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Global Smart Parking Systems Market, By Component; By Technology; By Application; By Type; By End-User; By Region: Trend Analysis, Competitive Market Share & Forecast, 2017-2027

  • ID: 5457765
  • Report
  • September 2021
  • Region: Global
  • 190 Pages
  • Blueweave Consulting & Research Pvt Ltd

Global Smart Parking Systems Market to Clock Double-Digit Growth - Projected to Reach worth USD 17.2 Billion by 2027


The global smart parking systems market is being driven by the increasing adoption of IoT-based technology as well as the increasing penetration of cars in both developed and developing economies..

A study recently conducted revealed that the global smart parking systems market was worth USD 4.5 billion in 2020 and is further projected to reach USD 17.2 billion by 2027, at a CAGR of 21.2% during the forecast period (2021-2027). Smart parking systems are gaining popularity due to the growing adoption of these systems by various end-users, such as governments and commercial buildings. Furthermore, favorable government initiatives for developing smart cities and smart parking infrastructure are also driving the growth of the global smart parking systems market. Additionally, the growing concern regarding traffic and parking has further increased the demand for smart parking systems worldwide. For instance, Patna Municipal Corporation (India), in July 2021, announced the project to develop 38 smart parking systems across the city on a pilot basis.

Increasing Concerns Related to Parking across the Globe has Driven the Market Growth


Finding a vacant parking space in a downtown area or a crowded city is a difficult task in most develop and developing countries. Moreover, finding vacant parking spaces in hospitals, shopping complexes, commercial buildings, hotels, airports, etc., is an equally challenging task. The growing number of car sales around the world, as well as the requirement to park them appropriately, has propelled the smart parking systems market to new heights. Smart parking systems solve the problem related to parking by linking the parking system with a smart parking system. Moreover, features such as prior booking, SMS & live updates regarding reservations help users overcome parking challenges. For instance, in May 2021, L&T Technology developed an A.I. solution for a smart parking system. This technology has been developed with the help of Intel Corporation.

Growth of Autonomous Vehicle and Rapid Investment in Driverless Vehicles are Propelling the Market Forward


Some of the most well-known names in the automobile industry, such as Tesla, Ford, Volkswagen, and others, are investing in self-parking assistance in autonomous vehicles that display free parking spaces. Software companies are collaborating with vehicle manufacturers to integrate self-parking systems into autonomous vehicles. For instance, in July 2021, Parkopedia, the world's top parking services provider, entered into a partnership with Volkswagen of America (VWoA) to provide parking reservation services to Volkswagen users in the United States who use the Car-Net service and its related smart phone app. The growth in the collaboration between automotive manufacturers and parking service providers has created ample opportunities for the smart parking systems market.

The Hardware Segment Holds the Largest Share in the Component Segment


Based on components, the smart parking systems market is segmented into hardware and software. The hardware segment consisting of pucks, cameras & LPRs, smart meters, signage, and parking gates holds a significant share in the smart parking systems market. Cameras, and smart meters, are widely deployed in on-street parking. The growing demand for on-street parking in cities has resulted in widespread hardware implementation. Since most people park their cars on-road for several hours, governments are installing more hardware and cameras on-road to maintain traffic flow, which is driving the growth of smart parking systems. In July 2021, Sony published a new showcase of how its IMX500 sensors, backed by artificial intelligence (AI) processing, are at the core of three “smart city” trials currently being run in Rome, Italy.

Impact of COVID-19


Globally, numerous businesses have been slowed down by the pandemic. The COVID-19 has negatively impacted supply chains, logistics, raw material suppliers, miners, and many more. As a result of the pandemic, the market for smart parking systems has also been negatively affected. Several industries and commercial buildings suffered a halt in operations due to the lockdown imposed by the governments of different countries to prevent the virus from spreading. The automotive sector, where smart parking systems find their most prominent application, witnessed a sharp decline in sales volume due to the pandemic and its impact. Nevertheless, the automotive industry has proven to be extremely resilient.

Since millions of people were forced to remain at home due to the impact of COVID-19, cities saw a reduction in traffic, steep decrease in congestion, empty highways, vacant buildings, which has negatively impacted the growth of the smart parking market.

Global Smart Parking Systems Market: Regional Insights


Geographically, the smart parking systems market is categorized into North America, Europe, the Asia-Pacific, the Middle East & Africa, and Latin America. North America accounted for the largest share in the smart parking systems market in 2020 and is likely to dominate during the forecast period. Europe’s smart parking system accounted for the second-largest share in the smart parking systems market. The integration of technology and rising collaboration between the smart parking companies and automotive vehicle manufactures have driven the growth of the smart parking systems market in this region. Additionally, Europe is also one of the largest manufacturers of automotive in the world.

Competitive Landscape


Some of the key players in the smart parking systems market are Altiux Innovations, Amano McGann, Inc., Amco S.A.., BMW AG (ParkNow GmbH, Parkmobile LLC), Cisco Systems, Inc., CivicSmart, Inc., Deteq Solutions, Flowbird, gtechna, INDECT Electronics & Distribution GmbH, Kapsch TrafficCom, Libelium Comunicaciones Distribuidas S.L., Robert Bosch GmbH, Siemens AG, Municipal Parking Services, Inc., Nedap N.V., and other prominent players. The growing applications of smart parking systems, as well as extensive R&D in this field, are creating lucrative opportunities for the market's key players.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global smart parking systems market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the ­­­smart parking systems market, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.


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1. Research Framework
1.1. Research Objective
1.2. Product Overview
1.3. Market Segmentation
2. Research Methodology
2.1. Qualitative Research
2.1.1. Primary & Secondary Research
2.2. Quantitative Research
2.3. Market Breakdown & Data Triangulation
2.3.1. Secondary Research
2.3.2. Primary Research
2.4. Breakdown of Primary Research Respondents, By Region
2.5. Assumption & Limitation
3. Executive Summary
4. Global Smart Parking System Market Insights
4.1. Industry Value Chain Analysis
4.2. DROC Analysis
4.2.1. Growth Drivers
4.2.2. Restraints
4.2.3. Opportunities
4.2.4. Challenges
4.3. Recent Development
4.4. Government Regulations
4.5. Porter’s Five Forces Analysis
4.5.1. Bargaining Power of Suppliers
4.5.2. Bargaining Power of Buyers
4.5.3. Threat of New Entrants
4.5.4. Threat of Substitutes
4.5.5. Intensity of Rivalry
5. Global Smart Parking System MarketOverview
5.1. Market Size & Forecast by Value, 2017-2027
5.1.1. By Value (USD Billion)
5.2. Market Share & Forecast
5.2.1. By Component
5.2.1.1. Hardware
5.2.1.1.1. Pucks (Wireless Sensors)
5.2.1.1.2. Cameras & LPRs
5.2.1.1.3. Smart Meters
5.2.1.1.4. Signage
5.2.1.1.5. Parking Gates
5.2.1.2. By Software
5.2.1.2.1. Parking Guidance System
5.2.1.2.2. Analytics Solutions
5.2.2. By Technology
5.2.2.1. Internet of Things (IoT)
5.2.2.2. Ultrasonic
5.2.2.3. RFID
5.2.3. By Application
5.2.3.1. Security & Surveillance
5.2.3.2. Smart Payments Systems
5.2.3.3. E-Parking
5.2.3.4. License Plate Recognition
5.2.3.5. Others
5.2.4. By Type
5.2.4.1. On-Street
5.2.4.2. Off-Street
5.2.4.2.1. Garage Parking
5.2.4.2.2. Lot Parking
5.2.5. By End-User
5.2.5.1. Commercial
5.2.5.2. Government
5.2.5.3. Transport Transit
5.2.6. By Region
5.2.6.1. North America
5.2.6.2. Europe
5.2.6.3. Asia Pacific
5.2.6.4. Latin America
5.2.6.5. Middle East and Africa
6. North America Smart Parking System Market
6.1. Market Size & Forecast by Value, 2017-2027
6.1.1. By Value (USD Billion)
6.2. Market Share & Forecast
6.2.1. By Component
6.2.2. By Technology
6.2.3. By Application
6.2.4. By Type
6.2.5. By End-User
6.2.6. By Country
6.2.6.1. United States
6.2.6.2. Canada
7. Europe Smart Parking System Market
7.1. Market Size & Forecast by Value, 2017-2027
7.1.1. By Value (USD Billion)
7.2. Market Share & Forecast
7.2.1. By Component
7.2.2. By Technology
7.2.3. By Application
7.2.4. By Type
7.2.5. By End-User
7.2.6. By Country
7.2.6.1. Germany
7.2.6.2. United Kingdom
7.2.6.3. Italy
7.2.6.4. France
7.2.6.5. Spain
7.2.6.6. Rest of Europe
8. Asia Pacific Smart Parking System Market
8.1. Market Size & Forecast by Value, 2017-2027
8.1.1. By Value (USD Billion)
8.2. Market Share & Forecast
8.2.1. By Component
8.2.2. By Technology
8.2.3. By Application
8.2.4. By Type
8.2.5. By End-User
8.2.6. By Country
8.2.6.1. China
8.2.6.2. India
8.2.6.3. Japan
8.2.6.4. Australia
8.2.6.5. South Korea
8.2.6.6. Rest of Asia Pacific
9. Latin America Smart Parking System Market
9.1. Market Size & Forecast by Value, 2017-2027
9.1.1. By Value (USD Billion)
9.2. Market Share & Forecast
9.2.1. By Technology
9.2.2. By Application
9.2.3. By Type
9.2.4. By End-User
9.2.5. By Country
9.2.5.1. Brazil
9.2.5.2. Mexico
9.2.5.3. Argentina
9.2.5.4. Rest of Latin America
10. Middle East & Africa Smart Parking System Market
10.1. Market Size & Forecast by Value, 2017-2027
10.1.1. By Value (USD Billion)
10.2. Market Share & Forecast
10.2.1. By Component
10.2.2. By Technology
10.2.3. By Application
10.2.4. By Type
10.2.5. By End-User
10.2.6. By Country
10.2.6.1. Saudi Arabia
10.2.6.2. Turkey
10.2.6.3. UAE
10.2.6.4. South Africa
10.2.6.5. Rest of Middle East & Africa
11. Competitive Landscape
11.1. List of Key Players and Their Offerings
11.2. Market Share Analysis, 2020
11.3. Competitive Benchmarking, By Operating Parameters
12. Impact of Covid-19 on Smart Parking System Market Industry
13. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) **
13.1. Altiux Innovations
13.2. Amano McGann, Inc.
13.3. Amco S.A.
13.4. BMW AG (ParkNow GmbH, Parkmobile LLC)
13.5. Cisco Systems, Inc.
13.6. CivicSmart, Inc.
13.7. Deteq Solutions
13.8. Flowbird
13.9. gtechna
13.10. INDECT Electronics & Distribution GmbH
13.11. Kapsch TrafficCom
13.12. Libelium Comunicaciones Distribuidas S.L.
13.13. Robert Bosch GmbH
13.14. Siemens AG
13.15. Municipal Parking Services, Inc.
13.16. Nedap N.V.
13.17. Park Assist
13.18. ParkHelp Technologies
13.19. ParkJockey
13.20. ParkMe Inc
13.21. Other Prominent Players
14. Key Strategic Recommendations
List of Figures
Fig 1: Global Smart Parking SystemSegmentation
Fig 2: Global Smart Parking System Market Value Chain Analysis
Fig 3: Company Market Share Analysis, 2020
Fig 4: Global Smart Parking System Market Size, By Value (USD Billion), 2017-2027
Fig 5: Global Smart Parking System Market Share, By Component, By Value, 2017-2027
Fig 6: Global Smart Parking System Market Share, By Technology, By Value, 2017-2027
Fig 7: Global Smart Parking System Market Share, By Application, By Value, 2017-2027
Fig 8: Global Smart Parking System Market Share, By Type, By Value, 2017-2027
Fig 9: Global Smart Parking System Market Share, By End-User, By Value, 2017-2027
Fig: Global Smart Parking System Market Share, By Region, By Value, 2017-2027
Fig 10: North America Smart Parking System Market Size, By Value (USD Billion), 2017-2027
Fig 11: North America Smart Parking System Market Share, By Component, By Value, 2017-2027
Fig 12: North America Smart Parking System Market Share, By Technology, By Value, 2017-2027
Fig 13: North America Parking System Market Share, By Application, By Value, 2017-2027
Fig 14: North AmericaSmart Parking System Market Share, By Type, By Value, 2017-2027
Fig 15: North America Smart Parking System Market Share, By End-User, By Value, 2017-2027
Fig 16: North America Smart Parking System Market Share, By Country, By Value, 2017-2027
Fig 17: Europe Smart Parking System Market Size, By Value (USD Billion), 2017-2027
Fig 18: Europe Smart Parking System Market Share, By Component, By Value, 2017-2027
Fig 19: Europe Smart Parking System Market Share, By Technology, By Value, 2017-2027
Fig 20: Europe Parking System Market Share, By Application, By Value, 2017-2027
Fig 21: Europe Smart Parking System Market Share, By Type, By Value, 2017-2027
Fig 22: Europe Smart Parking System Market Share, By End-User, By Value, 2017-2027
Fig: Europe Smart Parking System Market Share, By Country, By Value, 2017-2027
Fig 23: Asia-Pacific Smart Parking System Market Size, By Value (USD Billion), 2017-2027
Fig 24: Asia-Pacific Smart Parking System Market Share, By Component, By Value, 2017-2027
Fig 25: Asia-Pacific Smart Parking System Market Share, By Technology, By Value, 2017-2027
Fig 26: Asia-Pacific Parking System Market Share, By Application, By Value, 2017-2027
Fig 27: Asia-Pacific Smart Parking System Market Share, By Type, By Value, 2017-2027
Fig 28: Asia-Pacific Smart Parking System Market Share, By End-User, By Value, 2017-2027
Fig 29: Asia-Pacific Smart Parking System Market Share, By Country, By Value, 2017-2027
Fig 30: Latin America Smart Parking System Market Size, By Value (USD Billion), 2017-2027
Fig 31: Latin America Smart Parking System Market Share, By Component, By Value, 2017-2027
Fig 32: Latin America Smart Parking System Market Share, By Technology, By Value, 2017-2027
Fig 33: Latin America Parking System Market Share, By Application, By Value, 2017-2027
Fig 34: Latin America Smart Parking System Market Share, By Type, By Value, 2017-2027
Fig 35: Latin America Smart Parking System Market Share, By End-User, By Value, 2017-2027
Fig 36: Latin America Smart Parking System Market Share, By Country, By Value, 2017-2027
Fig 37: Middle East & Africa Smart Parking System Market Size, By Value (USD Billion), 2017-2027
Fig 38: Middle East & Africa Smart Parking System Market Share, By Component, By Value, 2017-2027
Fig 39: Middle East & Africa Smart Parking System Market Share, By Technology, By Value, 2017-2027
Fig 40: Middle East & Africa Parking System Market Share, By Application, By Value, 2017-2027
Fig 41: Middle East & Africa Smart Parking System Market Share, By Type, By Value, 2017-2027
Fig 42: Middle East & Africa Smart Parking System Market Share, By End-User, By Value, 2017-2027
Fig 43: Middle East & Africa Smart Parking System Market Share, By Country, By Value, 2017-2027
List of Table
Table 1: Global Smart Parking System Market Size, By Component, By Value, 2017-2027
Table 2: Global Smart Parking System Market Size, By Technology, By Value, 2017-2027
Table 3: Global Smart Parking System Market Size, By Application, By Value, 2017-2027
Table 4: Global Smart Parking System Market Size, By Type, By Value, 2017-2027
Table 5: Global Smart Parking System Market Size, By End-User, By Value, 2017-2027
Table 6: Global Smart Parking System Market Size, By Region, By Value, 2017-2027
Table 7: North America Smart Parking System Market Size, By Component, By Value, 2017-2027
Table 8: North America Smart Parking System Market Size, By Technology, By Value, 2017-2027
Table 9: North AmericaSmart Parking System Market Size, By Application, By Value, 2017-2027
Table 10: North AmericaSmart Parking System Market Size, By Type, By Value, 2017-2027
Table 11: North America Smart Parking System Market Size, By End-User, By Value, 2017-2027
Table 12: North America Smart Parking System Market Size, By Country, By Value, 2017-2027
Table 13: Europe Smart Parking System Market Size, By Component, By Value, 2017-2027
Table 14: Europe Smart Parking System Market Size, By Technology, By Value, 2017-2027
Table 15: EuropeSmart Parking System Market Size, By Application, By Value, 2017-2027
Table 16: EuropeSmart Parking System Market Size, By Type, By Value, 2017-2027
Table 17: Europe Smart Parking System Market Size, By End-User, By Value, 2017-2027
Table 18: Europe Smart Parking System Market Size, By Country, By Value, 2017-2027
Table 19: Asia-Pacific Smart Parking System Market Size, By Component, By Value, 2017-2027
Table 20: Asia-Pacific Smart Parking System Market Size, By Technology, By Value, 2017-2027
Table 21: Asia-PacificSmart Parking System Market Size, By Application, By Value, 2017-2027
Table 22: Asia-PacificSmart Parking System Market Size, By Type, By Value, 2017-2027
Table 23: Asia-Pacific Smart Parking System Market Size, By End-User, By Value, 2017-2027
Table 24: Asia-Pacific Smart Parking System Market Size, By Country, By Value, 2017-2027
Table 25: Latin America Smart Parking System Market Size, By Component, By Value, 2017-2027
Table 26: Latin America Smart Parking System Market Size, By Technology, By Value, 2017-2027
Table 27: Latin AmericaSmart Parking System Market Size, By Application, By Value, 2017-2027
Table 28: Latin America Smart Parking System Market Size, By Type, By Value, 2017-2027
Table 29: Latin America Smart Parking System Market Size, By End-User, By Value, 2017-2027
Table 30: Latin America Smart Parking System Market Size, By Country, By Value, 2017-2027
Table 31: Middle East & Africa Smart Parking System Market Size, By Component, By Value, 2017-2027
Table 32: Middle East & Africa Smart Parking System Market Size, By Technology, By Value, 2017-2027
Table 33: Middle East & AfricaSmart Parking System Market Size, By Application, By Value, 2017-2027
Table 34: Middle East & AfricaSmart Parking System Market Size, By Type, By Value, 2017-2027
Table 35: Middle East & Africa Smart Parking System Market Size, By End-User, By Value, 2017-2027
Table 36: Middle East & Africa Smart Parking System Market Size, By Country, By Value, 2017-2027
Table 37: Altiux Innovations Financial Analysis
Table 38: Altiux Innovations Business Overview
Table 39: Amano McGann, Inc.Financial Analysis
Table 40: Amano McGann, Inc.Business Overview
Table 41: Amco S.A.Financial Analysis
Table 42: Amco S.A.Business Overview
Table 43: BMW AG (ParkNow GmbH, Parkmobile LLC)Financial Analysis
Table 44: BMW AG (ParkNow GmbH, Parkmobile LLC)Business Overview
Table 45: Cisco Systems, Inc.Financial Analysis
Table 46: Cisco Systems, Inc.Business Overview
Table 47: CivicSmart, Inc.Financial Analysis
Table 48: CivicSmart, Inc.Business Overview
Table 49: Deteq SolutionsFinancial Analysis
Table 50: Deteq SolutionsBusiness Overview
Table 51: Robert Bosch GmbHFinancial Analysis
Table 52: Robert Bosch GmbHBusiness Overview
Table 53: Siemens AGFinancial Analysis
Table 54: Siemens AGBusiness Overview
Table 55: INDECT Electronics & Distribution GmbHFinancial Analysis
Table 56: INDECT Electronics & Distribution GmbHBusiness Overview
Table 57: Kapsch TrafficComFinancial Analysis
Table 58: Kapsch TrafficCom Business Overview
Table 59: Libelium Comunicaciones Distribuidas S.L.Financial Analysis
Table 60: Libelium Comunicaciones Distribuidas S.L.Business Overview
Table 61: Municipal Parking Services, Inc.Financial Analysis
Table 62: Municipal Parking Services, Inc. Business Overview
Table 63: Nedap N.V.Financial Analysis
Table 64: Nedap N.V. Business Overview
Table 65: ParkHelp TechnologiesFinancial Analysis
Table 66: ParkHelp TechnologiesBusiness Overview
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