According to the report, global smart parking system market was valued at approximately USD 3 Billion in 2017 and is expected to reach approximately USD 9.96 Billion by 2024, growing at a CAGR of around 18.7% between 2018 and 2024.
New York, NY, June 25, 2018 (GLOBE NEWSWIRE) — Zion Market Research has published a new report titled “Smart Parking System Market by Component (Hardware and Software), by Parking Site (Off-Street and On-Street), for Applications (Commercial, Personal, Transport & Aviation, Government, and Others) – Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024”. According to the report, global smart parking system market was valued at approximately USD 3 Billion in 2017 and is expected to reach approximately USD 9.96 Billion by 2024, growing at a CAGR of around 18.7% between 2018 and 2024.
Smart parking system helps drivers to find empty or available parking space. This system includes various sensors which detect the availability of vehicles and indicates the driver for the same. For instance, in the early 2000s, the authority of Baltimore-Washington International Airport has had installed smart parking system. Increasing number of vehicles that comes on roads across the globe needs advanced parking solutions. Parking and traffic problems are rising and people are searching for lesser space for either. These problems are creating high vehicle emission and more fuel wastages. Smart parking system reduces vehicle emissions in urban areas by decreasing the need for searching the available parking. Urban parking has become a major problem for both emerging as well as developed countries, thus the popularity of smart parking system has increased. Thus it allows cities to perfectly manage their parking lots.
Browse through 42 Tables & 30 Figures spread over 110 Pages and in-depth TOC on “Global Smart Parking System Market Size & Share 2017: Industry Trends, Growth Analysis and Forecast, 2024”.
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Issues such as land utilization and improper parking management are the major concerns of overcrowded cities, which are expected to drive the global smart parking system market growth. Enforcement of stringent policies related to efficient parking is further expected to drive the smart parking system market growth in Asian countries. On-street parking in these countries is still unsystematic and does not imply strict fines as in North America and Europe. However, implementation of strict parking policies is anticipated to improve the parking management along with high traffic density in Japan and India. Furthermore, increasing use of advanced analytics in development of smart sensors for smart parking system boosted the demand for smart parking system across the globe. These smart parking sensors are buried in parking spaces which communicate with their gateway via radios to provide precise information about available parking space. Moreover, growing adoption of smartphones and mobile applications that assist in paying, reserving, and searching the availability of parking slots is propelling the growth of smart parking system market globally. However, the high installation cost is still a major factor that restraining the growth of global smart parking system market.
North America is expected to have the largest market share in the smart parking system market during the forecast period. Numerous industries in North America are adopting smart parking system to improve their parking management. The region is anticipated to maintain its dominance in global smart parking system market and this is due to numerous innovations obtained from Research and Development (R&D) and the adoption of new technologies in traffic and parking systems. North America is also considered the most progressive region in terms of smart sensors and advanced analytics. Moreover, increasing use of advanced analytics in development of smart sensors for smart parking system boosted the demand for smart parking system in North America.
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Asia Pacific is expected to witness the highest CAGR in the global smart parking system market during the forecast period. This is primarily due to large-scale industrialization in Asian countries such as China, India, and Japan. With enhanced geographic zones and a high client base, the Asia Pacific region is expected to exhibit a strong growth in the smart parking system market. Increasing automobile sales in the Asia Pacific region has been propelling the growth of smart parking system market in this region. Enforcement of stringent policies related to efficient parking is further expected to drive the smart parking system market growth in Asia Pacific region.
Europe region is expected to witness moderate growth in smart parking system market in forecasted period mainly due to the growing adoption of smart mobile application such as smart payments in parking areas. Many leading automobile manufacturers such as Audi, BMW, and other companies are providing in-car smart parking solutions. Hence, this factor is considered as a key driver in the market growth of smart parking system.
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Latin America is expected to witness moderate growth in smart parking system market in the forecasted period. Increasing government spending on smart parking solutions is one of the primary factors that will have a positive impact on the growth of the smart parking system market in Latin America region. The constantly increasing competition to provide efficient services will induce enterprises to adopt Internet of Things and advance analytics in parking management solutions. The market in the developing regions, for example, the Middle East and Africa (MEA) are expected to grow, because of low expenses and more prominent dexterity offered by the cloud solutions, the increase in mobility solutions, and the development in infrastructures.
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Key players profiled in the global smart parking system market include 3M, Cubic Corporation, Amano Corporation, Nortek Control Systems Ltd., Swarco AG, Kapsch TrafficCom AG, Xerox Corporation, Siemens, BMW Group, and Bosch.
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The report segments the smart parking system market into:
Global Smart Parking System Market: Component Segment Analysis
Global Smart Parking System Market: Parking Site Segment Analysis
Global Smart Parking System Market: Application Segment Analysis
- Transport & Aviation
Global Smart Parking System Market: Regional Segment Analysis
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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