Europe Smart Parking Market Growing Massively by 2022-2026 Major Players: BMW I Ventures, Daimler Mobility, Parkeon S.A., Q-Park, JustPark

Market Insights Reports has added new statistical data to its repository titled as, Global Europe Smart Parking Market. It provides the industry overview with market growth analysis with a historical & futuristic perspective for the following parameters; cost, revenue, demands, and supply data (as applicable). Furthermore, the report also sheds light on technological platforms, in addition to distinctive tools, and methodologies that will help to propel the performance of industries. The Europe Smart Parking market report covers the post-COVID-19 impact on various regions and major countries and on the future development of the industry is pointed out.

The smart parking market in Europe is expected to reach a CAGR of 10.11% during the forecast period (2021-2026).

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Top Key Players in the Global Europe Smart Parking Market is Urbiotica, BMW I Ventures, Daimler Mobility, Parkeon S.A., Q-Park, JustPark, Cleverciti, The Engineering Group, Indigo Group, and others. 

Industry News and Update:

- In June 2020, Urbiotica announced the acquisition of Fastprk, a parking management solution from Worldsensing. The addition of Fastprk completes Urbiotica’s portfolio of smart parking solutions, strengthening its leadership position in the sector and opening up new opportunities to penetrate new markets due to the complementarity that Fastprk’s technology offers with its dual detection and LoRa communication protocol.

- In October 2019, Parking application, JustPark raised at least 7.2m in its latest crowdfunding round in its latest round from 5549 investors. The company plans to use the funds to accelerate its core business and expand into new markets.

Key Market Trends:

Technological Advancements and Steady Rise in Vehicles to Boost the Market Growth

- According to the European Automobile Manufacturers Association, in 2019, new-car registrations increased by 1.2% across the EU, reaching more than 15.3 million units in total and marking the sixth consecutive year of growth. The surge in the number of vehicles indicates congestion issues related to parking spaces, which are expected to provide opportunities for smart parking vendors in the region.
- In December 2019, passenger car demand grew by 21.7% in the European Union, marking the highest December total on record to date. An increase in car sales was witnessed in France 27.7% as well as in Sweden 109.3%, due to significant changes to the bonus-malus component of CO2-based taxation for 2020, while the Netherlands (+113.9%) decided to increase tax of electric company cars from 4% to 8% as from January 2020. As a result, all EU countries posted substantial growth rates in December.
- Moreover, the continuously evolving technology in automotive is expected to support the growth of smart parking in the region. For instance, in July 2019, Bosch and Daimler obtained approval for driverless parking without human supervision from the relevant authorities in Baden-Worttemberg. The automated valet parking service is accessed via a smartphone app and requires no safety driver. Bosch supplies the infrastructure, whereas Daimler the vehicle technology to achieve efficient driverless parking mechanism.

Europe Smart Parking Market Segmented by Region/Country: North America, Europe, Asia Pacific, Middle East & Africa, and Central & South America

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This Global Europe Smart Parking Market report addresses:

– The Market size from 2016-2021

– Expected market growth until 2026

– Forecast of how market drivers, restraints, and future opportunities will affect

– Segment and regions that will drive or lead the market growth and why

– Comprehensive mapping of the competitive landscape

– In-depth analysis of key sustainability strategies adopted by market place.                              

Frequently Asked Questions about Global Europe Smart Parking market:

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