Global Smart Parking Systems Market, By Type (Hardware, Software, Services), Parking Sites (Off-Street, On-Street), Application (Commercial, Government, Transport Transit), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia Pacific, South Africa, Saudi Arabia, U.A.E, Israel, Egypt, Rest of Middle East and Africa) Industry Trends and Forecast to 2028
Market Analysis and Insights : Global Smart Parking Systems Market
Data Bridge Market Research analyses that the smart parking systems market would exhibit a CAGR of 21.50% for the forecast period and is expected to reach USD 20.99 billion by 2028.
Smart parking system are the type of systems that helps drivers with safe parking. The space vacant in the parking lot is marked or marked with the help of embedded software and sensors. Vacant space is informed by the driver accordingly owing to good handling of the vehicle. This technology uses a wide range of sensors as part of computer systems in the parking lot to detect the presence or absence of vehicles.
The increase in a number of vehicles leading to concerns regarding parking solutions is the main driving factor for the growth of the smart parking systems market. Growing demand and adoption of IoT applied technology is also a driving factor for the smart parking systems market. The rise in investment in building driverless vehicles and an increase in the government’s initiative in building smart cities across the globe will act as an opportunity for the growth of the smart parking systems market.
High cost of implementing and subsequent increase in cost of the vehicles is a challenge for the smart parking systems market. However, lack of awareness regarding the benefits of smart parking is the main restraint for the growth of smart parking systems market during the forecast period of 2021 to 2028.
This smart parking systems market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on smart parking systems market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Smart Parking Systems Market Scope and Market Size
The smart parking systems market is segmented on the basis of type, parking sites and application. The growth amongst these segments will help you analyse meagre growth segments in the industries, and provide the users with valuable market overview and market insights to help them in making strategic decisions for identification of core market applications.
- On the basis of type, the smart parking systems market is segmented into hardware, software and services.
- On the basis of parking sites, the smart parking systems market is segmented into off-street, and on-street.
- Based on application, the smart parking systems market is segmented into commercial, government, and transport transit.
Smart Parking Systems Market Country Level Analysis
The global smart parking systems market is analysed and market size insights and trends are provided by country, type, parking sites and application as referenced above.
The countries covered in the smart parking systems market report are U U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), South Africa, Saudi Arabia, U.A.E, Israel, Egypt, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
North America had the highest proportion of the smart parking systems market. The dominance of this region is due to increasing number of vehicles. The Europe region, on the other hand, is expected to grow in the forecast period of 2021 to 2028 due to strong government initiatives supporting intelligent parking systems as a part of the efforts to reduce pollution.
The country section of the smart parking systems market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Competitive Landscape and Smart Parking Systems Market Share Analysis
The smart parking systems market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to smart parking systems market.
The major players covered in the smart parking systems market report are Robert Bosch GmbH, Continental AG, Valeo, Delphi Technologies, AISIN SEIKI Co. Ltd., Siemens AG, Cubic Corporation, Amano Corporation, Kapsch TrafficCom AG, AppyParking, Smart Parking, TKH GROUP, Nedap, Urbiotica, SWARCO, KLAUS MULTIPARKING SYSTEMS PVT. LTD, IPS Group Inc., Cisco Systems, Inc., Dongyang Menics Co., Altiux Innovations, Parkmobile LLC, BMW AG., among others. Market share data is available for Global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
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Research Methodology
Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market and primary (industry expert) validation. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
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