Smart Parking Market to Hit $11.13 Bn, Globally, by 2027 at 12.6% CAGR: Allied Market Research

Rise in parking concerns among individuals, increase in demand for Internet of Things (IoT)-based technology, and upsurge in the number of vehicles across the globe are the major factors driving the growth of the global smart parking market

PORTLAND, Ore., April 20, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Smart Parking Market by Type (Off-Street and On-Street), Technology (IoT, Ultrasonic, and RFID), and Application (Security & Surveillance, Smart Payment System, E-Parking, and License Plate Recognition), and End User (Commercial and Government): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global smart parking industry was estimated at $6.05 billion in 2019 and is anticipated to hit $11.13 billion by 2027, registering a CAGR of 12.6% from 2020 to 2027.

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Drivers, restraints, and opportunities-

Increased parking concerns among individuals, rise in demand for Internet of Things (IoT)-based technology, and surge in the number of vehicles across the globe fuel the growth of the global smart parking market. On the other hand, high implementation cost, configuration complexities, and low rate of internet penetration in developing regions impede the growth to some extent. Nevertheless, rise in investment on building driverless vehicles and government initiatives in developing smart cities are anticipated to pave the way for lucrative opportunities for the key players in the industry.

Covid-19 scenario-

• The outbreak of Covid-19 led to quarantine and shelter-at-home orders, thereby diminishing parking facilities across the globe. 
• Also, activities in airports, where parking represents one of the biggest revenue sources, were severely disrupted due to global bans & restrictions on travel. 

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The ultrasonic segment to dominate by 2027-

Based on technology, the ultrasonic segment accounted for more than half of the global smart parking market share in 2019 and is expected to lead the trail by the end of 2027. This is owing to the fact that ultrasonic sensors have been widely used for various purposes such as determining surface structure, measuring the position, and calculating the speed of an object. The IoT segment, on the other hand, would portray the fastest CAGR of 14.2% during the forecast period.  IoT helps the users to get notified about the empty parking space through a smartphone application or a satellite navigation device. This factor propels the growth of the segment.

The security & surveillance segment to maintain the dominant share-

Based on application, the security & surveillance segment contributed to nearly two-fifths of the global smart parking market share in 2019 and is expected to retain its dominance from 2020 to 2027. This is because security & surveillance systems helps operators to monitor and control over no parking zones, blocked emergency exits, or people entering/exiting through an emergency exit. Simultaneously, the smart payment system segment would manifest the fastest CAGR of 14.4% by 2027, owing to the fact that smart payment system is way much faster as compared to conventional payment system.

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North America garnered the major share in 2019-

Based on geography, North America held the highest share in 2019, garnering nearly two-fifths of the global smart parking market. At the same time, Asia-Pacific would showcase the fastest CAGR of 14.3% from 2020 to 2027, due to high number of vehicle population in the region. The other two provinces studied in the report include Europe and LAMEA.

Key players in the industry-

• Continental AG
• Dongyang Menics Co., Ltd
• IEM SA
• IPS Group Inc.
• Klaus Multiparking Systems
• Robert Bosch GmbH
• Urbiotica
• Amano McGann, Inc.
• Smart Parking Limited
• Swarco AG

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Similar Reports We Have on Automotive Industry:

Automated Parking Management Systems Market by Automation Level (Semi-automated and Fully-automated), System Type (Hardware and Software), End User (Commercial, Residential, and Mixed Use), Design Model (Hydraulics and Electro-mechanical), Platform Type (Palleted and Non-Palleted) and Parking Level (Less than Level 5, Level 5 to Level 10 and More than Level 10): Global Opportunity Analysis and Industry Forecast, 2020–2027.

Real-Time Parking System Market by Type (On-Street, Off-Street, and Others), and Application (Heavy Commercial Vehicle, Light Commercial Vehicle, Passenger Vehicle, Transport, Aviation, Government, and Other): Global Opportunity Analysis and Industry Forecast, 2020–2027.

Fully Automated Parking Management Systems Market by System Type (Hardware and Software), End User (Commercial, Residential, and Mixed-use), Design Model (Hydraulics and Electro-mechanical), Platform Type (Palleted and Non-Palleted), and Parking level (Less than Level 5, Level 5- Level 10, and More than Level 10): Global Opportunity Analysis and Industry Forecast, 2020–2027.

Passenger Car Real-Time Parking System Market by Type (On-Street, Off-Street, and Others): Global Opportunity Analysis and Industry Forecast 2020–2027.

Semi-Automated Parking Management Systems Market by System Type (Hardware and Software), End User (Commercial, Residential, and Mixed-use), Design Model (Hydraulics and Electro-Mechanical), Platform Type (Palleted and Non-Palleted), and Parking level (Less than Level 5, Level 5- Level 10, and More than Level 10): Global Opportunity Analysis and Industry Forecast, 2020–2027.

Parking Meter Market by Technology [Parking Meter (Single Space), Parking Kiosks (Multi Space)], Parking Mode (Pay & Display, Plate, Space, and Others) and Application (Government Institutions, Hospitals, Parks, Transit Systems, Malls & Stadiums, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2027.

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