Smart parking structures are the systems that assist drivers to find and locate available parking spaces, thereby avoiding the hunt for parking without the hassle and saving time and cost on fuel. The system is a combination of hardware and software components including sensors, smart parking meters, computerized payment systems, and analytics that assist drivers to locate parking space at the desired location and pay for the services in advance. The components like sensors and smart parking meters detect the availability of parking spaces, and transmit the detected information to the car drivers via a smartphone app, thereby offering parking guidance.
The perpetually growing automotive production has increased traffic congestion, especially in urban areas, posing a daunting challenge to government and municipal authorities to control and manage traffic. As a result, several initiatives including transport infrastructure development and parking and traffic management have been initiated by the concerned authorities in their respective regions. Smart parking systems that can be used for online parking reservations through advance parking payment are used to address these challenges. The advent of Internet of Things technology coupled with the government initiatives to develop smart cities will promote the use of smart parking systems among transport and municipal authorities that are already struggling to manage traffic congestion. On the contrary, limited interoperability among the hardware and software components coupled with the lack of awareness and high upfront cost has somewhat inhibited the swift adoption of smart parking systems. North America is currently the largest smart parking system market in terms of both revenue and volume. The multitude of research, high technology acceptance, and replacement of traditional parking meters with smart parking meters are collectively shaping the smart parking system market in North America.
Key Players Identified in the Smart Parking System Market include but are not limited to:
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Smart Parking System market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
Component
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Parking Site
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End-use Application
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
