The global smart parking systems market is anticipated to reach USD 11.89 billion by 2027, growing at a 10.57% CAGR during 2021-2027. Smart parking is a safe parking solution for drivers. Embedded software and sensors display the sign or symbol about the available parking space. The driver is well familiar with the unoccupied space as a result of effective vehicle management. Smart parking gives drivers real-time information about available parking spaces allowing them to reserve a spot without having to wait. Factors attributing to the growth of the smart parking system market are the increased demand for vehicles leading to parking concerns, rising demand for IoT technology, increased investment to build driverless vehicles, and initiatives by the government to establish smart cities will propel the growth of the market.

The COVID-19 pandemic has hindered the growth of the global smart parking system market as the smart parking systems are being converted into isolation and quarantine homes around the world to provide a clean and suitable environment for patients to recover. However, post COVID-19 outbreak, people might use their vehicles for solo travel and are avoiding shared transportation, this may propel traffic congestion in several metro cities globally. The increased traffic congestion will bolster the demand for smart parking systems during the forecast period.

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The global smart parking system is divided into hardware, software, and services based on the vehicle type. Wireless sensors, cameras, LPRs, smart meters, signage, and parking gates are all types of hardware. Parking guidance systems and analytics solutions are two types of software. Consulting, engineering, and mobile app parking services are the three subcategories of services. The parking guidance system contributes to the largest share as it helps drivers in saving their time and proactively have information about vacant spaces, parking guidelines, number of available spaces, and duration of availability. Thus, ensuring improve experience among drivers offers a user-friendly graphical interface to monitor ultra-sonic sensors and electronic signs.

Europe is anticipated to contribute to the largest share in the smart parking system market owing to initiatives by the government to offer smart parking systems so as to reduce pollution. Furthermore, the mounting concern regarding insufficient parking spaces, especially in urban spaces will bolster the growth of the market.

In August 2021, Continental, a technology business, is taking a minority position in Leipzig-based startup Kopernikus Automotive. Kopernikus who is a provider of autonomous driving technologies is offering solutions for vehicle handling based on infrastructure. The system is based on sensors that are permanently embedded in the infrastructure, as well as artificial intelligence-based algorithms that control the movement of the cars from a central location. Automated parking in parking garages, also known as Automated Valet Parking (AVP), and autonomous maneuvering of, for example, newly built automobiles at vehicle manufacturers or in logistical regions, are the first two applications of this technology.

The prominent players in the smart parking system industry include Amano Corporation, Robert Bosch GmbH, TKH Group–Park Assist, Aisin Seiki Co., Ltd, Cubic Corporation, Continental AG, Valeo S.A., Kapsch Trafficcom AG, Siemens AG, Delphi Automotive PLC, Xerox Corporation, and Nedap Identification Systems.

Source: VynZ Research