MarkNtel Advisors, a leading market research firm, has showed its latest study titled "Smart Parking Market", offering a detailed industry overview and market perspective. This comprehensive research provides insights into the current state of the market, highlighting recent advancements and emerging trends.
The report combines in-depth quantitative analysis with qualitative analysis; it ranges from macro-overviews of the overall market size, industry chain, and market dynamics to micro details of segment markets. This, as a result, provides a thorough overview of the industry under study as well as a profound understanding of all of its important features.
Analysis and Insights into the Smart Parking Market: 2024-2030
The Global Smart Parking Market size was valued at USD 6.28 billion in 2023 and is projected to reach USD 24.03 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 18.4% during the forecast period, i.e., 2024-30.
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What are the primary factors driving the growth of the Smart Parking market?
Global Smart Parking Market Driver: Rising Vehicle Ownership Rates Creating
The increasing purchasing power, growing need for freight transportation, declining interest rates, rising middle-class consumers in emerging and growing countries, and deteriorating public transport infrastructure, are leading to the increasing vehicle ownership across the globe. The technological advancements in the automotive sector such as improved fuel efficiency, and economic variants with high-quality engine parts are stimulating the adoption of personal vehicles among consumers. Automotive giants, such as Toyota, Suzuki, BYD, Tesla, Honda, BMW, etc., have been producing a vast number of motor vehicles catering to the demand for automobiles across the globe. For instance:
In 2023, according to the International Organization of Motor Vehicle Manufacturers (OICA), the worldwide production of motor vehicles exceeded 93 million in 2023, an increase of around 10% over 2022. Around 68% of the total vehicles produced were passenger cars.
This rising vehicle adoption among consumers has been resulting in increased vehicular traffic jams worldwide. Additionally, surging pollution levels and carbon emissions is creating the need for ready parking spaces. This, in turn, is pushing the need for smart parking solutions globally for space management and utilization leading to their adoption and boosting the growth of the Global Smart Parking Market.
Smart Parking Market Segmentation:
The Smart Parking market is categorized in to different segments. Analyzing growth across these segments enables a comprehensive understanding of key growth areas within the industry. This segmentation provides valuable market insights, empowering stakeholders to make strategic decisions and identify primary market applications effectively.
By Component
-Hardware
--Pucks
--Cameras & LPRs
--Smart Meters
--Others (Signage, Parking Gates, etc.)
-Software
--Parking Guidance System
--Security & Surveillance
--Parking Reservation Management
--Valet Parking Management
--Analytics & Reporting
--Others (Payment & Billing, Enforcement and Violation Management, etc.)
-Services
--Consulting Services
--Engineering Services
--Others
By Technology
-Ultrasonic Technology
-Sensor-based
-RFID
-Others
- Ultrasonic Technology is expected to hold a significant market share driven by its cost-effectiveness and better reliability.
By Parking Type
-On-Street
-Off-Street
By Application
-Commercial
-Government
Geographical Analysis into the Smart Parking Market:
- North America: US, Canada, Mexico
- Europe: Germany, The UK, France, Spain, Italy, Rest of Europe
- Asia-Pacific: China, India, Japan, South Korea, Australia, Rest of Asia-Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, South Africa, Rest of MEA
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Competitive Landscape and Smart Parking Market Share Analysis:
The competitive landscape of the Smart Parking market includes comprehensive details about competitors. These details encompass company overviews, financial performance, revenue generation, market potential, investments in research and development, new market strategies, production facilities, strengths and weaknesses, product launches, ongoing trials, approvals, patents, product range, dominant applications, and technology life cycle.
The report features major players including:
Robert Bosch GmbH, Valeo S.A., Continental AG, Siemens AG, Amano Corporation, Park Assist, Nedap Identification Systems, AppyWay, Parkeagle B.V, Urbiotica, Swarco, Altiux, IPS Group, IEM S.A, Inrix, Others
Market research studies from MarkNtel Advisors are offered in PDF, Excel and PowerPoint formats. Within 24 hours of the payment being successfully received, the report will be sent to your email address.
Questions Addressed in this Study
- What factors are driving the Smart Parking Market growth?
- How is the Smart Parking Market expected to grow over the next five years?
- What are the key insights into the current trends in the Smart Parking Market?
- What is the current size of the Smart Parking Market, and how is it projected to change in the future?
- What is the future outlook for the Smart Parking Market in terms of technological advancements and market expansion?
Why choose MarkNtel?
MarkNtel Advisors is a leading market research company, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, & individuals, among others.
Our specialization in niche industries & emerging geographies allows our clients to formulate their strategies in a much more informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 14.8 diverse industrial verticals.
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