in these buildings. Consumers in their thousands visit complexes and malls, creating notable traffic and demand for space for effective parking.
The coronavirus pandemic hampered the market growth of smart parking, lowering its growth potential. The global lockdowns implemented to contain the spread of the virus severely affected the construction industry. A halt in construction projects of smart buildings, complexes, and malls halted the demand for smart parking, hence impacting the market growth.
|Market size value in 2020||US$5.859 billion|
|Market size value in 2027||US$12.639 billion|
|Growth Rate||CAGR of 11.61% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Solutions, Technology, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||VALEO, Streetline, Altiux, AMCO, Siemens, Smart Parking Ltd, Robert Bosch GmbH, CivicSmart, Inc., ParkHelp, Swarco|
|Customization scope||Free report customization with purchase|
Key Market Segments
Frequently Asked Questions (FAQs)
Q1. What will be the smart parking market size by 2027?
A1. The smart parking market is projected to reach a total market size of US$12.639 billion in 2027.
Q2. What are the growth prospects for the smart parking market?
A2. The global smart parking market is projected to witness a CAGR of 11.61% during the forecast period.
Q3. What is the size of the global smart parking market?
A3. Smart Parking Market was valued at US$5.859 billion in 2020.
Q4. What factors are anticipated to drive the smart parking market growth?
A4. One of the prime reasons supporting the smart parking market growth is the rising demand for automotives.
Q5. Which region holds the largest market share in the smart parking market?
A5. The North American and European region is anticipated to hold a dominating share of the smart parking market owing to the rise in the construction of smart buildings and smart homes.
1.1. Market Definition
1.2. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Force Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. SMART PARKING MARKET, BY COMPONENT
6. SMART PARKING MARKET, BY TECHNOLOGY
6.2. Overhead Indicator Sensors
6.3. In-Ground Sensors
6.4. Surface-Mount Sensors
7. SMART PARKING MARKET, BY GEOGRAPHY
7.2. North America
7.3. South America
7.4.3. United Kingdom
7.5. Middle East and Africa
7.5.1. Saudi Arabia
7.6. Asia Pacific
7.6.4. South Korea
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. COMPANY PROFILES
9.6. Smart Parking Ltd.
9.7. Robert Bosch GmbH
9.8. CivicSmart, Inc.
Smart Parking Ltd.
Robert Bosch GmbH
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