NEW YORK, January 24, 2022 /PRNewswire/ — The global smart parking solutions market is expected to grow by approximately US$4.4 billion in 2022 at US$30.84 billion in 2032, with a remarkable compound annual growth rate (CAGR) of 21% over the forecast period.
From 2017 to 2021, the demand for smart parking solutions grew at a staggering CAGR of 18%. This rapid expansion is linked to growing transport congestion in developed and developing countries. Vehicle ownership has increased as the world’s population has grown, posing a challenge in terms of finding a suitable parking spot.
Additionally, the growing trend of cities to be more automated has resulted in greater reliance on various types of smart parking solutions, such as smart meters, guidance systems, analytics solutions, and engineering services. At the height of the COVID-19 outbreak, the use of these remedies was limited due to lockdowns that prevented people from going to public places.
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The rate of urbanization has increased rapidly as the world’s population grows. As a result, the number of people owning a car is increasing, which necessitates a greater need for parking space. According to the United Nations Department of Economic and Social Affairs (DESA), by 2050, nearly 68% of the world’s population will live in cities.
As a result, automakers are introducing smart, Internet of Things (IoT)-enabled parking solutions to help ease the ever-increasing load of global traffic. Innovations in pervasive computing, combined with advances in cloud platforms, are enabling smart parking solution providers to diversify into new territories.
Growing environmental concerns, traffic congestion and population pressures are prompting governments around the world to consider creating smart cities, which will improve people’s quality of life while helping authorities conserve resources. These features have attracted significant investment in smart technologies all over the world, fueling the global demand for smart parking solutions.
The expansion of the smart parking market in United States is driven by the presence of heavy traffic in cities such as New York, Los Angeles, and others, as well as a growing awareness of current traffic control and parking solutions.
Rising traffic congestion issues are prompting automakers and vehicle users to opt for internet and smart parking solutions, enabling improved decongestion in the city, notes an analyst from Fact.MR.
Market size value in 2022
Forecast value of the market in 2032
World growth rate (2022-2032)
Key points to remember:
- The global smart parking solutions market is expected to reach a valuation of US$4.4 billion by 2022-end
- Germany to emerge as the fastest growing market growing at a CAGR of 16%.
- The United States will register an excellent CAGR of 15%, amid growing traffic congestion in major cities.
- Demand for smart parking solutions in China to grow at a CAGR of 12%.
- Smart valet solutions will see 9.9% annual growth in 2022 compared to 2021.
- Smart parking business solutions to capture more than 40% revenue share.
- Rising adoption of integrated automated solutions coupled with advancements in wireless and digital payment technologies to drive the growth of the smart parking solutions market.
- Rising traffic congestion issues in developed and developing regions to drive the demand for smart parking solutions.
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- APT Skidata, a leading provider of parking solutions in the UK, has announced the launch of a new mobile digital solution in December 2020, which will provide owners and operators of single or multiple car parks with increased operational efficiency and financial returns.
- In February 2020, the Memphis Area Transit Authority (MATA) in United States awarded a contract to Amco SA.
- China opening of the first robotic diagonal intelligent parking garage in Nankeen, eastern China, January 2019. It is an intelligent parking system that maximizes space efficiency, energy efficiency and cost-effectiveness to make cities more livable.
Smart Parking Solutions Market Key Players Include:
- Aisin Seiki Co.Ltd
- Amano McGann
- Amco S.A.
- Cisco Solutions
- Delphi automotive automaton
- Nedap AG
- Skidata AG
More Valuable Insights into Smart Parking Solutions Market
Fact.MR provides an unbiased analysis of the Smart Parking Solutions market, showcasing historical demand data (2016-2021) and forecast statistics for the period 2022-2032. The study discloses compelling insights into the Global Smart Parking Solutions Market with detailed segmentation on the basis of:
- By system components and services
- Smart parking software
- Smart parking system devices
- Input/output terminals
- Card readers
- Validation Solution
- Payment solution on foot
- LPR system
- Smart Parking Professional Services
- Deployment and customization
- Maintenance and Support
- By Solutions
- Smart Parking Access Control Solutions
- Smart parking fee and revenue collection solutions
- Intelligent solutions for managing parking reservations
- Intelligent valet parking management solutions
- Intelligent solutions for parking guidance and slot management
- Other smart parking solutions (parking app management)
- By end use
- Smart parking solutions for government and municipalities
- Smart parking solutions for airports
- Smart parking solutions for corporate and commercial parks
- Intelligent parking solutions for commercial institutions
- Smart parking solutions for healthcare
- Smart parking solutions for other end uses (tourist destinations and hospitality sector)
Key questions answered in the Smart Parking Solutions market report
- The report offers an overview of the smart parking solutions market demand outlook for 2022-2032.
- The market study also highlights the predicted sales growth for the smart parking solutions market between 2022 and 2032.
- The Smart Parking Solutions Market study identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements at the within the industry.
- Smart Parking Solutions market share analysis of leading companies in the industry and coverage of strategies such as mergers and acquisitions, joint ventures, collaborations or partnerships, etc.
Explore Fact.MR’s Technology Coverage –
Connected Parking Solutions Market Forecast – The global market for connected parking solutions is expected to increase along with the use of automated routine equipment. Routine automation is made possible by connected parking solutions, which include features such as remote control of vehicle safety and security devices.
Smart parking meter market analysis – The main driver of demand for smart parking meters is that they greatly reduce, and in some cases completely eliminate, the need for a team to maintain large or small parking lots.
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