Global Smart Parking Technologies Market Size, Trends & Growth Opportunity and By System (Ground Sensor Technology, Counter Technology, and Overhead Sensor/Camera-Based Technology), By Application (Parking Payment Management, Parking Reservation Management, Valet Parking Management, License Plate Recognition, and Others), By Region and Forecast till 2027.

Global Smart Parking Technologies Market

The Global Smart Parking Technologies Market is expected to grow from US$ 5.37 Billion in 2021 to US$ 14.08 Billion by 2027; it is estimated to grow at a CAGR of 8.4% from 2021 to 2027.

An intelligent parking system called "smart parking" helps drivers park safely. Using embedded software and sensors, a sign or symbol denotes the availability of a parking space. Due to the efficient management of the vehicle, the driver is correctly informed when a space becomes available. This technology detects the presence or absence of vehicles using a variety of sensors installed as hardware in the parking space.

Drivers: The expansion of integrated automated solutions along with improvements in wireless and digital payment technologies are anticipated to fuel market expansion. Machine-to-machine (M2M) communication, data analytics, sophisticated sensors, smart parking metres, and mobile applications for slot reservations and online payments are among the technologies used to implement these systems. These technologies are intended to identify whether a parking lot is vacant or occupied, evaluate the data, and transmit it to mobile and web applications. It is anticipated that these technological developments will fuel market expansion.

Restraints: However, the market growth is constrained by high employment costs, configuration complexity, and low internet penetration in developing regions.

Impact of Covid-19

The WHO has deemed it a public health emergency as the disease has spread to nearly 110 countries worldwide since the outbreak. Due to flight cancellations, quarantine and travel restrictions, restricted events, and temporary production facility closures, sales of Smart Parking Technologies have decreased. Airports, where parking is one of the most important revenue generators, are now severely hampered as a result of global travel restrictions and bans. Countless airports have halted construction or repair projects or have issued stop-work orders due to reduced budgets. Several airports have also relocated employee parking closer to facilities in order to reduce shuttle commutes to the actual place of work on campus. Universities, schools, and businesses have shifted to a virtual learning and working environment.

Segmentation By System: Based on System the Global Smart Parking Technologies Market is classified into Ground Sensor Technology, Counter Technology, and Overhead Sensor/Camera-Based Technology.

Segmentation By Application: Global Smart Parking Technologies Market is classified on the basis of Application into Parking Payment Management, Parking Reservation Management, Valet Parking Management, License Plate Recognition, and Others.

Segmentation By Region: Smart Parking Technologies Market is classified on the basis of Region into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In 2021, North America had the highest revenue share of over 35%. Over the course of the forecast, it is anticipated that the regional market for smart parking systems will expand due to the rising number of vehicles. Civic authorities in the U.S. and Canada are working to ease traffic congestion, which has gotten worse as the demand for car ownership has increased. Due to government initiatives supporting intelligent parking systems as part of the fight against pollution, the Europe region is anticipated to grow at a significant CAGR over the course of the forecast period. Additionally, one of the key factors influencing the expansion of the market in the area is worries about a lack of parking spaces.

Competitive Landscape: The key players of Smart Parking Technologies Market are AMCO SA, Cleverciti Systems GmbH, Comarch SA, Continental AG, iRam Technologies Pvt Ltd., Kapsch TrafficCom AG, NEC Corporation, Robert Bosch GmbH, Siemens AG, Smart Parking Limited, SWARCO, TKH GROUP, and Valeo S.A.

Industrial Development

• Bosch Service Solutions, a provider of technology-based services, will launch a platform called Bosch Secure Truck Parking in Spain in February 2022. This platform digitally connects existing parking spaces in car parks, commercial parks, and other areas, making them available for truck parking. This platform was recently launched in Europe and expanded to seven new locations in Spain.
• Smart Parking Limited will launch Tessera, a smartcloud-based mobile application, in March 2021 as a smart city parking compliance management solution. This app allows parking wardens in cities to patrol parking lots more efficiently and safely. SmartCloud recorded each individual parking violation and set up a streamlined process flow from the initial violation to evidence collection, infringement issuance, appeals, and final case settlement.
• Redwood City's Central Business District will deploy Cleverciti's advanced smart parking system in February 2021 to help shoppers and commuters experience seamless return to the district and avoid circle city block.
• Cleverciti Systems GmbH's parking guidance solution was installed in the Los Angeles suburb of El Monte in May 2021 to reduce emissions and total vehicle miles travelled. The technology has been installed at El Monte's Main Street and MetroLink parking lots to help reduce traffic congestion in congested areas of the city.

Market Taxonomy

By System

• Ground Sensor Technology
• Counter Technology
• Overhead Sensor / Camera-Based Technology

By Application

• Parking Payment Management
• Parking Reservation Management
• Valet Parking Management
• License Plate Recognition
• Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Questions Addressed by the Report

• What are the Key Opportunities in Smart Parking Technologies Market?
• What will be the growth rate from 2020 to 2027?
• Which segment/region will have highest growth?
• What are the factors that will impact/drive the Market?
• What is the competitive Landscape in the Industry?
• What is the role of key players in the value chain?