Smart Parking Market in Western Europe to Grow by USD 2.63 Billion (2024-2028) Driven by AI and Advanced Technologies - Technavio Report

NEW YORK, Sept. 11, 2024 /PRNewswire/ -- Report with the AI impact on market trends- The smart parking market size in Western Europe is estimated to grow by USD 2.63 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  18.03%  during the forecast period. Integration of advanced technologies in smart parking is driving market growth, with a trend towards integration of ev charging stations with smart parking systems. However, data privacy and security issues in smart parking  poses a challenge. Key market players include APCOA PARKING Holdings GmbH, Cleverciti Systems GmbH., DESIGNA, DextraData GmbH, EasyPark AB, FAAC S.P.A., Flowbird SAS, INRIX Inc., Intercomp Spa, Kudelski SA, Nedap NV, OTRA Solutions BV, Peter Park System GmbH, Q-Park, Robert Bosch GmbH, Scheidt and Bachmann GmbH, Siemens AG, Smart Parking Ltd, SWARCO AG, URBIOTICA, and Volkswagen AG.

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Market Driver

In Western Europe, the integration of electric vehicle (EV) charging stations within smart parking systems is addressing the increasing demand for EV infrastructure. Smart parking spaces are now equipped with sensors to detect occupancy and charging status, enabling real-time data management. Drivers can use mobile applications to locate available parking spots with charging stations, make reservations, and manage payments. Cities and private operators support the growth of EVs by providing accessible charging infrastructure, contributing to environmental sustainability goals. Siemens AG's E-Car Operation Centre (E-Car OC) software manages charging infrastructure in public parking garages and lots, allowing flexible and future-proof management of charging stations from various manufacturers. SKIDATA AG offers integrated EV charging solutions for smart parking facilities, attracting more EV drivers and generating additional revenue. In March 2022, SKIDATA AG launched an integrated solution named "Charge," combining ePlug charging stations with the 'Parking.Logic' smart management system, enabling customers to pay for parking and charging together. These advancements support the growing demand for EV charging infrastructure, enhance user convenience, and contribute to sustainable urban mobility, driving the growth of the smart parking market in Western Europe. 

The Smart Parking Market in Western Europe is witnessing significant growth due to the increasing demand for efficient parking solutions in commercial and residential complexes. Smart city initiatives, parking guidance systems, and reservation systems are trending in this market. Residential buildings, hospitals, hotels, shopping centers, universities, and parking garages are major users of these solutions. SMS and live updates provide convenience for parking operations. Autonomous cars and driverless vehicles are expected to increase the demand for smart parking systems. RFID tags and License Plate Recognition are commonly used for identification. The BirdWatch parking system and IoT-based cloud platform offer analytics solutions for optimizing parking operations. OEMs, municipalities, and urban areas are investing in ultrasonic sensors and RFID technology for off-street parking. The commercial and government segments are the major consumers in this market. Vehicle sales and the urban population growth are driving factors.

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Market Challenges

• Smart parking systems in Western Europe utilize sensors, cameras, license plate recognition technology, and mobile applications to collect and process vast amounts of data, including personal and vehicle information, location data, and payment details. This data raises significant privacy and security concerns. Transparency and explicit user consent are essential for complying with regulations like the General Data Protection Regulation (GDPR). Encryption of data transmitted between sensors, mobile applications, and central servers is necessary to prevent interception by malicious actors. Network security measures are required to protect against hacking and unauthorized access. Continuous vehicle tracking and data collection can lead to privacy concerns and potential misuse. In 2023, EasyPark AB reported a data breach, affecting an undisclosed number of its members, highlighting the vulnerability of smart parking systems to cyberattacks and the importance of security measures. These factors may hinder the growth of the smart parking market in Western Europe during the forecast period.
• The Smart Parking Market in Western Europe is experiencing significant growth due to the increasing demand for efficient and convenient parking solutions. Challenges in this market include managing parking spaces effectively with parking management solutions, installing automated pay stations, and implementing advanced parking garages with Guided Park Assist, parking sensors, and display units. Other challenges include ensuring security and surveillance, managing parking reservations and valet parking, and integrating intelligent parking systems with hardware components like radar sensors, image sensors, and LED signaling. Real-time data information is crucial for guiding vehicles to nearby vacant parking spaces using smart mobile applications and parking guidance systems. Off-street parking, shopping malls, airports, and traffic congestion are key areas where smart parking solutions are being adopted. Vehicles can now easily reserve, pay, and check availability using wireless technology and mobile applications.

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Segment Overview

This smart parking market in Western Europe report extensively covers market segmentation by

1. Type 
• 1.1 Off-street parking
• 1.2 On-street parking
2. End-user 
• 2.1 Commercial
• 2.2 Government
3. Geography 
• 3.1 Western Europe

1.1 Off-street parking-  The Smart Parking market in Western Europe is experiencing significant growth due to increasing urbanization and the need for efficient transportation solutions. Smart Parking systems utilize technology such as sensors and mobile applications to help drivers locate available parking spots and pay for parking conveniently. This not only reduces traffic congestion but also enhances the overall parking experience for drivers. Major cities in Western Europe, including London, Paris, and Berlin, have already implemented Smart Parking solutions, and the trend is expected to continue in the coming years.

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Research Analysis

The Smart Parking Market in Western Europe is experiencing significant growth due to the increasing urban population and the integration of Internet of Things (IoT) technology in smart city projects. The market is driven by the need for efficient parking management solutions in urban areas, where vehicle sales continue to rise. RFID tags and License Plate Recognition (LPR) systems are commonly used for identifying vacant parking slots in real-time, while ultrasonic sensors help detect vacant spaces and provide real-time data information. Municipalities are investing in advanced parking garages and intelligent parking systems, which include automated pay stations, BirdWatch parking system, and analytics solutions. Hardware components such as signs and symbols are also being embedded with software to enhance the overall parking experience. Nearby parking spaces are being identified and communicated to drivers through various means, making parking in urban areas more convenient and efficient.

Market Research Overview

The Smart Parking Market in Western Europe is experiencing significant growth due to increasing urban population, vehicle sales, and smart city initiatives. Smart Parking solutions are being adopted to address traffic congestion and manage parking effectively in urban areas. RFID tags, License Plate Recognition, and IoT-based cloud platforms are key technologies used in these systems. The market caters to both commercial and government segments, with municipalities and urban areas being major consumers. Off-street parking, including parking garages, shopping malls, airports, and commercial complexes, is a significant market for smart parking solutions. OEMs are integrating parking management solutions with ultrasonic sensors, steering angle sensors, and display units in vehicles. Advanced parking garages offer features like Guided Park Assist, Parking Sensors, and Radar Sensors for improved parking experiences. Real-time data information, parking reservation management, and valet parking management are essential components of intelligent parking systems. Nearby parking spaces can be identified through smart mobile applications, and parking guidance systems provide live updates via SMS or mobile applications. Smart city initiatives are driving the adoption of parking solutions in hospitals, universities, and residential buildings. The future of smart parking lies in the integration of wireless technology, parking reservation systems, and parking operations in autonomous and driverless vehicles.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Type
• Off-street Parking
• On-street Parking
• End-user
• Commercial
• Government
• Geography
• Western Europe

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

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SOURCE Technavio