Smart Parking Sensor Market Growth Opportunities and Future Scope, 2022–2029

Posted by aartimurkute on November 21st, 2022

Over the past decades, the parking sector has undergone a drastic transformation and experienced some major high-tech advancements. Sensors and cameras essentially enable the monitoring of parking spaces and verifying the availability of the same. Various mobile apps are now being used to show free parking spaces in public or indoor areas, comprising facilities to make payments and reserve parking spaces. Automatic number plate recognition (ANPR) systems further enable swift verification and recognition of vehicles in parking. Significantly, smart parking is capable of curbing gas emissions, reducing traffic volumes, and promoting healthier lives for drivers. Amid rising parking concerns, people have showcased greater acceptance of Internet of Things (loT)-based technology. With the increasing penetration of automobiles and technology adoption, the global smart parking sensor market is set to make strides in the upcoming years.

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Surging Investments in Development of Autonomous Vehicles & Favourable Government Smart City Initiatives to Aid Market Expansion 

According to the United Nations Human Development Index, there were a total of 118 smart cities in the world, in 2021. This figure is expected to rise by 2025 with an addition of 26 more smart city projects underway.  Governments around the world are making robust moves towards the development of smart cities by facilitating R&D centres with substantial incentives and capital. Coupled with these, consistent efforts and investments are being made toward the creation of self-driving cars. All these developments would require smart parking sensors to conduct smart city and smart mobility operations at scale. Such a landscape is nurturing strong grounds for the expansion of the smart parking sensor market.

Rapid Urbanisation Creates Tremendous Growth Prospects for Smart Parking Sensor Market 

By 2050, the urban population is projected to hit the US.68 Bn mark, with an additional 2.22 billion people residing in cities. In quest of better job and educational opportunities, lifestyles, and accessibility to social services, people worldwide are advancing toward urban cities. Furthermore, significant social and cultural activities are further fuelling the transition towards urban living. This provides residents with a sense of satisfaction and improves their overall standard of living. In today’s well-connected environments and rampant technological developments, urbanisation is at the heart of smart city development. Paced urbanisation has, thus, created subsequent demand for smart parking sensors; unlocking numerous opportunities for the smart parking sensor market.

North America to Acquire Leading Position Amid Soaring Automobile Ownership & Strong Government Support 

An uptick in the number of automobile owners has accelerated the smart parking sensor market growth trajectory in North America. It's worthwhile to note that the region is making tremendous efforts to curtail carbon emissions alongside minimizing traffic congestion. This has translated into robust initiatives being undertaken to promote the development and utilisation of smart parking. These, coupled with several smart city programs are servicing as major enablers of safe and legal parking for business and private vehicles, furnishing North America with the highest revenue share in the global market. 

Key Market Players 

Some of the most prominent players operating in the global smart parking sensor market include Swarco AG, Robert Bosch GmbH, SKIDATA AG, Smart Parking Ltd., Amco S.A., Libelium Comunicaciones Distribuidas S.L., CivicSmart, Inc., Park Assist, and Amano McGann, Inc.,

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