Report Overview

Global Smart Parking Systems Market – Industry Trends & Forecast Report, 2027

The global smart parking systems market was worth USD 4.5 billion in 2020 and is further projected to reach USD 17.2 billion by 2027, at a CAGR of 21.2% during the forecast period (2021-2027). Smart parking helps drivers park their vehicles safely and efficiently. The growth of the smart parking systems market is primarily supported by the growing adoption of IoT-based technology, and the increasing penetration of cars in both developed and developing economies. Additionally, the development of the smart parking systems market is further propelled by favorable government initiatives to build smart cities with smart parking systems.

Source: BlueWeave Consulting

Global Smart Parking Systems Overview

Smart Parking Systems have emerged as an ideal method of optimizing urban traffic flow and reducing pollution through efficient and modern parking management. Technology and human innovation are integrated into smart parking systems to use as few resources as possible. Smart parking systems usually include cameras, sensors, IoT, ultrasonics, RFID (Radio-frequency Identification), etc. The transportation and automobile industries rely heavily on parking. By displaying the number of unoccupied and occupied spaces in a parking lot and guiding the user to reach the space in the minimum time, smart parking systems help users park their vehicles efficiently and save time.

Global Smart Parking Systems Market Trend

Growth Drivers

Growing Number of IoT-Based Smart Cities

Smart parking systems are one of the key factors that set smart cities apart from traditional ones.The power of technology enables smart cities to run smoothly and efficiently. Sensors and electronic methods are used in smart cities to collect and analyze data. Insights gained from that data are used to improve the operations of smart cities. IoT-connected smart cities can sense free and occupied parking spots through mobile apps/screens in the parking lots. Using the Internet of Things, the parking area's availability can be monitored wirelessly, while the user can stay up to date on the parking area's status. The market's growth has been boosted by government initiatives to build smart cities in the economies. More than half of all smart city pilot programs worldwide are conducted in China, with about 800 programs underway or planned. Therefore, the growth of the smart parking systems market can be attributed to rapid development in IoT-based smart cities.

Increasing Automotive and Transportation Industry

Smart parking systems are widely adopted by the automotive and transportation industry. There is an increasing demand for parking spaces in the automobile and transportation industries. The automotive and transportation industries are among the fastest-growing industries in the world, with China being the world's largest automotive manufacturer. In 2019, approximately 92 million vehicles were manufactured worldwide, with 67 million cars and 25 million commercial vehicles. The European Automobile Manufacturers Association claims that the European automobile industry is a global player, exporting high-quality "Made in Europe" goods and helping the EU achieve a USD 74-billion trade surplus.Thus, the growing automotive and transportation industries along with increasing parking demand have organically boosted the smart parking systems market.

Restraints

High Implementation Cost

The cost of production and implementation is regarded as the most critical factor in determining a car parking system's price. The cost of production and performance may include the cost of raw materials, labor, transportation, and the manufacturing process. Because of the sensor, and electronic devices integrated into the system, smart parking systems are bulky and more expensive than a simple parking system.The San Francisco Government reports that SFpark has around USD 27 million in funding spread over two years. According to Urbiotica, even a simpler system, such as theirs, costs between $200 and $400 per sensor to install.

Impact of COVID-19on the Global Smart Parking Systems Market

Due to the impact of the COVID-19 pandemic, millions of people fled into their homes, leading to low traffic, steep drops in congestion, empty highways, and empty buildings, which impacted the growth of smart parking systems. As COVID-19 continues to wreak havoc around the world, particularly after the emergence of many lethal viral variants, SpotHero, a leader in smart parking systems in North America with 7,500 partner locations, reported a 90% loss in parking volume.

Global Smart Parking Systems Market: By Technology

Based on technology types, the smart parking systems market is grouped into IoT, ultrasonic, and RFID. In 2020, the IoT segment accounted for the largest share in the smart parking systems market. The Internet of Things (IoT) is the most advanced and efficient technology used in the smart parking system. An IoT-based parking system transmits data about available parking spaces to the driver via a mobile/web application. The IoT devices include sensors and microcontrollers, which are located in the parking place. The user receives a live update about occupied and vacant spaces and chooses the most suitable parking space. These features of IoT technology are contributing to the growth of the smart parking systems market.

Source: BlueWeave Consulting

Global Smart Parking Systems Market: By Application

Based on applications, the smart parking systems market is grouped into security & surveillance, smart payments systems, e-parking, license plate recognition, and others. In 2020, the smart payments system segment accounted for the largest share in the smart parking systems market. The effective use of technology-driven digital payment methods through mobile applications has driven the growth of the smart payments system in the application segment, which further influenced the growth of the smart parking systems market.

Global Smart Parking Systems Market: Regional Insights

Geographically, the smart parking systems market is categorized into North America, Europe, the Asia-Pacific, the Middle East & Africa, and Latin America. North America accounted for the largest share in the smart parking systems market in 2020 and is likely to dominate during the forecast period. The governments of the United States and Canada are working to reduce traffic on the roads, particularly in crowded and downtown areas. In addition, government initiatives to develop smart cities across North America have spurred the growth of the smart parking systems market in the region. In Washington, D.C., the District Department of Transportation has installed StreetSmart Technology parking sensors in about 100 parking places in 10 blocks.

Competitive Landscape

Some of the key players in the smart parking systems market are Altiux Innovations, Amano McGann, Inc., Amco S.A., BMW AG (ParkNow GmbH, Parkmobile LLC), Cisco Systems, Inc., CivicSmart, Inc., Deteq Solutions, Flowbird, gtechna, INDECT Electronics & Distribution GmbH, Kapsch TrafficCom, Libelium Comunicaciones Distribuidas S.L., Robert Bosch GmbH, Siemens AG, Municipal Parking Services, Inc., Nedap N.V., and other prominent players. The high production and implementation costs of smart parking systems are driving the key players to heavily invest in research and development in order to optimize their production.The growing applications of smart parking systems, as well as extensive R&D in this field, are creating lucrative opportunities for the key market players.

Recent Developments

• In July 2021, Patna Municipal Corporation (India) announced the project to develop 38 smart parking systems across Patna on a pilot basis.

• In July 2021, Cox Communications announced its continued Smart City initiative with the City of Henderson, Nevada. The two organizations share a vision of the future city, where a resilient and forward-looking infrastructure supports next-generation services and improves the quality of life for residents and visitors alike.

Scope of the Report

By Component

• Hardware

• Pucks

• Cameras & LPRs

• Smart Meters

• Signage

• Parking Gates

• Software

• Parking Guidance System

• Analytics Solutions  Dispersion

By Type

• On-Street

• Off-Street

• Garage Parking

• Lot Parking

By Application

• Security & Surveillance

• Smart Payments Systems

• E-Parking

• License Plate Recognition

• Others

By Technology

• IoT

• Ultrasonic

• RFID

By Region

• Asia-Pacific

• North America

• Europe

• Middle East & Africa

• Latin America

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Research Methodology
   1. Qualitative Research
      1. Primary & Secondary Research
   2. Quantitative Research
   3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
   4. Breakdown of Primary Research Respondents, By Region
   5. Assumption & Limitation
3. Executive Summary
4. Global Smart Parking System Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
   3. Recent Development
   4. Government Regulations
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
5. Global Smart Parking System Market Overview
   1. Market Size & Forecast by Value, 2017-2027
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Component
         1. Hardware
            1. Pucks (Wireless Sensors)
            2. Cameras & LPRs
            3. Smart Meters
            4. Signage
            5. Parking Gates
         2. By Software
            1. Parking Guidance System
            2. Analytics Solutions
      2. By Technology
         1. Internet of Things (IoT)
         2. Ultrasonic
         3. RFID
      3. By Application
         1. Security & Surveillance
         2. Smart Payments Systems
         3. E-Parking
         4. License Plate Recognition
         5. Others
      4. By Type
         1. On-Street
         2. Off-Street
            1. Garage Parking
            2. Lot Parking
      5. By End-User
         1. Commercial
         2. Government
         3. Transport Transit
      6. By Region
         1. North America
         2. Europe
         3. Asia Pacific
         4. Latin America
         5. Middle East and Africa
6. North America Smart Parking System Market
   1. Market Size & Forecast by Value, 2017-2027
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Component
      2. By Technology
      3. By Application
      4. By Type
      5. By End-User
      6. By Country
         1. United States
         2. Canada
7. Europe Smart Parking System Market
   1. Market Size & Forecast by Value, 2017-2027
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Component
      2. By Technology
      3. By Application
      4. By Type
      5. By End-User
      6. By Country
         1. Germany
         2. United Kingdom
         3. Italy
         4. France
         5. Spain
         6. Rest of Europe
8. Asia Pacific Smart Parking System Market
   1. Market Size & Forecast by Value, 2017-2027
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Component
      2. By Technology
      3. By Application
      4. By Type
      5. By End-User
      6. By Country
         1. China
         2. India
         3. Japan
         4. Australia
         5. South Korea
         6. Rest of Asia Pacific
9. Latin America Smart Parking System Market
   1. Market Size & Forecast by Value, 2017-2027
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Technology
      2. By Application
      3. By Type
      4. By End-User
      5. By Country
         1. Brazil
         2. Mexico
         3. Argentina
         4. Rest of Latin America
10. Middle East & Africa Smart Parking System Market
    1. Market Size & Forecast by Value, 2017-2027
       1. By Value (USD Billion)
    2. Market Share & Forecast
       1. By Component
       2. By Technology
       3. By Application
       4. By Type
       5. By End-User
       6. By Country
          1. Saudi Arabia
          2. Turkey
          3. UAE
          4. South Africa
          5. Rest of Middle East & Africa
11. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Market Share Analysis, 2020
    3. Competitive Benchmarking, By Operating Parameters
12. Impact of Covid-19 on Smart Parking System Market Industry
13. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) **
    1. Altiux Innovations
    2. Amano McGann, Inc.
    3. Amco S.A.
    4. BMW AG (ParkNow GmbH, Parkmobile LLC)
    5. Cisco Systems, Inc.
    6. CivicSmart, Inc.
    7. Deteq Solutions
    8. Flowbird
    9. gtechna
    10. INDECT Electronics & Distribution GmbH
    11. Kapsch TrafficCom
    12. Libelium Comunicaciones Distribuidas S.L.
    13. Robert Bosch GmbH
    14. Siemens AG
    15. Municipal Parking Services, Inc.
    16. Nedap N.V.
    17. Park Assist
    18. ParkHelp Technologies
    19. ParkJockey
    20. ParkMe Inc
    21. Other Prominent Players
14. Key Strategic Recommendations

List of Figures

Fig 1: Global Smart Parking System Segmentation

Fig 2: Global Smart Parking System Market Value Chain Analysis

Fig 3: Company Market Share Analysis, 2020

Fig 4: Global Smart Parking System Market Size, By Value (USD Billion), 2017-2027

Fig 5: Global Smart Parking System Market Share, By Component, By Value, 2017-2027

Fig 6: Global Smart Parking System Market Share, By Technology, By Value, 2017-2027

Fig 7: Global Smart Parking System Market Share, By Application, By Value, 2017-2027

Fig 8: Global Smart Parking System Market Share, By Type, By Value, 2017-2027

Fig 9: Global Smart Parking System Market Share, By End-User, By Value, 2017-2027

Fig: Global Smart Parking System Market Share, By Region, By Value, 2017-2027

Fig 10: North America Smart Parking System Market Size, By Value (USD Billion), 2017-2027

Fig 11: North America Smart Parking System Market Share, By Component, By Value, 2017-2027

Fig 12: North America Smart Parking System Market Share, By Technology, By Value, 2017-2027

Fig 13: North America Parking System Market Share, By Application, By Value, 2017-2027

Fig 14: North America Smart Parking System Market Share, By Type, By Value, 2017-2027

Fig 15: North America Smart Parking System Market Share, By End-User, By Value, 2017-2027

Fig 16: North America Smart Parking System Market Share, By Country, By Value, 2017-2027

Fig 17: Europe Smart Parking System Market Size, By Value (USD Billion), 2017-2027

Fig 18: Europe Smart Parking System Market Share, By Component, By Value, 2017-2027

Fig 19: Europe Smart Parking System Market Share, By Technology, By Value, 2017-2027

Fig 20: Europe Parking System Market Share, By Application, By Value, 2017-2027

Fig 21: Europe Smart Parking System Market Share, By Type, By Value, 2017-2027

Fig 22: Europe Smart Parking System Market Share, By End-User, By Value, 2017-2027

Fig: Europe Smart Parking System Market Share, By Country, By Value, 2017-2027

Fig 23: Asia-Pacific Smart Parking System Market Size, By Value (USD Billion), 2017-2027

Fig 24: Asia-Pacific Smart Parking System Market Share, By Component, By Value, 2017-2027

Fig 25: Asia-Pacific Smart Parking System Market Share, By Technology, By Value, 2017-2027

Fig 26: Asia-Pacific Parking System Market Share, By Application, By Value, 2017-2027

Fig 27: Asia-Pacific Smart Parking System Market Share, By Type, By Value, 2017-2027

Fig 28: Asia-Pacific Smart Parking System Market Share, By End-User, By Value, 2017-2027

Fig 29: Asia-Pacific Smart Parking System Market Share, By Country, By Value, 2017-2027

Fig 30: Latin America Smart Parking System Market Size, By Value (USD Billion), 2017-2027

Fig 31: Latin America Smart Parking System Market Share, By Component, By Value, 2017-2027

Fig 32: Latin America Smart Parking System Market Share, By Technology, By Value, 2017-2027

Fig 33: Latin America Parking System Market Share, By Application, By Value, 2017-2027

Fig 34: Latin America Smart Parking System Market Share, By Type, By Value, 2017-2027

Fig 35: Latin America Smart Parking System Market Share, By End-User, By Value, 2017-2027

Fig 36: Latin America Smart Parking System Market Share, By Country, By Value, 2017-2027

Fig 37: Middle East & Africa Smart Parking System Market Size, By Value (USD Billion), 2017-2027

Fig 38: Middle East & Africa Smart Parking System Market Share, By Component, By Value, 2017-2027

Fig 39: Middle East & Africa Smart Parking System Market Share, By Technology, By Value, 2017-2027

Fig 40: Middle East & Africa Parking System Market Share, By Application, By Value, 2017-2027

Fig 41: Middle East & Africa Smart Parking System Market Share, By Type, By Value, 2017-2027

Fig 42: Middle East & Africa Smart Parking System Market Share, By End-User, By Value, 2017-2027

Fig 43: Middle East & Africa Smart Parking System Market Share, By Country, By Value, 2017-2027

List of Table

Table 1: Global Smart Parking System Market Size, By Component, By Value, 2017-2027

Table 2: Global Smart Parking System Market Size, By Technology, By Value, 2017-2027

Table 3: Global Smart Parking System Market Size, By Application, By Value, 2017-2027

Table 4: Global Smart Parking System Market Size, By Type, By Value, 2017-2027

Table 5: Global Smart Parking System Market Size, By End-User, By Value, 2017-2027

Table 6: Global Smart Parking System Market Size, By Region, By Value, 2017-2027

Table 7: North America Smart Parking System Market Size, By Component, By Value, 2017-2027

Table 8: North America Smart Parking System Market Size, By Technology, By Value, 2017-2027

Table 9: North America Smart Parking System Market Size, By Application, By Value, 2017-2027

Table 10: North America Smart Parking System Market Size, By Type, By Value, 2017-2027

Table 11: North America Smart Parking System Market Size, By End-User, By Value, 2017-2027

Table 12: North America Smart Parking System Market Size, By Country, By Value, 2017-2027

Table 13: Europe Smart Parking System Market Size, By Component, By Value, 2017-2027

Table 14: Europe Smart Parking System Market Size, By Technology, By Value, 2017-2027

Table 15: Europe Smart Parking System Market Size, By Application, By Value, 2017-2027

Table 16: Europe Smart Parking System Market Size, By Type, By Value, 2017-2027

Table 17: Europe Smart Parking System Market Size, By End-User, By Value, 2017-2027

Table 18: Europe Smart Parking System Market Size, By Country, By Value, 2017-2027

Table 19: Asia-Pacific Smart Parking System Market Size, By Component, By Value, 2017-2027

Table 20: Asia-Pacific Smart Parking System Market Size, By Technology, By Value, 2017-2027

Table 21: Asia-Pacific Smart Parking System Market Size, By Application, By Value, 2017-2027

Table 22: Asia-Pacific Smart Parking System Market Size, By Type, By Value, 2017-2027

Table 23: Asia-Pacific Smart Parking System Market Size, By End-User, By Value, 2017-2027

Table 24: Asia-Pacific Smart Parking System Market Size, By Country, By Value, 2017-2027

Table 25: Latin America Smart Parking System Market Size, By Component, By Value, 2017-2027

Table 26: Latin America Smart Parking System Market Size, By Technology, By Value, 2017-2027

Table 27: Latin America Smart Parking System Market Size, By Application, By Value, 2017-2027

Table 28: Latin America Smart Parking System Market Size, By Type, By Value, 2017-2027

Table 29: Latin America Smart Parking System Market Size, By End-User, By Value, 2017-2027

Table 30: Latin America Smart Parking System Market Size, By Country, By Value, 2017-2027

Table 31: Middle East & Africa Smart Parking System Market Size, By Component, By Value, 2017-2027

Table 32: Middle East & Africa Smart Parking System Market Size, By Technology, By Value, 2017-2027

Table 33: Middle East & Africa Smart Parking System Market Size, By Application, By Value, 2017-2027

Table 34: Middle East & Africa Smart Parking System Market Size, By Type, By Value, 2017-2027

Table 35: Middle East & Africa Smart Parking System Market Size, By End-User, By Value, 2017-2027

Table 36: Middle East & Africa Smart Parking System Market Size, By Country, By Value, 2017-2027

Table 37: Altiux Innovations Financial Analysis

Table 38: Altiux Innovations Business Overview

Table 39: Amano McGann, Inc.Financial Analysis
Table 40: Amano McGann, Inc.Business Overview

Table 41: Amco S.A.Financial Analysis

Table 42: Amco S.A.Business Overview

Table 43: BMW AG (ParkNow GmbH, Parkmobile LLC)Financial Analysis

Table 44: BMW AG (ParkNow GmbH, Parkmobile LLC)Business Overview

Table 45: Cisco Systems, Inc.Financial Analysis

Table 46: Cisco Systems, Inc.Business Overview

Table 47: CivicSmart, Inc.Financial Analysis

Table 48: CivicSmart, Inc.Business Overview

Table 49: Deteq Solutions Financial Analysis

Table 50: Deteq Solutions Business Overview

Table 51: Robert Bosch GmbH Financial Analysis

Table 52: Robert Bosch GmbH Business Overview

Table 53: Siemens AGFinancial Analysis

Table 54: Siemens AGBusiness Overview

Table 55: INDECT Electronics & Distribution GmbH Financial Analysis

Table 56: INDECT Electronics & Distribution GmbH Business Overview

Table 57: Kapsch TrafficCom Financial Analysis

Table 58: Kapsch TrafficCom Business Overview

Table 59: Libelium Comunicaciones Distribuidas S.L.Financial Analysis

Table 60: Libelium Comunicaciones Distribuidas S.L.Business Overview

Table 61: Municipal Parking Services, Inc.Financial Analysis

Table 62: Municipal Parking Services, Inc. Business Overview

Table 63: Nedap N.V.Financial Analysis

Table 64: Nedap N.V. Business Overview

Table 65: ParkHelp Technologies Financial Analysis

Table 66: ParkHelp Technologies Business Overview