Pune, India, May 14, 2019 (GLOBE NEWSWIRE) -- A recent analysis by Market Research Future Reports states that the global smart parking market is expected to inflate at a CAGR of 10.97% during the forecast period 2017 to 2023. In public parking arrangement, violations are an issue of optimum importance. Such cases end up in resulting in a limited number of parking space. While rules and fines are instituted by governments to manage violations, the era of smart parking is projecting rapidly. Smart parking is a term increasingly being into action by governments, manufacturers and tech developers to implement innovation to avoid violence and experience economical parking for drivers.
Trawling for a parking space is a routine activity, and according to the study on this market, it is estimated that a wide percentage of urban congestion is created by drivers who cruise for parking space, according to MRFR’s analysis. The increasing traffic congestion and uncertainties in the availability of parking are the factors that are enforcing the need for smart parking systems. The smart parking technology assists in optimizing usage of parking space, improve the efficiency of parking operations and help in smooth traffic flow.
The smart parking solutions are robustly designed to provide drivers to find the vacant spot for parking the vehicle. Thus, such parking system detects a convenient parking space with the help of sensors and directs the drivers about the vacant space. Technologies such as a smart app, ultrasonic, RFID, and like these are used for the smart parking solutions to function for drivers, hence ending the struggle of searching parking, cost, travel time, etc. In the scenario of smart parking, digital data has been the key driver behind most smart parking innovations that happened in the last ten years. Now, in the era of technology, it plays a central role in virtually all aspects of parking, particularly about the use of smartphones and developments in connected and automatic vehicle (CAV) technology.
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Most forwardly, the smart parking systems market will proliferate substantially over the coming years owing to several benefits such as real-time information on the availability of spaces in desired locations, saving of time, energy, and fuel eliminates the struggle of searching for a parking spot. This technology efficiently manages empty and filled spaces and limits illegal parking issues as well, which in turn will favor the smart parking systems market size from 2017 to 2023. Moreover, more benefits of using smart parking systems, such as mobile payments and online reservations, are also expected to propel the industry grew exponentially during the forecast period. With that, the smart parking systems market operates with the help of an integration of parking guidance, smart meters, and computerized payment systems that includes components such as sensors, which identify the availability of parking places and helps the drivers. Thereby, rising technological advancements and integration of IoT have initiated government to introduce the smart cities as these are solving traffic congestions, vehicle crowding, and reducing pollution levels in broader ways.
Market Segmentation
According to Market Research Future Reports, the smart parking market has been comprehensively segmented by parking site and technology.
Segmentation by parking site, the off-street segment has accounted for the largest share with 68.45% in the global smart parking market owing to progress and advancement in the automotive industry. The off-street parking is mostly used for parking the vehicles anywhere but not on the street as there are various garages and parking lots available for parking the vehicles. This is considered to be one of the safest parking methods as compared to on-street parking.
Segmentation by technology, the market has been categorized as SmartApp, ultrasonic, RFID, In-ground vehicle detection sensor, and others. Of these, the SmartApp segment has accounted for the largest share with 34.14% in the global smart parking market. In it, ultrasonic is the second largest segment as it has accounted for 26.25% share in the same year. The SmartApp is a cohesive technology that has been developed to assist the drivers on the availability of the parking space in a nearby place. The SmartApp is hence widely used to find parking space while conveniently sitting in the car. Summing up, ultrasonic has also suggested for the second leading segment in smart parking market with a market stake of 35.01% in 2016.
The impact of regulations and mounting demand for smart mobility are expected to initiate the market to grow instantaneously, globally.
The regional evaluation and progress report in the global Smart Parking Market has gathered from the regions of North America, Europe, Asia Pacific (APAC) and Rest-of-the-World (RoW).
The Asia Pacific has been accounted for the largest market share owing to the presence of China, Japan, and India. The smart parking market has an extensive array of opportunities for parking management businesses with a high growth rate in registering of new cars and boom in economies in this region. Also, the concept of smart city has come up with some conceiving solutions to cater changes in urban issues such as traffic congestion, the rapid expansion of urban population, increased energy consumption and increased greenhouse gas emission. Presently, the smart city aims to resolve such challenges and taking up foundations of proper urban planning, economic status and sustainable practices that use emerging information and communication technologies.
Europe has been accounted for the second largest market during the assessment period owing to growing urbanization. Such urbanization has led to the introduction of smart cities. The smart cities are known for providing higher technology through mobile technology, optimize existing infrastructure, and create land use, in an efficient way that is leading to the mounting demand for smart parking in smart cities. In the U.S., the National Institute of Standards Technology (NIST), part of U.S. Department of Commerce, has already started working on the deployment of smart city development. This framework will also lead to the demand ultimately in the growth of the smart parking market.
Furthermore, the automotive industry in the Canadian market is rising steadily as vehicle sales have continued to grow in recent years. In March 2017, the sales of electric vehicles in Canada had reached 19,83,745 units, which the sales would increase at a much higher rate in the forecast years. The ongoing Government initiatives and upward preference for vehicles are also expected to be the significant growth influencer of the Canada market.
Key Players
The key players in global smart parking market are listed as Amano McGann, Inc. (U.S.), Smart Parking Limited (Australia), IEM SA (Switzerland), IPS Group Inc. (U.S.), Klaus Multiparking Systems (Germany), PArklayer (India), Omnitec group (UAE), Mindteck (India), Robert Bosch GmbH (Germany) and Dongyang Menics Co., Ltd (South Korea)
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Industry News
April 18, 2019: Belgian smart parking startup Commuty raises €500k to promote green mobility in the workplace for employees. Commuty offers a smart parking solution for employers to manage their parking spots and encourage alternatives to driving to work.
April 15, 2019: iRAM Technologies brings smart parking solution that will improve parking space utilization by guiding the vehicle owners to the nearest available parking slot. With the help of sensors in the parking lots, the system will monitor the occupancy of the parking lots, then relays this information to the vehicle owners through the mobile app or overhead display boards. Hence, it will allow them to view, on a map about all the parking spaces that are available and their occupancy status. Also, the vehicle owners get a chance to pre-book the available slot and make the parking payments through the mobile app.
April 03, 2019: App-based smart parking system may start in Bengaluru (INDIA) after elections. The government approved the smart parking project to step-in in March. As the election code of conduct is currently in force, the project will take off only after the (Lok Sabha election) results are out.
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