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Global Smart Parking Market, Size, Forecast 2022-2027, Industry Trends, Growth, Outlook, Impact of COVID-19, Opportunity Company Analysis

  • ID: 5562690
  • Report
  • March 2022
  • Region: Global
  • 125 Pages
  • Renub Research

FEATURED COMPANIES

  • 3M Corporation
  • Cisco Systems Inc
  • Continental AG
  • Cubic Corp
  • Deutsche Telekom AG
  • Mindteck
Global Smart Parking Market will reach US$ 11.2 Billion by 2027. According to ITS America's Market Analysis, fishing for parking is routine. It is estimated that drivers cruising for parking space create nearly 30% of urban congestion. Also resulting in oil wastage, almost 1 million barrels of world's oil every day. This ever-growing traffic congestion and uncertainty in parking availability and payment have thus enforced the need for Smart Parking systems. An intelligent parking technology enables optimized parking space use, enhances the efficiency of the parking operations, and helps smoother traffic flow. It is an intelligent parking system that allows drivers in safe parking.



Global Smart Parking Industry to grow with Double Digit CAGR of 18.2% from 2021 - 2027


Further, the increase in parking problems across the globe, growth in demand for (IoT) Internet of Things based technology, and high adoption rate in several vehicles drive the demand for the global smart parking market. Moreover, the system is highly convenient for the users as it reduces unnecessary paper consumption by replacing cash payments for parking with digital invoices sent directly on the user's Smartphone.

COVID-19 Impact on Worldwide Smart Parking Industry


Regardless, the COVID-19 outbreak has considerably slowed down the market due to the varying levels of lockdowns implemented across several countries globally. The impact of this slowdown is to be experienced in the short term. As industry re-opens, smart parking systems are predicted to regain demand due to the potential rise in the usage of private transportation and its result on the demand for smart parking space management. According to the publisher Worldwide Smart Parking Market Size was US$ 4.1 Billion in 2021.

Off Street Segment dominates the Market


In terms of type, the off street segment dominates the market due to the increasing need for single slots to park maximum cars. The growing adoption of off-street parking can be ascribed to the increasing demand to utilize accommodate and space many cars in a single slot. Smart city initiatives demand better parking space utilization using smart, sensor-based vehicle detection technology to manage parking issues. The increased number of industries requiring adequate parking and smart detection facilities further contributes to the segment growth.

Transport Facilities Segment is Experiencing the Fastest Growth


On the basis of end-users, the smart parking market is segmented into Transport Facilities, Governments, Municipalities, Commercial Institutions, Corporate institutions. Transport Facilities segment is witnessing the fastest growth, due to increased travel by airplanes. Airport authorities globally offer the facility to book or reserve parking spaces through its mobile apps and website. Online airport ticket vendors such as Ryanair deliver the facility to reserve parking spaces at the airport while booking airline tickets. Thus, is anticipated to drive the transport transit segment growth over the forecast period.

Geographically North America & Europe has Significant Market Share


North America holds the significant market due to the rising number of vehicles in the region. Civic authorities in U.S. and Canada are driving efforts to reduce traffic congestions, which has been gaining more and more severe with the growth in vehicle ownership. The expanded adoption of smart parking systems is part of the steps which help deliver safe and legal parking for private and commercial vehicles.

The Asia Pacific is also gaining its market share year on year. This growth is primarily due to the rise in vehicles' manufacturing in countries like China and India. Another factor, such as the growing demand for advanced technologies to reduce the effect on the environment in this region, is likely to give rise in demand of smart parking in this region. This smart parking industry has several companies working in this field for market share. The key industry participants include Continental AG, Cubic Corp, TKH Group, Cisco Systems Inc, 3M Corporation, Deutsche Telekom AG, Vodafone Group Plc, and Mindteck.

This report titled Smart Parking Market, Global Forecast By Type (Off-street & On-street), Application (Security & Surveillance, Smart Payment System, license Plate Recognition, Others), End-User (Transport Facilities, Governments and Municipalities, Commercial Institutions & Corporate Institution), Regions (North America, Europe, Asia Pacific, Middle East & Africa and Latin America), Companies (Continental AG, Cubic Corp, TKH Group, Cisco Systems Inc, 3M Corporation, Deutsche Telekom AG, Vodafone Group Plc, Mindteck) provides comprehensive details about Global Smart Parking Industry.

Type - Market has been covered from 2 viewpoints


1. Off - Street
2. On - Street

Application - Market has been covered from 4 viewpoints


1. Security & Surveillance
2. Smart Payment System
3. License Plate Recognition
4. Other Application

End Users - Market has been covered from 4 viewpoints


1. Transport Facilities
2. Governments and Municipalities
3. Commercial Institutions
4. Corporate Institution

Regions - Market has been covered from 5 viewpoints


1. North America
2. Europe
3. Asia - Pacific
4. Middle East & Africa
5. Latin America

All companies have been covered into 3 viewpoints


  • Overviews
  • Recent Developments
  • Revenues

Company Analysis


1. Continental AG
2. Cubic Corp
3. TKH Group
4. Cisco Systems Inc
5. 3M Corporation
6. Deutsche Telekom AG
7. Vodafone Group Plc
8. Mindteck
Frequently Asked Questions about the Global Smart Parking Market

What is the estimated value of the Global Smart Parking Market?

The Global Smart Parking Market was estimated to be valued at $4.1 Billion in 2021.

What is the growth rate of the Global Smart Parking Market?

The growth rate of the Global Smart Parking Market is 18.2%, with an estimated value of $11.2 Billion by 2027.

What is the forecasted size of the Global Smart Parking Market?

The Global Smart Parking Market is estimated to be worth $11.2 Billion by 2027.

Who are the key companies in the Global Smart Parking Market?

Key companies in the Global Smart Parking Market include Continental AG, Cubic Corp, TKH Group, Cisco Systems Inc, 3M Corporation, Deutsche Telekom AG and Mindteck.
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • 3M Corporation
  • Cisco Systems Inc
  • Continental AG
  • Cubic Corp
  • Deutsche Telekom AG
  • Mindteck

1. Introduction2. Research & Methodology3. Executive Summary
4. Market Dynamic
4.1 Growth Drivers
4.2 Challenges
5. Global Smart Parking Market
6. Market Share - Global Smart Parking Market
6.1 By Type
6.2 By Application
6.3 By End User
6.4 By Regions
7. Type - Global Smart Parking Market
7.1 Off - Street
7.2 On - Street
8. Application - Global Smart Parking Market
8.1 Security & Surveillance
8.2 Smart Payment System
8.3 License Plate Recognition
8.4 Other Application
9. End Users - Global Smart Parking Market
9.1 Transport Facilities
9.2 Governments and Municipalities
9.3 Commercial Institutions
9.4 Corporate Institution
10. Regions - Global Smart Parking Market
10.1 North America
10.2 Europe
10.3 Asia - Pacific
10.4 Middle East & Africa
10.5 Latin America
11. Porters Five Forces
11.1 Overview
11.2 Bargaining Power of Buyers
11.3 Bargaining Power of Suppliers
11.4 Degree of Competition
11.5 Threat of New Entrants
11.6 Threat of Substitutes
12. Company Analysis
12.1 Continental AG
12.1.1 Overview
12.1.2 Recent Development & Strategies
12.1.3 Financial Insights
12.2 Cubic Corp.
12.2.1 Overview
12.2.2 Recent Development & Strategies
12.2.3 Financial Insights
12.3 TKH Group
12.3.1 Overview
12.3.2 Recent Development & Strategies
12.3.3 Financial Insights
12.4 Cisco Systems Inc.
12.4.1 Overvie
12.4.2 Recent Development & Strategies
12.4.3 Financial Insights
12.5 3M Corporation
12.5.1 Overview
12.5.2 Recent Development & Strategies
12.5.3 Financial Insights
12.6 Deutsche Telekom AG
12.6.1 Overview
12.6.2 Recent Development & Strategies
12.6.3 Financial Insights
12.7 Vodafone Group Plc
12.7.1 Overview
12.7.2 Recent Development & Strategies
12.7.3 Financial Insights
12.8 Mindteck
12.8.1 Overview
12.8.2 Recent Development & Strategies
12.8.3 Financial Insights
List Of Figures:
Figure 01: Global - Smart Parking Market (Million US$), 2016 - 2021
Figure 02: Global - Forecast for Smart Parking Market (Million US$), 2022 - 2027
Figure 03: Type - Off-Street Market (Million US$), 2016 - 2021
Figure 04: Type - Forecast for Off-Street Market (Million US$), 2022 - 2027
Figure 05: Type - On-street Market (Million US$), 2016 - 2021
Figure 06: Type - Forecast for On-street Market (Million US$), 2022 - 2027
Figure 07: Application - Security & Surveillance Market (Million US$), 2016 - 2021
Figure 08: Application - Forecast for Security & Surveillance Market (Million US$), 2022 - 2027
Figure 09: Application - Smart Payment System Market (Million US$), 2016 - 2021
Figure 10: Application - Forecast for Smart Payment System Market (Million US$), 2022 - 2027
Figure 11: Application - License Plate Recognition Market (Million US$), 2016 - 2021
Figure 12: Application - Forecast for License Plate Recognition Market (Million US$), 2022 - 2027
Figure 13: Application - Other Application Market (Million US$), 2016 - 2021
Figure 14: Application - Forecast for Other Application Market (Million US$), 2022 - 2027
Figure 15: End User - Transport Facilities Market (Million US$), 2016 - 2021
Figure 16: End User - Forecast for Transport Facilities Market (Million US$), 2022 - 2027
Figure 17: End User - Governments and Municipalities Market (Million US$), 2016 - 2021
Figure 18: End User - Forecast for Governments and Municipalities Market (Million US$), 2022 - 2027
Figure 19: End User - Commercial Institutions Market (Million US$), 2016 - 2021
Figure 20: End User - Forecast for Commercial Institutions Market (Million US$), 2022 - 2027
Figure 21: End User - Corporate Institution Market (Million US$), 2016 - 2021
Figure 22: End User - Forecast for Corporate Institution Market (Million US$), 2022 - 2027
Figure 23: North America - Smart Parking Market (Million US$), 2016 - 2021
Figure 24: North America - Forecast for Smart Parking Market (Million US$), 2022 - 2027
Figure 25: Europe - Smart Parking Market (Million US$), 2016 - 2021
Figure 26: Europe - Forecast for Smart Parking Market (Million US$), 2022 - 2027
Figure 27: Asia Pacific - Smart Parking Market (Million US$), 2016 - 2021
Figure 28: Asia Pacific - Forecast for Smart Parking Market (Million US$), 2022 - 2027
Figure 29: Rest of the World - Smart Parking Market (Million US$), 2016 - 2021
Figure 30: Rest of the World - Forecast for Smart Parking Market (Million US$), 2022 - 2027
Figure 31: Continental AG - Global Revenue (Million US$), 2016 - 2021
Figure 32: Continental AG - Forecast for Global Revenue (Million US$), 2022 - 2027
Figure 33: Cubic Corp. - Global Revenue (Million US$), 2016 - 2021
Figure 34: Cubic Corp. - Forecast for Global Revenue (Million US$), 2022 - 2027
Figure 35: TKH Group - Global Revenue (Million US$), 2016 - 2021
Figure 36: TKH Group - Forecast for Global Revenue (Million US$), 2022 - 2027
Figure 37: Cisco Systems Inc. - Global Revenue (Million US$), 2016 - 2021
Figure 38: Cisco Systems Inc. - Forecast for Global Revenue (Million US$), 2022 - 2027
Figure 39: 3M Corporation - Global Revenue (Million US$), 2016 - 2021
Figure 40: 3M Corporation - Forecast for Global Revenue (Million US$), 2022 - 2027
Figure 41: Deutsche Telekom AG - Global Revenue (Million US$), 2016 - 2021
Figure 42: Deutsche Telekom AG - Forecast for Global Revenue (Million US$), 2022 - 2027
Figure 43: Vodafone Group plc - Global Revenue (Million US$), 2016 - 2021
Figure 44: Vodafone Group plc - Forecast for Global Revenue (Million US$), 2022 - 2027
Figure 45: Mindteck - Global Revenue (Million US$), 2016 - 2021
Figure 46: Mindteck - Forecast for Global Revenue (Million US$), 2022 - 2027
List Of Tables:
Table 01: Global - Smart Parking Market Share by Type (Percent), 2016 - 2021
Table 02: Global - Forecast for Smart Parking Market Share by Type (Percent), 2022 - 2027
Table 03: Global - Smart Parking Market Share by Applications (Percent), 2016 - 2021
Table 04: Global - Forecast for Smart Parking Market Share by Applications (Percent), 2022 - 2027
Table 05: Global - Smart Parking Market Share by End User (Percent), 2016 - 2021
Table 06: Global - Forecast for Smart Parking Market Share by End User (Percent), 2022 - 2027
Table 07: Global - Smart Parking Market Share by Region (Percent), 2016 - 2021
Table 08: Global - Forecast for Smart Parking Market Share by Region (Percent), 2022 - 2027
Note: Product cover images may vary from those shown
  • Continental AG
  • Cubic Corp
  • TKH Group
  • Cisco Systems Inc
  • 3M Corporation
  • Deutsche Telekom AG
  • Vodafone Group Plc
  • Mindteck
Note: Product cover images may vary from those shown

In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.

Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.

Primary Research

The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:

  • Validates and improves the data quality and strengthens research proceeds
  • Further develop the analyst team’s market understanding and expertise
  • Supplies authentic information about market size, share, growth, and forecast

The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:

  • Chief executives and VPs of leading corporations specific to the industry
  • Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
  • Key opinion leaders (KOLs)

Secondary Research

The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:

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