Global Smart Parking Strategic Research Report 2023: Parking 4.0 is the Future of Smart Parking - Market to Reach $31.1 Billion by 2030

DUBLIN, June 12, 2023 /PRNewswire/ -- The "Smart Parking: Global Strategic Business Report" report has been added to  ResearchAndMarkets.com's offering.

Global Smart Parking Market to Reach $31.1 Billion by 2030

The global market for Smart Parking estimated at US$6.5 Billion in the year 2022, is projected to reach a revised size of US$31.1 Billion by 2030, growing at a CAGR of 21.5% over the analysis period 2022-2030.

Off-Street, one of the segments analyzed in the report, is projected to record 23.6% CAGR and reach US$25.4 Billion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the On-Street segment is readjusted to a revised 14.8% CAGR for the next 8-year period.

The U.S. Market is Estimated at $2.4 Billion, While China is Forecast to Grow at 24.7% CAGR

The Smart Parking market in the U.S. is estimated at US$2.4 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$4.3 Billion by the year 2030 trailing a CAGR of 24.7% over the analysis period 2022 to 2030.

Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 17.6% and 18.6% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 20.5% CAGR.

Looking Ahead to 2023

The global economy is at a critical crossroads with a number of interlocking challenges and crises running in parallel.

Food and fuel inflation will remain a persistent economic problem. Higher retail inflation will impact consumer confidence and spending. As governments combat inflation by raising interest rates, new job creation will slowdown and impact economic activity and growth.

Lower capital expenditure is in the offing as companies go slow on investments, held back by inflation worries and weaker demand. With slower growth and high inflation, developed markets seem primed to enter into a recession. Fears of new COVID outbreaks and China's already uncertain post-pandemic path poses a real risk of the world experiencing more acute supply chain pain and manufacturing disruptions this year.

Volatile financial markets, growing trade tensions, stricter regulatory environment and pressure to mainstream climate change into economic decisions will compound the complexity of challenges faced. Year 2023 is expected to be tough year for most markets, investors and consumers. Nevertheless, there is always opportunity for businesses and their leaders who can chart a path forward with resilience and adaptability.

What`s New for 2023?

• Special coverage on Russia-Ukraine war; global inflation; easing of zero-Covid policy in China and its `bumpy` reopening; supply chain disruptions, global trade tensions; and risk of recession.
• Global competitiveness and key competitor percentage market shares
• Market presence across multiple geographies - Strong/Active/Niche/Trivial
• Online interactive peer-to-peer collaborative bespoke updates
• Access to digital archives and Research Platform

MARKET OVERVIEW

• Smart Parking Technology and Human Innovation Enable Efficient Use of Parking Spaces
• Features of Smart Parking Systems
• Smart Parking Workflow
• Advantages of Smart Parking System
• Smart Parking Market: Need for Decongestion of Cities and Provide Efficient Parking Experience Drives Growth
• Government & Commercial Sectors Turn to Smart Parking Solutions to Ease Traffic Congestion
• Developed Regions Lead, Developing Economies Promise High Growth
• Smart Parking - Global Key Competitors Percentage Market Share in 2022 (E)
• Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
• Recent Market Activity

MARKET TRENDS & DRIVERS

• Growing Vehicular Traffic and Lack of Adequate Parking Spaces in Cities Drives Focus onto Smart Parking Systems
• Countries with Highest Vehicle Density Per Capita: Number of Vehicles Per 1,000 People by Country
• Vehicular Population Worldwide: Number of Vehicles in Millions for Years 2015, 2025 & 2040
• The High Economic Cost of Parking Drives Interest in Smart Parking Solutions
• Average Time Spent in Searching for Parking Space in the UK, Germany and USA (in Hours Per Driver Per Annum)
• Parking Search Cost in Major US Cities: Number of Hours Spent on Searching for Parking Space Per Driver Per Annum and Annual Search Cost Per City
• Parking Search Cost in Major Cities across the UK: Number of Hours Spent on Searching for Parking Space Per Driver Per Annum and Annual Search Cost Per City
• Parking Search Cost in Major German Cities: Number of Hours Spent on Searching for Parking Space Per Driver Per Annum and Annual Search Cost Per City
• Smart Parking Solutions Seek to Resolve the Ever Growing Transport Challenges Confronting Cities across the World
• Smart Parking: An Integral Part of Smart City Initiatives
• A Review of Select Smart City Initiatives Implemented Worldwide
• Growing Smart City Initiatives Worldwide Presents Opportunity for Smart Parking Market
• Rapid Pace of Urbanization Gives Rise to Parking Concerns, Presenting Opportunities for Smart Parking Market
• Among the Notable Innovations in the Parking Space, Smart Parking Solutions Hold Immense Potential to Increase Parking Capacities
• Integration of Real-Time Smart Parking Systems in Intelligent Transport Systems across Smart Cities: Designed to Provide Timely Information
• Global Intelligent Transportation Systems (ITS) Market by Geographic Region for the Years 2020 and 2027
• IoT Facilitates Location Tracking of Cars in Smart Parking Lots
• Global Number of IoT Connected Devices (In Billion Units) for the Years 2016, 2018, 2020, 2022 & 2025
• Key Benefits of IoT-based Smart Parking System: Reduction in Time Spent on Searching for Parking Space, Gas Emissions, Distance Travelled and Traffic Volume
• Innovations in IoT-based Smart Parking to Revolutionize Parking Space
• Notable Trends in Smart Parking World: In a Nutshell
• Parking 4.0: The Future of Smart Parking
• Smart Parking Technology Presents Additional Avenues of Revenue Generation in Cities
• AI-Based Parking Improves Parking and On-Road Experience
• Sensors Play a Vital Role in Smart Parking Systems
• Event Parking in Cities: Tremendous Growth Potential for Smart Parking Market
• Innovations & Advancements Boost Market Prospects
• Major Issues with Automated Parking Technology

FOCUS ON SELECT PLAYERS (Total 150 Featured) 

• Aisin Seiki Co., Ltd.
• Amano Corporation
• Continental AG
• Cubic Corporation
• Delphi Automotive PLC
• Kapsch TrafficCom AG
• Nedap Identification Systems
• Robert Bosch GmbH
• Siemens AG
• Tkh Group-Park Assist
• Valeo SA
• Xerox Corporation

For more information about this report visit https://www.researchandmarkets.com/r/adp0dw

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]   

For E.S.T Office Hours Call +1-917-300-0470 
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1904
Fax (outside U.S.): +353-1-481-1716 

Logo:  https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg 

SOURCE Research and Markets