Report Overview

Rapid urbanization and space constraints, increasing number of personal vehicles, and growing adoption of IoT in parking are projected to propel the expansion of India smart parking systems market during the forecast period between 2023 and 2029.

India Smart Parking Systems Market - Industry Trends & Forecast Report, 2029

India smart parking systems market size is expected to expand at a CAGR of 11.6% during the forecast period between 2023 and 2029. Major growth drivers for India smart parking systems market include increasing traffic congestion, growing vehicle ownership and limited parking space. The growing adoption of integrated automated solutions, as well as developments in wireless and digital payment technologies, are likely to boost market expansion. Machine-to-machine (M2M) connectivity, data analytics, improved sensors, smart parking meters, and mobile applications for slot bookings and online payments are among the technologies utilized to create effective solutions. Also, the growing trend of city automation has increased reliance on many types of smart parking solutions, such as smart meters, navigation systems, analytics solutions, and engineering services.

India Smart Parking Systems Market – Overview

Smart parking is a safe parking option for conscientious drivers. Using embedded software and sensors, the sign or symbol shows the available parking spot on the lot. The driver is well familiar with the unoccupied area due to effective vehicle management. Smart parking gives drivers real-time information on the availability of adjacent parking spaces, allowing them to reserve a spot without having to wait. The smart parking system eliminates the need for guards who assist in finding a parking spot and collect tickets. The parking experience is being transformed by powerful technologies. Wireless sensor-based technology, dynamic messaging, parking sensors, and administrative facilities for examining parking data, providing real-time parking data to citizens, and quick management of parking zones are examples of innovations.

India Smart Parking Systems Market

Growth Drivers

Rapid urbanization and space constraints

The number of vehicles on the road amplifies each year, generating traffic congestion. Parking has become a serious issue in major cities due to the large number of vehicles. In fact, the parking spot supply-demand mismatch is expanding year after year. Excessive traffic delays and congestions annoy drivers, waste fuel, pollute the air and noise, and hinder productive economic activity. As a result, over the projected period, these factors are expected to boost the global smart parking systems market.

Restraints

High installment costs

As technology is constantly evolving, it is vital to upgrade the system and software to keep them compatible with the external environment. Cost of all components in smart parking, such as sensors, RFID, fuzzy logic, and the required assembly, is higher. It is expensive as different components and sensors are merged on a single dielectric plate depending on compatibility. Also, a smart parking system is a complex and cutting-edge technology. Its implementation necessitates significant investment in infrastructure, technology, and overall upkeep. It must be operated by qualified employees who have received proper training. Although government officials in affluent countries are adopting this approach, many emerging economies are wary of it due to its high cost. Consequently, these factors may limit the growth of the India smart parking systems market.

Impact of COVID-19 on India Smart Parking Systems Market

COVID-19 had a detrimental impact on smart parking systems market. As most countries across the world have enforced lockdown to restrict the spread of COVID-19, the revenue of smart parking systems has suffered. Several educational and work institutions, such as schools and universities, have transitioned to virtual learning, resulting in the disappearance of parking, transit, and other services. This has also resulted in monthly parking permit reimbursement. Similarly, the international travel ban has had a significant impact on smart parking firms. However, as the sector re-opens, smart parking systems are expected to regain demand due to the anticipated increase in private transportation utilization and its impact on the demand for smart parking space management.

India Smart Parking Systems Market

Segmental Coverage

India Smart Parking Systems Market – By Type

Based on type, India smart parking systems market is bifurcated into Off-Street and On-Street segments. The off-street segment dominates the market during the period in analysis owing to the growing demand for single-slot parking. The increased requirement to accept and space several cars in a single slot can be attributed to the expanding popularity of off-street parking. To manage parking challenges, smart city projects necessitate greater parking space usage via smart, sensor-based vehicle identification technologies. The growing number of industries that require enough parking and smart detection facilities adds to the segment's growth.

India Smart Parking Systems Market – By Technology

Based on technology, India smart parking systems market is divided into Internet of Things (IoT), Ultrasonic and Radio Frequency Identification (RFID). The IoT segment is expected to dominate the market during forecast period. Using IoT for smart parking increases visibility and effectiveness for drivers and parking enforcement officials. The GSM Association claims that effective mobile IoT adoption for intelligent parking reduces traffic congestion by 8%. Locating a parking spot reduces driving distance by 30%. It takes 43% less time to find parking. Furthermore, both on-street and off-street parking lots necessitate network connectivity. Mobile IoT has significant coverage because it is built on current mobile networks. It is intended to run deeper indoors and underground than existing networks, making it appropriate for a wide range of parking lots. As a result, the IoT segment has the highest market share.

India Smart Parking Systems Market – By Application

Based on application, India smart parking systems market is segmented into Security and Surveillance, Smart Payment Systems, Parking and License Plate Recognition. The parking and license plate recognition segment is expected to dominate the market due to increased usage of LPRs for vehicle surveillance, which considerably decreases the personnel or time necessary to execute these duties. Cameras are increasingly being utilized in smart parking systems to detect the entry and leave of vehicles in a parking lot as technologies such as image processing and human-computer interaction progress.

India Smart Parking Systems Market – By Hardware

Based on hardware, India smart parking systems market is segmented into Cameras and LPRs, Smart Meters, Signage and Parking gate. The smart meters segment held the highest market share due to rapid urbanization and surging demand for on-street parking spots in cities throughout the world, which has resulted in the widespread usage of parking meters. These meters use sensors and mobile applications to track available parking spaces and the number of vehicles parked. Most individuals leave their cars parked on the streets for extended periods of time. This has pushed governments to install smart parking meters, which also aid in the allocation of on-street parking spaces. Cameras and license plate recognition segment (LPR) held the second highest market share. This can be attributable to the increasing usage of LPRs for vehicle surveillance, which significantly reduces the personnel necessity or the amount of time required to do these duties.

India Smart Parking Systems Market – By Software

Based on software, India smart parking systems market is bifurcated into Parking Guidance System and Analytics Solution segments. The parking guidance system held a higher market share in 2022. These guidance systems have acquired popularity in the market since they help with unoccupied slots, provide parking guidelines, the number of available spots, the period of availability, and save them time. These systems can ensure simple competence for vehicle drivers by monitoring standing ultrasonic sensors and electronic signals and providing a user-friendly graphical interface.

India Smart Parking Systems Market – By Service

Based on service, India smart parking systems market is divided into Consulting Services, Engineering Services, and Mobile App Parking Services segments. The engineering segment held the highest market share during the forecast period. The increasing usage of autonomous and semi-autonomous vehicles, particularly in developed countries, can be credited to the segment's rise. These vehicles necessitate specially planned parking lots and garages, as well as robotic engineering facilities and custom-built instrumentation and solutions. Smart parking technologies are predicted to be widely adopted in the near future in autonomous vehicle production hubs. The consulting services segment is expected to dominate the market. These services address various management requirements, such as learning how to use a smart parking application or designing a parking space to meet the demands of the operator or user. These services also provide drivers and operators with convenient and hassle-free parking. These services also offer simple operation, maintenance, and customization of facilities based on customer needs, as well as smart parking systems.

India Smart Parking Systems Market – By End User

Based on end user, India smart parking systems market is divided into Commercial, Government, and Transport Transit segments. The commercial segment dominated the market in 2022 due to growing use of smart parking systems in retail malls, sports complexes, corporate buildings, and theaters, among other public venues, is expected to boost commercial growth over the projection period. Furthermore, smart parking systems' high level of convenience and mobile payment choices are projected to fuel the commercial segment's expansion. The transport transit segment is expected to hold the highest marker share because of increased travel by airplanes. Airport authorities throughout the world provide the ability to book or reserve parking spaces via their websites and mobile apps. Several airport ticket suppliers, such as Ryanair, are now offering the option to reserve airport parking spots when ordering airline tickets, which is projected to drive the growth of this market throughout the forecast period.

Competitive Landscape

Major players operating in India smart parking systems market include Altiux Innovations, BMW Group, Continental AG, Daimler AG, Flowbird, Get My Parking, Mindteck, Park Smart, ParkingRhino, Robert Bosch GmbH, RR Parkon, Secure Parking, Siemens AG, Smart City Parking, Valeo S.A, ValetEZ, and Volkswagen AG. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Scope of the Report

By Type

• Off-Street

• On-Street

By Technology

• Internet of Things (IoT)

• Ultrasonic

• RFID

By Application

• Security and Surveillance

• Smart Payment Systems

• Parking

• License Plate Recognition

By Hardware

• Cameras and LPRs

• Smart Meters

• Signage

• Parking gate

By Software

• Parking Guidance System

• Analytics Solution

By Service

• Consulting Services

• Engineering Services

• Mobile App Parking Services

By End User

• Commercial

• Government

• Transport Transit