Global Smart Parking Market Analysis 2019 Forecasts to 2023
Posted: Feb 01, 2019
Smart Parking Industry is to grow at strategic CAGR of 10.97% over the forecast period of 2019 to 2023. Global Smart Parking industry Report – Forecast to 2023 is latest research report published by "Market Research Future", which provides comprehensive information on Smart Parking Industry Trends, Size, Share, Statistics with historic and forecast data to 2023.
Smart Parking Market Information Report by Parking Site (On-Street and Off-Street), Technology (SmartApp, In-Ground Vehicle Detection Sensor, RFID, Ultrasonic, and Others), and region.
The prominent players operating the global smart parking market are Mindteck (India), Omnitec group (UAE), IPS Group Inc. (U.S.), Robert Bosch GmbH (Germany), Dongyang Menics Co. Ltd (South Korea), Klaus Multiparking Systems (Germany), IEM SA (Switzerland), PArklayer (India), Smart Parking Limited (Australia), and Amano McGann Inc. (U.S.).
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The global smart parking market is predicted to register 10.97% CAGR during the forecast period (2017 -2023) owing to the smart cities solutions for connected demands, asserts Market Research Future (MRFR). Smart parking is referred to as a vehicle parking system which allow drivers to look for vacant space in order to park the vehicle. Software and sensors assist the drivers for finding place available for parking with the help of sign and symbols. The system also helps in proper management of the vehicle by considering the availability of space and assists in optimized usage of land. Smart parking systems market comprises real-time data, sensors, and smart-phone-enabled automated payment systems which enable the users to reserve parking slot in advance. The system helps to identify the exact state of a parking space, whether occupied or vacant, and examines and transmits information to signage, mobile applications, and web-based applications.
Global Smart Parking Market: Segmental Analysis
The global smart parking market has been segmented on the basis of technology, parking site, and region.
By mode of parking site, the global smart parking market has been segmented into off-street and on-street. Among these, the off-street segment occupies the largest market share with 68.45% owing to the growth in the automotive industry. Off-street parking is used to park vehicles anywhere except on the street. Several parking lots and garages are available for parking vehicles and is regarded as one of the safest modes of parking compared to on-street parking.
By mode of technology, the global smart parking market has been segmented into ultrasonic, SmartApp, In-ground vehicle detection sensor, RFID, and others. Among these, the SmartApp occupies the largest market share with 34.14%. The SmartApp is an integrated technology which helps the drivers on real time availability of parking lots and is extensively used as any person sitting in the car can locate the parking space in a convenient manner.
Geographically, the smart parking market span across regions Asia Pacific, North America, Europe, and Rest-of-the-World (RoW).
Among all the regions, the Asia Pacific region occupies the largest market share owing to the presence of economies such as India, Japan, and China. the increasing rate in registration of new cars coupled with boom from this region is considered to open doors of opportunities for the parking management business.
Europe is considered to occupy the second largest market share owing to the rising urbanization. The rising urbanization has resulted in the increased demand for infrastructure including building and transportation. Smart cities offer higher technology through mobile technology, thus optimizing the existing infrastructure and creating use of land in an efficient way. Moreover, there has been continuous development in this region for formulating strategy to achieve growth in the metropolitan areas. This is considered to fuel the smart parking market in this region.
Drivers and Constraints Impacting the Market
The global smart parking market is estimated to expand at a remarkable CAGR owing to several growth factors. With smart parking systems emerging as ideal solution to various economic and environmental issues coupled with smart cities solutions for connected demands, the global smart parking marking is witnessing a surge during the estimated period. The adoption of smart parking is increasing at a rapid pace as disruptive digital technologies have the potential to solve metropolitan challenges like safe parking and promises to make urban areas more secure and efficient. Smart parking is one of the fastest growing and most adopted solutions across universities, airports, city garages, and shopping centers. The ability to analyze, connect, and automate data gathered from devices, powered by the Internet of Things makes smart parking possible. Smart parking helps to solve problem associated with parking that results in air pollution. Governments across the world are taking initiative in order to develop the infrastructure which is projected to result in automated parking. Moreover, some solutions facilitate online payments, car searching functionalities, and parking time notifications for huge parking space. For instance, the U.S.-based blockchain technology firm Net-Objex in December 2017, has showcased a smart parking payment solution by using the cryptocurrency and IOTA decentralized network.
On the flip side, the concept of smart parking market is highly affected by the operational complexity which is difficult to understand and its high implementation cost. This is considered to bottleneck the growth of the market during the estimated period.
Guangzhou Kinouwell Parking Co., Ltd has recently announced smart parking solution in order to make parking safe and convenient for everyone. The company has been engaged in the development, design, and production of intelligent parking solutions and introduces innovative parking solutions effective in offering the best parking technology in the market. They are offering products such as parking lot sensors, parking locks, parking card ticketing machines, parking meters, parking barriers, and others.
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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR) and Mar