06-May-2022 | Zion Market Research
The global Smart Parking System market was worth around USD 5,529.50 million in 2021 and is estimated to grow to about USD 16346.57 million by 2028, with a compound annual growth rate (CAGR) of approximately 19.80 percent over the forecast period. The report analyzes the Smart Parking System market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the Smart Parking System market.
With rising traffic congestion, demand for smart parking systems, which can assist municipal administrations in properly managing dispersed parking spaces and assisting drivers in finding available parking spaces, is likely to rise. The capacity of these systems to provide the required flexibility and scalability is likely to contribute to the expansion. Governments around the world are looking forward to the development of smart cities, which will effectively improve the quality of life while assisting authorities in resource conservation. Growing environmental concerns, traffic congestion, and population are causing governments around the world to look forward to the development of smart cities, which will effectively improve the quality of life while assisting authorities in resource conservation. As a result, favourable government policies in this field are expected to boost market growth significantly. Owing to the rise in demand of CVC, the global Smart Parking System market is estimated to grow at a CAGR of 19.80% during the forecast period.
Market growth is likely to be aided by an increase in the use of integrated automated systems, as well as advancements in wireless and digital payment technologies. Machine-to-machine (M2M) connectivity, data analytics, enhanced sensors, smart parking metres, and mobile applications for slot bookings and online payments are among the technologies used to create these systems. These technologies are used to assess whether a parking lot is empty or occupied, as well as to evaluate and communicate data to mobile and web applications. The market is predicted to grow as a result of these technological advancements. Poor traffic management is increasing, causing concerns about car overpopulation and congestion in metropolitan areas, which are the principal sources of air and noise pollution, which can suffocate economic activity. The smart parking system delivers real-time data that can assist in resolving these issues and determining parking lot availability.
The global Smart Parking System market is segregated based on type, component, sensor technology, vertical and solution. Based on type, the global market is distinguished into Guided Park Assist and Smart parking. The guided park assist segment dominates the market. Based on component, the market is segmented into Parking Sensors, Steering Angle Sensors, Electronic Control Unit (ECU) and Display Unit. The parking sensor segment is expected to lead over the forecast period. Based on sensor technology, the market is segmented into Ultrasonic Sensor, Radar Sensor and Image Sensor. The ultrasonic senor segment is expected to dominate the market. Based on vertical, the market is segment into Government and Commercial. The commercial segment is expected to dominate the market. Based on solution, the market is segmented into Security and Surveillance, Parking Reservation Management, Valet Parking Management and License Plate Recognition. The license plate recognition segment is expected to dominate the market.
North America accounted for the largest share of revenue. Over the forecast period, the growing number of vehicles is expected to drive growth in the regional market for smart parking systems. Civic authorities in the United States and Canada are working to reduce traffic congestion, which has become more severe as the demand for vehicle ownership has increased. Governments are also working with service providers to increase the adoption of smart parking systems that provide safe and legal parking for commercial and private vehicles. Furthermore, the region's implementation of smart parking systems is being driven by the region's increasing adoption of smart cities initiatives.
Asia Pacific, the market, is expected to grow at the fastest rate during the forecast period. The increasing emphasis of governments throughout Asia Pacific on improving parking management and reducing traffic congestion and air pollution is expected to fuel market growth in the region.
Key players functioning in the global Smart Parking System market include Valeo S.A. (France), Continental AG (Germany), Robert Bosch GmbH (Germany), Kapsch TrafficCom AG (Austria), Cubic Corporation (U.S.), TKH Group-Park Assist (Netherlands).
Browse the full “Smart Parking System Market By Type (Guided Park Assist and Smart parking), By Component (Parking Sensors, Steering Angle Sensors, Electronic Control Unit (ECU) and Display Unit), By Sensor Technology (Ultrasonic Sensor, Radar Sensor and Image Sensor), By Vertical (Government and Commercial), By Solution (Security and Surveillance, Parking Reservation Management, Valet Parking Management and License Plate Recognition) and By Region – Global Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data and Forecasts 2022 – 2028” Report at https://www.zionmarketresearch.com/report/smart-parking-systems-market
Global Smart Parking System market is segmented as follows:
By Sensor Technology
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