Global smart parking systems market is expected to grow from US$ 398.6 million in 2016 to US$ 1,462.3 million by 2025 at a CAGR of 15.7% between 2017 and 2025.
Smart parking systems address critical parking issues, by making it easier for drivers to park their vehicles without wasting time and fuel. Smart parking systems avail their users with real-time information regarding available parking spaces across the city, thereby reducing the traffic congestion caused due to mismanaged parking spaces. Amano Mcgann, Smart Parking Ltd., Xerox, Cisco and Urbiotica are among the major players operating in this market. North America, being a technologically advanced region along with high number vehicle population and congestion in cities, has witnessed highest adoptions of smart parking systems by government & municipalities of various cities. Europe is the second largest adopter of smart parking systems, while APAC region with growing urbanization and increasing technological trends is anticipated to be the fastest growing region globally in the smart parking systems market.
Exhibit: Smart Parking Systems Regional Markets
Smart Parking Systems Market Boosted Owing to Continued Demand Growth in Asia Pacific
Currently, smart parking systems have seen a significant adoption in the North American and European countries. Furthermore, with advancements in technology and infrastructure, in various developing economies of APAC and MEA that include the grand project in city of Wellington, pilot projects in Canberra, Singapore, Thailand, Dubai and Saudi Arabia are expected to witness significant adoption of smart parking solutions. Although, North America and Europe dominate the global smart parking systems market, they are anticipated to lose their revenue share to Asia Pacific during the forecast period. Whereas, APAC is expected to register a growth rate of 18.9% during 2016 to 2025 in the global smart parking systems market.
Global Smart Parking Systems Market is propelled by the Off-street Parking Segment
Technological advancements such as use of mobile applications for parking guidance systems, enhanced ticketing and payment solutions and significant growth in adoption of smart parking systems by commercial and corporate institutions are the factors expected to boost the demand for off-street parking management system market. This type of parking is beneficial to both short as well as long term parking users. However, high initial deployment cost of off-street parking systems is expected to restrict the growth of the market. The off-street parking segment leads the global smart parking systems market currently and is expected to continue its dominance during the forecast period.
Exhibit: Smart Parking Systems Market by End-User
Market initiative was observed as the most adopted strategy in global smart parking systems market. Few of the recent strategies by some of the players in smart parking systems market landscape are listed below-
2017: Amano Mcgann extended its partnership with one of its oldest dealers PSX to Colorado.
2017: Valeo and Cisco announced a cooperation agreement to develop strategic innovations in smart mobility services.
2017: Smart Parking announced that it won a new contract in New Zealand, chosen by Wilson Parking New Zealand as the preferred supplier of sensor and bay-finding technology at nine new sites.
2017: Smart Parking launched its newly designed SmartSpot IoT Gateway, with new and improved features adapted to meet the needs of smart city
Global Smart Parking Systems - Market SegmentationBy Parking Site