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Global Smart Parking System Market grows at CAGR of 19.80% to 2028

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The global Smart Parking System market was worth around USD 5,529.50 million in 2021 and is estimated to grow to about USD 16346.57 million by 2028, with a compound annual growth rate (CAGR) of approximately 19.80 percent over the forecast period.

Smart parking is a parking system that assists drivers in parking safely. The smart parking system provides real-time data on the availability of nearby parking spaces and allows the driver to accommodate that slot without interfering with other vehicles. Furthermore, this technology is designed to address the long-term issue of parking, which has a negative impact on the environment.

Low-cost sensors, real-time data interference, and smart mobile applications that allow users to monitor available and unavailable parking spots are among the components of the technology. The ability to handle vehicle parking appropriately with the use of smart phones, as well as the development of infrastructure to support such mobility, result in a reduction in the amount of time spent by the user in locating a vacant parking slot.

The global smart parking market is being driven by an increase in parking concerns, an increase in demand for Internet of Things (loT)-based technology, and a high adoption rate in the number of vehicles. Furthermore, an increase in investment in developing driverless vehicles, as well as an increase in government initiatives to build smart cities around the world, are expected to create tremendous opportunities for market growth. The rise of cashless transactions and e-payment options is opening up new avenues for smart parking solution providers to pursue. Furthermore, advancements in artificial intelligence and machine learning are assisting businesses in making game-changing discoveries in the field.

Driver: An increase in the number of vehicles and a decrease in the availability of parking spaces.

Every year, the number of vehicles on the road increases significantly, causing traffic congestion. Because of the large number of vehicles, parking has become a major issue in major cities. In fact, the supply-demand gap for parking spaces is growing year after year. Inadequate parking space causes excessive traffic jams and congestions, which frustrate drivers, waste fuel, pollute the air and noise, and stymie productive economic activity. As a result, these factors are expected to drive the global smart parking systems market over the forecast period.

Restraints: Interoperability and system integration issues.

Due to various hardware and software platforms involved, system integration is a major challenge with smart parking systems. The availability of so many different solutions, as well as the lack of interoperability between them, raises concerns about system scalability. Permit and enforcement (P&E) and parking access and revenue control (PARC) systems use a variety of hardware sensors, messaging systems, and traffic control devices, as well as wireless and wireline telecommunications systems, hardware and server drivers, and application interfaces. Because the configuration of all of these devices is from different vendors, bringing them all together on a single platform is a significant challenge. As a result, these factors are expected to stifle market growth in the near future.

Opportunities: Providing car-oriented services such as repairing and maintenance

In the long run, car-related services such as valets, repair services, washing, maintenance, car sharing, and electric vehicle charging can be bundled with parking transactions. Such bundled services may increase occupancy, particularly in commercial facilities geared toward travelers.

Challenges: High implementation cost.

A smart parking system is a sophisticated and cutting-edge technology. Its implementation necessitates significant investment in infrastructure, technology, and overall maintenance. Furthermore, it must be operated by skilled personnel who have received adequate training. Although government officials in developed countries are embracing this system, many emerging economies are wary of it due to its prohibitively high cost.

Global Smart Parking System Market: Segmentation

  • The global Smart Parking System market is segregated based on Type, Component, Sensor technology, Vertical and Solution.

Based on Sensor Technology, the market is segmented into Ultrasonic Sensor, Radar Sensor and Image Sensor. The smart parking market for passenger automobiles is projected to be dominated by ultrasonic sensors. The primary use of ultrasonic sensors in smart parking is to aid the driver in locating an adequate parking place and to detect objects in the parking range over a short distance. Ultrasonic sensors are preferred because they are less expensive than image and radar sensors.

By solution, the market is segmented into Security and Surveillance, Parking Reservation Management, Valet Parking Management and License Plate Recognition. During the forecast period, the License Plate Recognition (LPR) segment is expected to be the fastest growing. This can be attributed to the increasing use of LPRs for vehicle surveillance, which significantly reduces the workforce required or the amount of time required to complete these tasks. With the advancement of technologies such as image processing and human-computer interaction, cameras are increasingly being used in smart parking systems to detect the entry and exit of vehicles in a parking lot.

Recent Developments

  • In January 2019, In Nanjing, East China, China opened its first robotic diagonal smart parking garage. It is a smart parking system that optimizes space utility, fuel efficiency, and cost-effectiveness in order to improve the livability of cities.

List of Key Players of  Smart Parking System Market:

  • Valeo S.A. (France)
  • Continental AG (Germany)
  • Robert Bosch GmbH (Germany)
  • Kapsch TrafficCom AG (Austria)
  • Cubic Corporation (U.S.)
  • TKH Group-Park Assist (Netherlands).
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