Smart Parking Systems Market - Forecast(2024 - 2030)
Key Takeaways:
Smart Parking Systems Market: Overview
In the ever-evolving landscape of urbanization, the demand for intelligent solutions to address parking challenges has given rise to the smart parking systems market. This overview aims to explore the key facets of this burgeoning industry, shedding light on its current state, growth prospects, and the transformative impact it holds for both urban planners and motorists.
Smart Parking Systems Market Growth
The smart parking systems market is experiencing robust growth driven by several key factors. Urbanization trends, marked by a global shift towards city living, have intensified the demand for efficient parking solutions. As technology continues to advance, the integration of sophisticated sensors, communication networks, and data analytics has become a pivotal growth factor. The pursuit of smarter urban mobility solutions, aimed at reducing traffic congestion and optimizing parking management, has further propelled the market's expansion. Additionally, increasing environmental concerns and the desire to minimize carbon footprints contribute to the attractiveness of smart parking systems, as they help mitigate unnecessary vehicular circling in search of parking spaces. While initial setup costs and infrastructure integration pose challenges, the undeniable benefits of these systems in enhancing overall urban living experiences are steering the smart parking systems market towards a promising future.
Smart Parking Systems Market Dynamics
The dynamics of the smart parking systems market are intricately linked to the ongoing global trend of urbanization. As populations gravitate towards urban centers, the resultant surge in vehicles exacerbates parking challenges. Smart Parking Systems emerge as a solution to optimize space utilization, reduce congestion, and enhance overall urban mobility.
Smart Parking Systems Market Restraint
A notable restraint in the smart parking systems market pertains to the complexities associated with integrating these intelligent solutions into existing urban infrastructure. Implementing smart parking technologies requires seamless coordination with municipal systems, urban planning, and transportation frameworks. The intricacies involved in retrofitting or adapting these solutions to diverse infrastructural setups can lead to delays and increased implementation costs.
Smart Parking Systems Market Opportunity
An immense opportunity for the smart parking systems market lies in the surging popularity of electric vehicles (EVs). As the global automotive landscape undergoes a transformative shift towards sustainable practices, the need for charging infrastructure becomes paramount. Smart parking systems can capitalize on this trend by incorporating features such as EV charging station integration and real-time availability tracking.
Smart Parking Systems Market Challenges
领英推荐
A primary challenge faced by the smart parking systems market is the necessity to enhance public awareness and promote widespread user adoption. Many individuals may not be fully acquainted with the benefits of smart parking technologies, leading to underutilization. Overcoming this challenge requires strategic marketing and educational campaigns to inform the public about the advantages, convenience, and positive environmental impact of these systems.
Segments Insights:
Hardware Insights
The smart meters segment held the majority of the market, over 40%, in 2023. The world is witnessing increasing urbanization, and there is a need for on-street parking spaces across various cities globally, which led to the widespread use of parking meters. These meters track free spaces and record the number of vehicles that are parked with the help of sensors and mobile applications. Most people park vehicles on the streets for long hours. This has compelled governments to deploy smart parking meters, which also help appropriate payments for on-street parking slots.
Software Insights
The parking guidance systems segment accounted for a revenue share of over 75% in 2023. These guiding systems have gained traction in the market as they assist with vacant slots, provide parking guidelines, the number of available spaces, and the duration of availability, and help them save time. Industry players are focusing on unveiling their cutting-edge guidance systems to increase their share in the global smart parking systems market. For instance, in June 2021, parking solution provider Quercus Technologies launched an outdoor parking guidance system, SC Outdoor, to help drivers locate spaces on rooftops and other outdoor parking facilities. This solution works with Quercus Technologies' parking management software, BirdWatch Parking System.
Service Insights
The engineering service segment acquired a share of over 60% in 2023. The increasing adoption of autonomous and semi-autonomous cars, especially in developed countries, accelerated segment growth over the forecast period. These vehicles require specially designed parking garages and lots with custom-built instrumentation installations and robotic engineering facilities. Autonomous vehicle manufacturing hubs such as the U.S., India, Germany, and China are anticipated to experience a high adoption of smart parking systems in the forecast period. In November 2023, Robert Bosch GmbH and Mercedes-Benz developed an automated parking system with a pre-booking facility for Stuttgart Airport.
Application Insights
The commercial segment dominated in 2023 and accounted for a revenue share of over 43%. The rising adoption of smart parking systems at corporate buildings, theaters, sports complexes, shopping malls, and other public places is expected to strengthen commercial segment growth through 2030. Additionally, the proliferation of flexible mobile payment services and a significant convenience level of parking are anticipated to fuel the segment's growth in the forecast period.
Regional Insights
North America held the major share of over 36% of the global smart parking systems market in 2023. The increasing number of vehicles is expected to grow the regional smart parking systems market through 2030. A large number of public-private collaborative efforts have been undertaken to introduce smart parking solutions in various cities in North America owing to increasing traffic congestion. The governments are also taking supportive initiatives together with smart parking system service providers to provide safe & legal parking for private & commercial vehicles. Furthermore, the increasing adoption of smart city initiatives is driving the implementation of smart parking systems in the region.
The Asia Pacific smart parking systems market is expected to expand at a significant CAGR of 25.4% in the forecast period, owing to the increasing focus of regional governments on improving parking management and reducing air pollution & traffic congestion. Further, significant penetration by global market players and rising startups in the region is expected to drive the Asia-Pacific smart parking systems market. For instance, in September 2023, a smart parking solution company in India, ParkMate, raised undisclosed funding in the global accelerator program Evolvex to strengthen its smart parking solution portfolio.
Some of the prominent players in the smart parking systems market include:
Contact Us: https://tinyurl.com/yk8khvpa
Website URL: https://www.industryarc.com/