Smart parking refers to the detection of occupancy for vehicle parking using sensors and devices. Smart parking solution offers advantages over normal parking solutions such as optimized parking and reduced traffic. Smart parking system consists of cameras, sensors, RFID tags and other components.
“Smart Parking Market: Global Historical Growth (2012-2016) & Future Outlook (2017-2024) Demand Analysis & Opportunity Evaluation”
The global smart parking market is segmented into component such as hardware and software. Among these segments, hardware smart parking segment is expected to grow at highest CAGR in overall smart parking market during the forecast period.
Growing utilization of smart parking hardware in metro cities is driving the growth of the market. The market is witnessing the launch of new hardware smart parking components.
Further, growing demand for advanced hardware such as enhanced sensors and cameras is believed to impetus the growth of the hardware smart parking components market.
Global smart parking market is expected to flourish at a significant CAGR of 17.8% during the forecast period. Increasing vehicle on the roads and rising adoption of advanced traffic management system by traffic authorities are some of the key factors driving the growth of the market of smart parking market.
Moreover, the global smart parking market is expected to garner noteworthy revenue by the end of 2024.
North America dominated the overall smart parking market and is expected to continue its dominance over the forecast period. This can be attributed to spiked sale of vehicle in the region.
Further, rising disposable income coupled with increasing living standard is expected to accelerate the growth of automotive market in the upcoming years which in turn is likely to propel the demand for smart parking system. Asia Pacific smart parking market is anticipated to witness robust growth during the forecast period.
Growing investment in smart cities is anticipated to result in substantial demand for smart parking solutions. Further, growing automotive industry in the region is anticipated to positively impact the growth of the smart parking in Asia Pacific.
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Robust Growth of Automotive Industry
Increasing global population coupled with rising per capita income is expected to provide robust growth to the automotive industry in the upcoming years. Consequently, the demand for advanced intelligent transportation system is anticipated to witness significant growth in the upcoming years.
These factors are believed to bolster the growth of the smart parking market.
Initiatives by government authorities to reduce the traffic congestion are anticipated to drive the growth of the smart parking market. Furthermore, government of various nations are setting up and increasing their spending on smart cities.
For instance, in 2015, Indian Ministry of Urban Development launched smart cities program.
However, high cost of implementation is likely to dampen the growth of smart parking market during the forecast period.
The report titled “Smart parking Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global smart parking market in terms of market segmentation by parking type, by component, by solution, by end user and by region.
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Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global smart parking market which includes company profiling of Altiux Innovations, Nedap AVI, Amco Corporation, Smart Parking Ltd., Robert Bosch GmbH, Cubic Corporation, Cisco Systems, Inc., CivicSmart, Inc., ParkHelp and Passport Parking, LLC. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
On the whole, the report depicts detailed overview of the global smart parking market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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