Smart Parking Market 2019: Global Industry Analysis and Opportunity Assessment, Forecast To 2023
Smart parking is an innovative solution to help a driver find vacant spots in parking garages for their vehicle. The use of sensors allows free parking spaces to light up in color which indicates that a driver may park there. Such systems have become necessary with the expansion of urban areas where there is a rising number of automotive vehicles. Market Research Future has invest resources in uncovering vital details about the global smart packaging market during the assessment period from 2017 to 2023. the global smart parking market is expected to grow at a CAGR of 10.97% during the assessment period.
Various technologies are used in smart parking, including ultrasonic, RFID, and others. these technologies are extensively being used as the emergence of smart cities increases. Increasing traffic conditions have led to crowded public parking spaces which have driven the demand for smart parking solutions. Rising traffic has largely been caused by urbanization and the increasing demand for automotive vehicles, especially in emerging economies. Advancing smart technologies are also increasingly being deployed across the globe to help appropriately maintain efficiency in urban area living. Moreover, the adoption of disruptive digital technologies is quite high in metropolitan areas as these technologies have the ability to possibly solve major metropolitan challenges like safe parking. Smart parking solutions are being employed in airports, shopping centers, city garages and universities to name a few. Moreover, the increasing intelligence of such technologies is expected to provide ample opportunities for market growth.
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Market Segmentation
The global smart parking market has been segmented on the basis of parking site, technology, and regions. Parking site has been segmented into on-street, and off-street. Off street parking is more commonly preferred as it is the safer parking method as opposed to on-street parking. The off-street parking segmented captured a market share of 68.45% and is expected to retain its leadership position.
Technology has been segmented to include SmartApp, in-ground vehicle detection sensor, RFID, ultrasonic, and others. The SmartApp segment accounted for a share of 34.14% which makes it the largest segment in the market. SmartApp is increasingly popular as the integrated technology can be used to assist drivers in real time to find available parking spots.
Regions covered in the report include Europe, North America, Asia Pacific and the Rest of the World.
Regional Analysis
The Asia Pacific has emerged as the largest region in the global smart parking market due to the presence of massive populations in economically booming countries of China, Japan, and India. The increasing rate of registration of new vehicles combined with expanding urbanization in the region is expected to drive the APAC market. Emerging countries in the APAC region are actively in the process of integrated smart city solutions in various tier 1 and tier 2 cities. Europe accounted for the second largest region in the global market, while North America comes in third in terms of market size. Both regions have significant market players as well as developed economies where smart parking solutions are being employed increasingly
Key Players
The leading market players that have been included in MRFR’s report on the global smart parking market include Omnitec group (UAE), Robert Bosch GmbH (Germany), Smart Parking Limited (Australia), Dongyang Menics Co., Ltd (South Korea), Parklayer (India), IEM SA (Switzerland), Amano McGann, Inc. (U.S.), IPS Group Inc. (U.S.), Mindteck (India), and Klaus Multiparking Systems (Germany). These players have been analyzed for their competitive role in the market as well as the market strategies that they employ
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