Global Smart Parking System Market - Growth, Demand, Trends, Opportunity, Analysis and Forecast 2024

The smart parking system is an intelligent parking system which uses a sensing device to define the vacancy at the parking space. It helps driver for safe parking and notified to the driver correctly about the availability of parking slot owing to the appropriate management of the vehicle. The global smart parking systems market is growing at a significant rate, due to a mounting number of vehicles, and escalating requirement for IoT based technology.

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Different system type contributed to the smart parking systems market size. The market has witnessed high demand for smart park assist systems due to expanding invention and automation in vehicles, strict emission regulation, and environmental concerns, and mounting concern over parking damages and accidents instigated by human error during parking.

On the basis of system type, the smart parking systems market is subdivided into smart park assist system and guided park assist system. Of all system types, smart park assist system segment is expected to grow at faster rate in the market, due to expanding invention and automation in vehicles, strict emission regulation, and environmental concerns, and mounting concern over parking damages and accidents instigated by human error during parking.

On the basis of the end user, the market is subdivided into commercial and government. Among all end users, the government segment accounted the largest share in the smart parking systems market due to government spending on smart home initiatives. The commercial segment is further subdivided into academic, recreational, transportation, retail, and hospitality.

Augmented parking concerns, a mounting number of vehicles, a mounting number of accidents triggered by vehicles reversing out of parking spaces, strict emission regulation, and environmental concerns, and escalating requirement for IoT based technology are the primary growth drivers for smart parking systems market.

Government initiatives and schemes of developing smart cities, mounting consumer need for innovative vehicle and passenger safety systems in passenger cars, and progressions in independent cars and smart park technology are also facilitating the growth for the smart parking systems market.

Elevated implementation cost, augmented price of vehicle, system integration and configuration complexity, and non-availability of reinforcing infrastructure are the major challenges for the growth of smart parking systems market. In addition, are also hindering the growth of the market.

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Globally, the manufacturing companies trying to enter the smart parking systems market require a high level of capital which poses a major barrier to the entry of new players. This offers an edge to the established players in the industry competition.

Geographically, Europe is the largest smart parking systems market due to upsurge use of camera and ultrasonic sensor. In addition, Asia-Oceania is observed to witness the fastest growth in the market due to mounting consumer awareness about smart parking. In addition, augmented parking concerns, and a mounting number of vehicles are also up surging growth of the Asia-Pacific smart parking systems market.

Key players in the smart parking systems market are catering the demand by collaborating with small players and investing in technologically advanced products across the globe. In June 2017, Valeo S.A. and Cisco Corporation collaborated to develop innovations in smart mobility service. Robert Bosch GmbH, Aisin Seiki Co., Ltd, Cubic Corporation, Continental AG, Amano Corporation, Valeo S.A., Kapsch Trafficcom AG, Siemens AG, TKH Group–Park Assist, Delphi Automotive PLC, Xerox Corporation, and Nedap Identification Systems are the key players offering smart parking systems.

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