Rising Investments in Smart City Development Propel Smart Parking Market - Forecast 2023-2030

DUBLIN, Aug. 9, 2023 /PRNewswire/ --  The "Global Smart Parking Market by Technology, Component, Vertical, Application, Ownership - Cumulative Impact of COVID-19, Russia Ukraine Conflict, and High Inflation - Forecast 2023-2030" report has been added to  ResearchAndMarkets.com's offering.

The Global Smart Parking Market size was estimated at USD 9.41 billion in 2022, USD 10.79 billion in 2023, and is projected to grow at a Compound Annual Growth Rate (CAGR) of 14.73% to reach USD 28.25 billion by 2030.

An increase in concerns regarding vehicle parking due to the increase in the number of vehicles raising the adoption of smart parking solutions. Moreover, the growing investment and initiatives toward smart city development drive the growth of the smart parking market.

Furthermore, technical challenges associated with smart parking systems and the unavailability of supporting infrastructure, along with the high initial implementation cost, may limit the smart parking market growth. In addition, growth in the deployment of IoT-based solutions for fully automated parking systems and the emergence of robotic parking systems create lucrative opportunities for market growth.

The Cumulative Impact of COVID-19, the Russia-Ukraine Conflict, and High Inflation is expected to have significant long-term effects on the Global Smart Parking Market.

The ongoing research considers the changes in consumer behavior, supply chain disruptions, and government interventions caused by the pandemic.

Similarly, the report considers the ongoing political and economic uncertainty in Eastern Europe caused by the Russia-Ukraine Conflict and its potential implications for demand-supply balances, pressure on pricing variants, and import/export and trading. Additionally, the report addresses the impact of High Inflation on the global economy and details fiscal policies measuring and reducing its effects on demand, supply, cash flow, and currency exchange.

Market Segmentation & Coverage:

This research report categorizes the Global Smart Parking Market in order to forecast the revenues and analyze trends in each of following sub-markets:

• Based on Technology, the market is studied across Counter Technology, Ground-sensor Technology, and Overhead Sensor/Camera-Based Technology. The Overhead Sensor/Camera-Based Technology commanded largest market share of 44.54% in 2022, followed by Ground-sensor Technology.
• Based on Component, the market is studied across Hardware, Services, and Software. The Hardware is further studied across Cameras & License Plate Recognition, Parking Gates, Sensors, Signage Systems, and Smart Meters. The Services is further studied across Consultancy Services, Engineering Services, and R&D. The Software is further studied across Parking Guidance System, Parking Management Software, and Parking Reservation Management. The Hardware commanded largest market share of 57.65% in 2022, followed by Software.
• Based on Vertical, the market is studied across Commercial and Residential. The Commercial commanded largest market share of 87.88% in 2022, followed by Residential.
• Based on Application, the market is studied across Off-Street and On-Street. The Off-Street commanded largest market share of 57.88% in 2022, followed by On-Street.
• Based on Ownership, the market is studied across Private and Public. The Private commanded largest market share of 74.88% in 2022, followed by Public.
• Based on Region, the market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The Americas commanded largest market share of 36.92% in 2022, followed by Europe, Middle East & Africa.

Market Dynamics

Drivers

• Increasing number of vehicles and need for commercial and public parking spaces
• Rising investments and initiatives toward smart city development

Restraints

• High implementation cost of smart parking systems

Opportunities

• Growing penetration of IoT-based solutions for fully automated parking systems
• Significant emergence of robotic parking systems and driverless parking technology

Challenges

• Unavailability of supporting infrastructure and technical challenges associated with smart parking systems

Companies Mentioned

• ABB Ltd.
• Aisin Corporation
• Amano Corporation
• Barcelona Smart Technologies, S.L.
• Cisco Systems, Inc.
• CivicSmart, Inc.
• Cleverciti Systems GmbH
• Conduent Incorporated
• Continental AG
• Cubic Corporation
• Delphi Technologies by BorgWarner Inc.
• Digiteum LLC
• EnR Consultancy Services
• FlashParking, Inc.
• Flowbird Group
• Happiest Minds Technologies Limited
• hIOTron
• Honeywell International Inc.
• Huawei Technologies Co. Ltd.
• IEM SA
• INRIX, Inc.
• Intercomp S.p.A.
• International Business Machines Corporation
• IPS Group, Inc.
• JustPark Parking Limited
• Klaus Multiparking GmbH
• Larsen & Toubro Limited
• LeddarTech Inc.
• Libelium Comunicaciones Distribuidas S.L.
• Nedap N.V.
• Oracle Corporation
• Parkeagle B.V.
• Parklio
• ParkMobile, LLC by EasyPark AB
• Qualcomm Technologies, Inc.
• Robert Bosch GmbH
• Robotic Parking Systems, Inc.
• Siemens AG
• SKIDATA AG
• Smart Parking Limited
• SmartParkZone, SL
• Stanley Robotics SAS
• Streetline
• SWARCO AG
• T2 Systems, Inc.
• Thales Group
• TKH Group N.V.
• Total Parking Solutions Ltd.
• UKCPS Ltd
• Wohr Parking Systems Pvt. Ltd.
• Zhejiang Dahua Technology Co., Ltd.
• ZKTeco Co., Ltd

For more information about this report visit https://www.researchandmarkets.com/r/mhs0ae

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