The rapid innovation motives toward smart technologies in the parking industry of North America and Europe include, adopting high-end automation solutions and parking reservation software. European airports are successful in generating extra revenues through increasing customer spending using online booking of EUR 2 per passenger. With an increasing global population, the traffic congestion is severe, demanding sophisticated parking solutions. This is translating into demand for the parking reservation systems. The growing disposable incomes in the developing countries is resulting in increasing number of vehicles, and the need for parking reservation systems in such economies have become apparent. Considering these trends, countries, such as the United States, Germany, China, and India, are regarded as the major contributors to the parking reservation systems market during the forecast period.
Increasing Number of Vehicles are Driving the Growth of the Market
Urbanization has become a global phenomenon. The densely populated parts of the world are facing dramatic transportation issues. Approximately, half of the world’s population is living in the cities, and it is expected that, almost 70% of the global population will migrate to cities.
With increasing urban population and disposable incomes of the population in emerging countries, the reliance on vehicles will witness positive trends, shortly. It is expected that the number of on-road vehicles worldwide will get tripled to 3 billion by 2035. In spite of the rhetoric about energy independence, as well as climate stabilization, other negative factors, such as oil consumption and carbon dioxide emissions, are soaring day by day. It is expected that the number of motorized vehicles will grow with a global average of 3% annually. Many observations across various cities suggested that almost 30% of the peak hour traffic is caused by vehicles scouting around in search of secured vehicle parking spaces. Proper parking management can potentially reduce this mess and indirectly help in reducing environmental pollution.
Mobile-based Solutions are Expected to Record the Highest Growth
As the penetration of smartphones and internet is growing, the governments and companies are introducing many digital initiatives. As many people are opting for technology and are interested in gathering online information, it has become very easy for the solution providers to increase their revenues through mobile-based parking reservation solutions. Unlike the past few years, where only personal computers were used as a medium for internet services, current smartphone evolution and the availability of high-speed internet services on smartphones made it possible for the mobile-based solution providers to penetrate rapidly. Mobile-based solutions are helpful even when there is no availability of internet. Using SMS and MMS services, the user can get parking services through mobile.
North America to Hold the Largest Market Share
Being home to major automotive industry leaders, such as General Motors, Ford, Chryslers and many others, the vehicle production in North America is growing at the rate of 7.5% year-on-year. This rate is being witnessed due to urbanization and the changing lifestyles of a major chunk of the population. With the increasing usage of cars across the region, the demand for parking reservation systems is also growing. North America is the early adopter of the technology and is in its growth phase. A lot of innovation has been taking place in the regional market, and hence, the users are being offered a variety of parking solutions.
As the parking industry in North America is rapidly moving toward smart technologies, adoption of high-end automation solutions and parking reservation solutions is increasingly getting integrated into the many mobility solutions. As the competition within the industry is growing, more number of technologies are being implemented from the communications and IT industries. New business models, such as peer-to-peer parking, parking analytics, smart parking with minimum possible hardware, demand-based pricing, and real-time parking sessions, are expanding their base in the region’s market.
Key Developments in the Market
- January 2018 - European online parking reservation leader, ParkCloud, has further strengthened its presence within the Italian market, by securing a contract renewal with Torino Airport (Turin Airport), following a successful 18-month term.
- January 2018 - New parking reservation system was deployed at Muir Woods Monument, California, for vehicles and shuttle passengers. The new vehicle and shuttle reservation system, managed by Ace Parking Management Inc., will allow visitors to plan their trip in advance. The reservation system will be open year-round on a website and call center.
- June 2017 - Infra Park entered into an agreement to expand its stake in LAZ parking from 50% to 90%. The addition of more than 880,000 spaces in more than 328 cities will allow Infra Park to strengthen its position as one of the leaders in a dynamic North American market.
Reasons to Purchase this Report
- Analyze how the increasing traffic is driving the adoption of parking reservation systems in the market.
- Analyze various perspectives of the market with the help of Porter’s five forces analysis.
- The end-user vertical that is likely to witness highest adoption of these systems.
- The countries that are expected to witness fastest growth during the forecast period.
- SWOT analysis for key players and a detailed study of their current strategic interests and key financial performance indicators.
- 3 months analyst support, along with the Market Estimate sheet (in Excel).
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1.1 Key Deliverables of the Study
1.2 Study Assumptions
1.3 Market Definition
1.4 Key Findings of the Study
2. Research Approach and Methodology
3. Executive Summary
4. Market Dynamics
4.1 Market Overview
4.2 Factors Driving the Market
4.2.1 Increasing Number of Vehicles
4.2.2 Increasing Smart City Projects across the Globe
4.3 Factors Challenging the Market
4.3.1 Slow Adoption Rate
4.4 Industry Value Chain Analysis
4.5 Industry Attractiveness – Porter's Five Forces Analysis
4.5.1 Bargaining Power of Suppliers
4.5.2 Bargaining Power of Consumers
4.5.3 Threat of New Entrants
4.5.4 Threat of Substitute Products or Services
4.5.5 Competitive Rivalry among Existing Competitors
5. Global Parking Reservation Systems Market Segmentation
5.1 Parking Site
5.1.1 On-street Parking
5.1.2 Off-street Parking
5.2.1 Web-based Solutions
5.2.2 Mobile-based Solutions
5.2.3 Voice Call-based Solutions
5.3 End User
5.4.1 North America
5.4.4 Latin America
5.4.5 Middle East & Africa
6. Competitive Intelligence – Company Profiles
6.1 International Business Machines Corporation (IBM)
6.2 Infra Park S.A.S
6.3 Xerox Corporation
6.4 Siemens AG
6.5 The 3M Company
6.8 The Kapsch Group
6.9 Standard Parking Corporation
6.10 APCOA Parking AG
6.11 Streetline, Inc.
6.12 Amano Corporation
6.13 Swarco Corporation
6.14 Cubic Corporation
7. Investment Analysis
8. Future of the Global Parking Reservation Systems Market
- International Business Machines Corporation (IBM)
- Infra Park S.A.S
- Xerox Corporation
- Siemens Ag
- The 3m Company
- The Kapsch Group
- Standard Parking Corporation
- Apcoa Parking Ag,Streetline Inc.
- Amano Corporation
- Swarco Corporation
- Cubic Corporation