How is Rising Urban Road Congestion Driving Smart Parking Systems Market?

It is true that the advent of vehicles and numerous advancements in the automobile industry has had countless positive effects, but vehicles these days are also causing a number of problems. As the disposable income of people has increased in various countries, owing a car stopped being a luxury since more than a decade. This has resulted in an alarmingly high number of vehicles on the roads, which further causes road congestion. Unorganized and inadequate parking spaces are also among factors which cause road congestion. As per industry experts, about 30.0% of the traffic congestion is on account of search for parking spaces.

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People violating parking rules and parking their vehicles incorrectly further add to this problem. Because of all these factors, the demand for smart parking systems is growing rapidly. Smart parking basically refers to solutions such as smart parking sensors, counting sensors, or cameras, which are embedded into parking spots in order to detect whether a parking space is free or occupied. The data is collected in real-time and is transmitted to smart parking mobile application that lets the user know about the availability of the space in a parking area. 

The global smart parking systems market is predicted to generate a revenue of $9.1 billion in 2024, from $3.4 billion in 2018, registering a 16.1% CAGR during the forecast period (2019–2024). Smart parking systems help to park a car on both on-street and off-street parking sites. Off-street smart parking systems help in facilitating an easy pay-and-park process for both long and short durations, due to which off-street parking is more in demand. Hardware, service, and software technologies are offered under smart parking solutions.

As smart cities are integrated with all kinds of connected technologies to make things more convenient for people, smart parking systems are bound to be a part of these cities. The major focus of smart cities is to offer managed operations to the residents and connected and advanced transportation facilities are a key component for accomplishing that. Smart parking solutions allow drivers to access real-time information regarding the availability of parking spots, before they set off on their journey. Considering these advantages, the smart parking systems market is expected to grow significantly in the coming years along with the development of smart cities.

Hence, smart parking systems are gaining popularity as they have the ability to tackle the problem of growing traffic on roads.

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Global Smart Parking Systems Market Finally Showing Potential to Scale

Market Overview

Smart parking systems help the vehicle user to find the nearest parking space and provides information on the availability of parking slots in the parking area. The smart parking systems market includes sensors, real-time data and smart-phone-enabled automated payment systems that allow the users to reserve parking slot in advance. The systems identify the exact state of a parking space, if vacant or occupied, and examines and transmits information to various sources, which include mobile applications, signage and web-based applications.

The parking systems involve a wide range of technologies and equipment that suits to various parking lots. The parking technologies can be designed and modified as per the requirements of various parking spaces available. Residential buildings and complexes have limited flow of passenger cars and SUVs although places like hospitals, shopping malls and corporate hubs have a large number of vehicles coming and exiting from the parking areas on a regular basis. Therefore, the demand for smart parking systems is increasing significantly. The smart parking systems uses well-improvised technologies and equipment for consistent operation during the forecast period (2017-2023). The systems are expected to expand its reach from parking at shopping malls and company parking to various multiple platforms, including public parking by giving parking information, based on cost in real time. Additionally, smart parking systems play a major role in reducing the CO2 emission and help traffic movement in the city more efficiently.

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Industry Dynamics

The global smart parking systems market is expected to witness a CAGR of 15.8% during the forecast period, to reach $4,800 million by 2023. The parking sensors have emerged as the largest segment in the global smart parking systems market. In 2016, Asia-Pacific was among the fastest growing markets, due to growing awareness of end-users about smart parking systems in the region. With the sudden surge in the number of passenger cars in China and India, initiatives taken by different state governments such as smart cities mission is expected to develop better parking and traffic management solutions in India. Due to huge adoption of parking management systems in different cities of Europe, the region dominated the global smart parking systems in 2016. Under the market segmentation by technology, the parking sensor dominated the market as compared to other components in the global smart parking systems market in 2016; however, the steering angle sensors is growing at a faster rate than other technologies.

Trends
The key trend observed in the global smart parking market includes increased consumer preference toward comfort and luxury that leads to high level of competition between OEMs to offer advanced driver assistance systems. The systems allow users to replace its daily, manual cash payments with account invoicing and application payments from their phone. The smart parking systems are being widely adopted by major cities and universities, especially in Europe and North America. In Europe and North America railway platforms, airports, public places and corporate complexes, authorities are planning to set up smart parking systems for better management of their parking areas and heavy traffic congestions.

Growth Drivers
The government initiatives toward the adoption of smart parking systems is one of the major factors driving the smart parking systems market. The demand from upcoming smart cities is expected to drive the global market. With the growing number of hospitals, shopping complexes and corporate hubs, the demand for smart parking systems is increasing. Another important factor driving the market is easy accessibility of smart parking systems, its economic nature and ability to reduce carbon footprints in the atmosphere. It accesses and maps the status of vacant parking spaces from any location through mobile-based apps or web browser. Thus, it significantly reduces the risk of finding the parking spot and also reduces unnecessary travelling time of vehicles across filled parking slots in a city. The smart parking systems reduce CO2 emissions in urban cities by bringing a plunge in search for vacant parking lots by car owners and helping them in properly managing their parking availability and reducing traffic congestions.

Competitive Landscape

The global smart parking market reported a consolidated structure in 2016, where the market is led by a few global players. The key regional players operating in the market include Valeo S.A., Continental AG, Robert Bosch GmbH, Kapsch TrafficCom AG, Cubic Corporation and TKH Group-Park Assist.

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