Market Research Future (MRFR) identifies that technical advancements a major factor which is likely to surge the global smart parking market growth. MRFR, in the report on global smart parking market revealed that the market is likely to register a striking CAGR of 10.97% from 2017 to 2023. MRFR forecasts that the global smart parking market is anticipated to attain a substantial valuation by 2023.
The feature in smart parking to detect space for parking using sensors is expected to propel the global smart parking market growth. The gaining popularity of smart popularity due to the emerging concept of smart cities is also expected to bolster the growth of global smart parking market. The development of smart application and their growing adoption among drivers is likely to escalate the smart parking market growth. Other technical advancements like ultrasonic and RFID are also likely to spur the global smart parking market growth. Smart parking systems aid in resolving both environmental and economic problems, which, in turn, can surge the global smart parking market. Disruption of digital technologies is promoting safe parking. Hence, the ability of smart parking to provide enhanced security and high efficacy offer by it are factors that can fuel the global smart parking market growth.
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The global smart parking market has been segmented on the basis of parking site, solutions, applications, and technology.
Based on the parking site, the global smart parking market has been segmented into On-street and Off-street. The off-street segment is expected to secure 68.45% of the global smart parking market. Smart parking eliminates trouble associated with on-street parking. Hence, this is anticipated to surge the growth of Off-street segment.
Based on the technology, the global smart parking market has been into In-ground vehicle detection sensor, ultrasonic, RFID, SmartApp, and others. SmartApp assists drivers by detailing them on the real time availability of parking space. Hence, due to the convenience, the SmartApp segment is likely to secure 34.14% share of the global smart parking market. The ultrasonic segment is expected to hold the second largest share of 26.25% of the global smart parking market.
Based on the solution, the global smart parking market has been into Valet & Parking Reservation, Security & Surveillance, and others
Based on the application, the global smart parking market has been into transport transit, commercial, and government.
Regionally, the smart parking market has been studied across Asia Pacific, North America, Europe, and the Rest of the World (RoW).
Asia Pacific is expected to hold largest share in the global smart parking market. The high number of registrations of new cars in emerging economies like India, China, and Japan is likely to prompt the APAC smart parking market growth. The hike in disposable income of people is encouraging the sales of automobiles, which, in turn, is expected to bolster the growth of smart parking market, as the need for parking increases.
The emerging concept of smart city is also considering smart parking as a crucial facet, which is expected to escalate the APAC smart parking market growth. High traffic congestion due to fast-paced urbanization and growing industrialization are factors that are anticipated to surge the APAC smart parking market growth. Continuous technical upgradations in North America and increase in governmental funding for developments in Europe, are notable factors which are expected to spur the growth of smart parking market in these regions.
MRFR profiled some of the key players which are functional in the global smart parking market. They are; Amano McGann, Inc. (U.S.), Klaus Multiparking Systems (Germany), Robert Bosch GmbH (Germany) Smart Parking Limited (Australia), IEM SA (Switzerland), Omnitec group (UAE), PArklayer (India), Mindteck (India), IPS Group Inc. (U.S.), and Dongyang Menics Co., Ltd (South Korea)
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