The latest report by IMARC Group, titled "Smart Parking Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," offers a comprehensive analysis of the industry, which comprises insights on the global smart parking market. The report also includes competitor and regional analysis, and contemporary advancements in the global market.

The global smart parking market size reached US$ 4.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 9.6 Billion by 2028, exhibiting a growth rate (CAGR) of 12.9% during 2023-2028.

A smart parking system (SPS) generally optimizes parking spaces via automated access control solutions, parking reserving barriers, parking guidance systems (PGS), ticketing systems, etc. It uses mechanical arrangements to transfer cars from one parking space to another and remove the wasted space in a multistory or single-story garage. Smart parking utilizes vehicle counting equipment, automatic number plate recognition readers (ANPR), video cameras, and pavement sensors to find out the occupancy of a parking lot and transfer the data to the control center in real-time. It aims to help in the smooth traffic flow in congested areas and provide a systematic parking operation. Smart parking guides users to available parking slots by navigating them from a smartphone application. When positioned as a system, it saves time, decreases management costs, reduces the cases of illegal parking in the area, etc.

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Global Smart Parking Market Trends:

The increasing traffic congestion leading to limited space for a smooth flow of traffic is primarily augmenting the smart parking market. Furthermore, the escalating demand for comfortable and luxurious cars, on account of the inflating disposable income levels, is positively influencing the global market. Apart from this, the launch of numerous favorable policies by government bodies for developing green and smart cities, economic zones, and industrial parks to minimize carbon dioxide emissions is also bolstering market growth. Besides this, the expanding international tourism sector, owing to the growing utilization of these systems as they can aid in smooth parking operations in famous and congested tourist destinations, is expected to fuel the smart parking market in the coming years.

Competitive Landscape:                                      

The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market.

Some of these key players include:            

• Valeo S.A.
• Continental AG
• Robert Bosch GmbH
• Kapsch TrafficCom AG
• Cubic Corporation
• TKH Group-Park Assist.
• Streetline Inc.
• Cisco Systems Inc.
• ParkMe Inc.
• Urbiotica
• Skidata AG
• Amano McGann Inc.
• Swarco AG
• Smart Parking Ltd
• Nedap N.V.
• Delphi Automotive PLC
• Aisin Seiki Co. Ltd
• Siemens AG
• Xerox Corporation

Moreover, the escalating support by the governments for the adoption of smart parking systems, as they help in reducing air pollution, traffic congestion, and carbon emissions, is strengthening the demand. Additionally, the rising implementations to improve traffic flow and reduce traffic congestion across urban cities are acting as another growth-inducing factor. Furthermore, smart parking systems help reduce the cost associated with parking management, such as enforcement, maintenance, and operation expenses, making it an attractive option for cities and parking lot owners, thereby catalyzing the demand globally. Apart from this, the continuous development of IoT, AI, based technologies has led to the development of more sophisticated smart parking systems that can provide real-time information and automated parking management, this is creating a positive market outlook.

Explore the Full Report with Charts, Table of Contents, and List of Figures: https://www.imarcgroup.com/smart-parking-market

Key Market Segmentation:

Breakup by System:

• Guided Park Assist System
• Smart Park Assist System

Breakup by Technology:

• Ultrasonic Sensors
• Radar Sensors
• Image Sensors
• IoT
• Others

Breakup by Component:

• Hardware
• Software
• Services

Breakup by Vertical Type:

• Government and Municipalities
• Commercial Institutions
• Corporate Institutions
• Transport Facilities
• Others

Breakup by Solution:

• Security and Surveillance
• Valet and Parking Reservation
• License Plate Recognition

Breakup by Parking Site:

• Off-Street Parking
• On-Street Parking

Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the Report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• COVID-19 Impact on the Market
• Porter’s Five Forces Analysis
• Historical, Current, and Future Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Structure of the Market
• Value Chain Analysis
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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