A recently revamped report by Fact.MR estimates that the global smart parking solutions market is likely to surpass US$ 30 Bn in value by the end of the 2022-2032 forecast period, registering an astounding 21% value CAGR. Increased traffic congestion is expected to drive demand for smart parking solutions over the coming decade.
From 2017 to 2021, demand for smart parking solutions experienced an incline at a CAGR of 18%. During the height of the COVID-19 pandemic, the industry experienced a moderate slump, attributed to reduced traffic flow across roads in the wake of stringent lockdowns and restrictions on public traveling.
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Key Segments Covered in the Smart Parking Solutions Report
By System Components & Services
- Smart Parking Software
- Cloud Based
- Smart Parking System Devices
- Entry/Exit Terminals
- Card Readers
- Validation Solution
- Pay-on-Foot Solution
- LPR System
- Smart Parking Professional Services
- Deployment and Customization
- Maintenance and Support
- Smart Parking Software
- Smart Parking Access Control Solutions
- Smart Parking Fee & Revenue Collection Solutions
- Smart Parking Reservation Management Solutions
- Smart Valet Parking Management Solutions
- Smart Parking Guidance and Slot Management Solutions
- Other Smart Parking Solutions (Parking Enforcement Management)
By End Use
- Smart Parking Solutions for Government and Municipalities
- Smart Parking Solutions for Airports
- Smart Parking Solutions for Corporate & Commercial Parks
- Smart Parking Solutions for Commercial Institutions
- Smart Parking Solutions for Healthcare
- Smart Parking Solutions for Other End Uses (Tourist Destinations and Hospitality Sector)
Key Takeaways from the Market Study
- Global smart parking solutions market to be valued at US$ 4.4 Bn by 2022-end
- Germany to emerge as the fastest growing market, clocking a CAGR of 16%
- U.S to register a staggering 15% CAGR, amid rising traffic congestion across major cities
- Smart parking solutions uptake in China likely to increase at a CAGR of 12%
- Smart valet parking solutions to experience 9.9% Y-o-Y growth in 2022 over 2021
- Commercial smart parking solutions to account for nearly 40% revenue share
Growing traffic congestion problems is prompting automotive manufacturers and vehicle users alike to opt for internet and smart-enabled parking solutions, enabling an improvement in city decongestion, remarks a Fact.MR analyst.
- APT Skidata, one of the UK’s leading parking solutions companies, announced the launch of a new mobile-based digital solution in December 2020 to deliver greater operational efficiencies and enhanced financial returns to owners and operators of an individual or multiple car park.
- Amco S.A. was awarded a contract by the Memphis Area Transit Authority (MATA) in the United States in February 2020.
- In January 2019, China opened its first robotic diagonal smart parking garage in Nanjing, East China. It is a smart parking system that optimizes space utility, fuel efficiency, and cost-effectiveness in order to make cities more livable.