Global Smart Parking Market is Projected to Value Over US $ 9 Billion by The End of 2026

  • 09 May 2019

Modern smart parking systems allow users to reserve a parking slot in advance, locate available parking space with the help of real-time data and smartphone-enabled applications. The rise in a number of vehicle users, rise in the development of smart cities and increasing expansion of corporate hubs, malls, hospitals and academic institutions are fuelling the demand for parking space. Reduction in carbon foot, cost-effectiveness and ease of accessibility are certain benefits that encourage the use of smart parking system and in turn facilitating extensive growth in the global smart parking market. Reduced the costs of hardware-based solutions and sensors to gather detailed information on transportation patterns data is also catalysing the market. Additionally, government initiatives to manage traffic congestions, develop improved parking spaces and increased adoption of smart parking systems is causing radical expansion of the smart parking market.
The global smart parking market is expected to value over US $ 9 Billion by the end of 2026 and forecasted to propagate at a CAGR of 10.87% from 2019 to 2026. 

Growth Restraints Hampering Global Smart Parking Market
•    Lack in the standardization of smart parking systems 
•    The high set up cost involved in infrastructure investments for smart parking systems
•    Fragmented coordination between software developers and hardware providers 

Global Smart Parking Market, by Technology 
+ Ultrasonic
+ IoT
+ RFID

Global Smart Parking Market, by Application 
+ Smart Payment System
+ Security & Surveillance
+ E-parking
+ License Plate Recognition

Global Smart Parking Market, by Type 
+ On-street Parking  
+ Off-street
Off-street parking in the form of garage and parking lots are gaining traction due to greater safety than the on-street parking spaces. Off-street parking is soon estimated to gain the largest market share over the next 6-7 years and grow at a lucrative CAGR.

Global Smart Parking Market, by End User 
+ Government  
+ Commercial 

Global Smart Parking Market, by Region
+ North America 
+ Latin America 
+ Europe 
+ Asia Pacific 
+ Rest of the World 
Booming automobile industry, smart cities initiatives by government bodies and huge population in countries like Japan, India and China in the APAC region makes it the largest shareholder in terms of investment returns and market penetration. Due to growth in metropolitan cities and adoption of advanced technologies is fuelling a remarkable CAGR in the European region making it second largest market holder.

Competitive Landscape:   
+ Tier 1 players- established companies in the market with a major market share 
+ Tier 2 players  
+ Emerging players which are growing rapidly  
+ New Entrants   

FutureWise Key Takeaways  
+ Growth prospects 
+ SWOT analysis  
+ Key trends  
+ Key data-points affecting market growth  

Objectives of the Study:  
+ To provide an exhaustive analysis on Global Smart Parking Market by Technology, Application, by Type, End User and by Region
+ To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints) 
+ To evaluate and forecast micro-markets and the overall market  
+ To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the Middle East 
+ To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions 
+ Profiling of companies to evaluate their market shares, strategies, financials and core competencies   

 

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