Smart Parking Market Pegged to Expand Robustly During 2019-2023

Posted by Rishikesh Kurane on September 19th, 2019

The world is facing increasing urbanization while technology has been incorporated by cities for many years. However, the pace at which this adoption takes place is increasing rapidly as disruptive digital technologies have the potential to solve major metropolitan challenges such as safe parking. Smart cities hold the promise to potentially make urban areas more efficient and more secure. Smart parking is the most adopted and fastest growing solution across the Airports, universities, shopping centers and city garages. The ability to connect, analyze and automate data gathered from devices, powered by and described as the Internet of Things, is what makes smart parking possible. It has the power to employ big number of small, cheap, and energy efficient sensors which collaboratively collect and process wide range of parameters such as temperature, sound, vibration, pressure, water quality, pollutants and many more in different industries.

The smart parking acts as major change for increasing number struggle with traffic congestion and inadequate parking availability. With government planning policies aimed at curtailing growth in the number of new car parking spaces and no new multi-storey car parks being developed, demand is exceeding for the smart parking. During the last several years, the use of technology has accelerated in the parking and transportation industry. It made parking more efficient, more precise, and easier to manage. It also makes parking more customer-friendly than ever before. Increasing technological advancements, such as autonomous cars which is also called as self-driving cars and smart parking technologies with high investments for the development of smart cities by governments will offer potential growth opportunities for smart parking market. Moreover, Mobile applications on smartphones for the information of location, opening hours, tariff and facilities as well as can allow the driver to record the GPS location of their car in a crowded car park, with additional notes and photos and other helps the driver to rely on smart parking.

The high growth rate in the registration of new cars worldwide, with major boom from regional economies such as Asia Pacific (APAC), will open the window of opportunities for parking management business. Smart city concept is a new approach to redesigning cities and conceiving solutions to recent urban challenges such as traffic congestion, rapid expansion of urban population, increased energy consumption and increased greenhouse gas emission. Smart city aims to solve these challenges based upon foundations of good urban planning, economic competitiveness and sustainable practices that use emerging information and communication technologies.

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Key Players:
BMW Group (Germany), Robert Bosch GmbH (Germany), Valeo SA( France), Cubic Corporation (U.S.), Amco S.A.(Greece), Siemens AG, Xerox Corp.(U.S), Altiux Innovations(Bangalore), Continental AG (Germany ), CivicSmart, Inc.(U.S) and others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Smart Parking Market.

Industry/ Innovation/ Related News:
Key strategies followed by most companies within the global Smart Parking market were merger & expansion.

On September 2017, Amano McGann had partnered with ITR to expand its base in South Carolina to provide sales, services, and support in this region. The company has partnered with various companies to expand its base in different regions. On 22 May, 2017, Amano McGann, Inc. had partnered with PSX to provide sales, service, and support in Colorado. The partnership with Parking Panda will provide an unprecedented digital access to thousand of parking garages. The partnership with Aprica on 29th June, 2015, will provide EMV to parking payment system globally.

On March 1, 2017, Smart Parking Limited has launched a new smartspot gateway solution to meet the needs of amrt city operators. It will provide a comprehensive information about the connection of smart vehicle parking sensors. On December 8th, 2016, Smart Parking Limited has expanded its services at Fistral Beach. Smart Parking Limited has been working with Fistral Beach operators in order to manage the site car parking. Smart Parking Limted has also expanded its base in Canberra in order to deliver SmartPark solution which will enable the drivers to identify the parking space on-site.

On April 2016, IEM SA has launched Presto Park as its new brand for the user of on-street parking. It is installed with a set of unique portal with online services that will ease the life of drivers. The design of the product are made autonomous so as to reduce the energy consumption by the equipment.

In January 2017, MIndteck became partner with CMMI Institute to provide organization with effective processing and improve their performance. In 2016, the company had expanded in Midwest so as to implement growth strategy in U.S. The company has also provided innovative smart parking solution to New Delhi Municipal Corporation (NDMC). This will expand its base in different region to cater different customers and clients.

Global Smart Parking Market – Segmentation
The Global Smart Parking Market is segmented in to 3 key dynamics for the convenience of the report and enhanced understanding;
Segmentation by Parking Site : Comprises On-street and Off-street
Segmentation by Solutions : Comprises Security & Surveillance, Valet & Parking Reservation, and others
Segmentation by Application : Comprises transport transit, government, and commercial
Segmentation by Regions : Comprises Geographical regions - North America, Europe, APAC and Rest of the World.

Global Smart Parking Market: Regional Analysis
North America is expected to dominate the market because the solution providers in U.S. are mainly focusing on providing the spot parking navigation. The spot parking navigation helps the driver to find the parking space in heavy traffic areas. North America has almost 800 million space for parking that includes garages and surface parking lot. The increased in the parking space will result in the growth of smart parking industry in future. Asia Pacific is expected to grow at highest growth rate due to the increase in the production of vehicles in emerging countries such as India and China.

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Rishikesh Kurane

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Rishikesh Kurane
Joined: May 4th, 2018
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