Management

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 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 (2019-2023). 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.
Market Dynamics
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 2018.
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 2018; however,
the steering angle sensors is growing at a faster rate than other technologies.
Market 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 road side
parking 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.
Growth Restraints
The major challenge associated with smart parking systems is lack of standardization and the
high set up cost, which requires huge investment and restricts the growth of the smart parking
systems market. Additionally, lack of coordination between software developers and hardware
providers affects the adoption of smart parking systems; however, to overcome these issues,
the component manufacturers have significantly reduced the costs of sensors and hardware-
based solutions, allowing cities and companies to gather detailed new data on transportation
patterns.
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.
Market Segmentation
By Systems
Guided
Smart park
By Technology
Ultrasonic sensors
Radar sensors
Image sensors
By Component
Hardware
Software
By Solution
Security and surveillance

Valet and parking reservation
License plate recognition
By Usage
Government and municipalities

Commercial institutions
Corporate institutions
Transport facilities
GEOGRAPHIC SEGMENTATION
By Region
Urban
Semi - urban

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Management

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Market Overview

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Government and municipalities

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