Report Overview

Rising urbanization and space concerns, rising demand for personal vehicles, growing adoption of IoT in parking, technological advancement, and smart city construction could boost the growth of Vietnam Smart Parking Systems Market during the forecast period between 2023 and 2029.

Vietnam Smart Parking Systems Market – Industry Trends & Forecast Report, 2029

Vietnam smart parking systems market size was estimated at USD 56.82 million in 2022. During the forecast period between 2023 and 2029, Vietnam smart parking systems market size is expected to grow at a significant CAGR of 18.89% reaching a value of USD 98.72 million by 2029. Major factors driving the Vietnam smart parking systems market include an increase in parking-related worries, a rise in demand for Internet of Things (loT)-based technology, and a high vehicle adoption rate. It is expected that increased government efforts to build smart cities across Vietnam and increased investment in the development of driverless vehicles will create enormous opportunities for market expansion. Providers of smart parking solutions now have more opportunities to pursue due to the growth of cashless transactions and e-payment options. Developments in machine learning and artificial intelligence are helping businesses make ground-breaking discoveries.

Vietnam Smart Parking Systems Market - Overview

Drivers can park safely with the aid of a smart parking system. With the aid of embedded software and sensors, the parking space is marked or marked in the lot. Due to the vehicle's good handling, the driver is informed when a space becomes available. This technology detects the presence or absence of vehicles in the parking lot using a variety of sensors as part of computer systems. The nearby parking lot's availability is shown in real-time by the smart parking system, which also enables the driver to use that space unhindered by other cars.

Growth Drivers

Increasing Number of Vehicles on Roads

The growth of the smart parking system market is primarily driven by concerns about parking solutions caused by an increase in the number of vehicles. The market has benefited from the increase in government initiatives to manage traffic congestion.

Requirement of City Administration

Market expansion is accelerated by the surge in demand for smart parking systems, which help city administrations efficiently manage dispersed parking spaces while assisting drivers in finding parking spaces. These systems are becoming more and more popular as a result of their ability to provide the necessary scalability and flexibility.

Integral Automated Solutions

The market is also affected by the increase in the use of integrated automated solutions. The improvements in wireless and digital payment technologies are combined with these solutions. These systems are implemented using a variety of technologies, including data analytics, intelligent parking meters, Machine-to-Machine (M2M) communication, mobile apps, and cutting-edge sensors, among others. The market for smart parking benefits from the growth of the automotive industry, a surge in investments, and rising disposable income.

Restraints

Lack of Awareness

The main impediment to market growth during the forecast period is a lack of awareness about the benefits of smart parking. Smart parking solutions equipped with RFID tags experience signal disruption due to electromagnetic interference. Electromagnetic interference disrupts the tracking signal, causing vehicles to be detected incorrectly. During the forecast period, this is expected to present numerous challenges for operators and drivers. To address this issue, market participants are working with technology providers to create innovative market solutions.

Impact of COVID-19 on Vietnam Smart Parking Systems Market

Due to the strict lockdowns and social seclusion used to stop the COVID-19 virus's spread, the smart parking market was negatively impacted. The demand for the smart parking market was impacted by the uncertain economy, a partial business shutdown, and low consumer confidence. During the pandemic, the supply chain was hampered along with logistics operations. However, due to the relaxation of the restrictions, the smart parking market is expected to pick up steam in the post-pandemic scenario.

Vietnam Smart Parking Systems Market

Segmental Coverage

Vietnam Smart Parking Systems Market - By Type

On basis of the type, Vietnam smart parking systems market is divided into Off-Street and On-Street segment. The off-street market segment dominates Vietnam smart parking systems market. The growing number of businesses offering applications for using spaces for parking in single slots can be blamed for the rise in off-street parking. To manage parking issues, several smart city and road development initiatives call for robust parking space utilization using sensor-based vehicle detection technology. The growth of the segment during the forecast period is also being aided by the rise in the number of industries that demand parking and smart detection facilities.

During the forecast period, the on-street segment is expected to post a significant CAGR. Since cars are parked close to their destinations, on-street parking allows for shorter wait times between tasks. By using this type of parking, parking spaces and fees are reduced. It is preferred for slow-moving traffic because accidents are more likely to occur in fast-moving traffic. This kind of parking offers visible vehicle access for short-term parking. Due to the increased number of businesses and industries, as well as the congested areas, there is a greater demand for on-street parking in Vietnam.

Vietnam Smart Parking Systems Market - By Technology

On basis of technology, Vietnam smart parking systems market is divided into Internet of Things (IoT), Ultrasonic, and RFID segments. The ultrasonic segment is expected to dominate the Vietnam smart parking system market for passenger vehicles. The primary application of ultrasonic sensors in smart parking is to assist the driver in finding a suitable parking space and to detect objects in the parking range over a short distance. Ultrasonic sensors are preferred over image and radar sensors as they are less expensive.

Vietnam Smart Parking Systems Market - By Application

On basis of application, Vietnam smart parking systems market is divided into Security & Surveillance, Smart Payment Systems, Parking, and License Plate Recognition. The License Plate Recognition (LPR) segment is expected to grow the fastest during the forecast period. This is due to the increased use of LPRs for vehicle surveillance, which significantly reduces the workforce or time required to complete these tasks. Cameras are increasingly being used in smart parking systems to detect the entry and exit of vehicles in a parking lot as technologies such as image processing and human-computer interaction advance.

Vietnam Smart Parking Systems Market – By Hardware

On basis of the hardware, Vietnam smart parking systems market is divided into Pucks, Cameras and LPRs, Smart Meters, Signage, and Parking Gate segments. The smart meters segment dominates the market. Vietnam is becoming more urbanized, and there is a growing demand for on-street parking spaces in cities across the nation, which has resulted in the widespread use of parking meters. These meters use sensors and mobile applications to track available parking spaces and the number of vehicles parked. Most people leave their cars parked on the streets for extended periods. This has compelled governments to install smart parking meters, which also aid in the allocation of on-street parking spaces.

During the forecast period, the Cameras & License Plate Recognition (LPR) segment is expected to grow at the fastest rate. This can be attributed to the expanding use of LPRs for in-vehicle surveillance because they significantly cut the labor force or time needed to complete these tasks. With the development of technologies like image processing and human-computer interaction, smart parking systems are increasingly using cameras to monitor vehicle entry and exit.

Vietnam Smart Parking Systems Market – By Software

On basis of the software, Vietnam smart parking systems market is divided into Parking Guidance Systems and Analytics Solution segments. The parking guidance systems segment leads the Vietnam smart parking systems market. These guiding systems have become more popular because they help people find open slots, offer parking instructions, show how many spaces are available and how long they will be available, and save people time. To increase their market share in the Vietnam smart parking systems market, industry players are concentrating on showcasing their cutting-edge guidance systems.

During the forecast period, the analytics solutions segment is expected to grow significantly. The ability of parking sensors installed on various structures, such as light poles, to thoroughly collect accurate information about occupied and vacant spaces, can be attributed to the growth.

Vietnam Smart Parking Systems Market – By Service

On basis of the service, Vietnam smart parking systems market is divided into Consulting Services, Engineering Services, and Mobile App Parking Services segments. The engineering service sector registers to hold a majority of market share. During the forecast period, the adoption of autonomous and semi-autonomous vehicles increased, especially in developed nations. These vehicles require parking garages and lots that have been specifically designed, as well as robotic engineering facilities and instrumentation installations.

During the forecast period, the mobile app parking services market is expected to expand significantly. Due to the widespread adoption of smartphone applications that support smart parking services, the segment is expected to expand significantly during the forecast period. The applications make it simple to reserve slots and accept payments via mobile devices. With the growing use of IoT-based cloud platforms that assist in running mobile applications, it is expected that the adoption of smart parking systems will rise. Drivers are aware of the intelligent parking arrangement, which enables operators to make wise parking and payment decisions.

Vietnam Smart Parking Systems Market – By End User

On basis of end user, Vietnam smart parking systems market is divided into Commercial, Government, and Transport Transit segments. The commercial segment dominates the Vietnam smart parking systems market. The increasing adoption of smart parking systems in corporate buildings, theatres, sports complexes, shopping malls, and other public places is expected to drive commercial segment growth through 2029. Proliferation of flexible mobile payment services and a high level of convenience in parking are expected to fuel the segment's growth during the forecast period.

Competitive Landscape

Vietnam smart parking systems market is fiercely competitive. Prominent players in the market include Aisin Seiki, Altiux Innovations, Amano Corporation, Amano McGann Inc, BMW Group, Continental AG, Daimler AG, Eito & Global Inc., Giken Limited, IHI Parking System, Nissei Build Kogyo, Siemens AG, Valeo S.A, and Volkswagen AG. The key strategies used by these market leaders are new product launches, mergers & acquisitions, and alliances. To grow their market share, these companies are also focusing on investing in innovations, collaborations, and expansions.

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

• Pucks

• 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