Smart Parking Market worth $ 16.74 Billion, Globally, by 2028 at 12.36 % CAGR: Verified Market Research™

An increasing implementation of the Internet of Things (IoT) Technology, growing concerns about parking of vehicles and an increase in the number of vehicles on the streets worldwide are the primary drivers of growth of the Smart Parking Market

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Verified Market Research

May 19, 2021, 09:15 ET

JERSEY CITY, N.J., May 19, 2021 /PRNewswire/ -- Verified Market Research recently published a report, "Smart Parking Market" By Component (Hardware, Software & Services), By Technology (IoT, Ultrasonic, & RFIDs), By Type (Off-Street & On-Street), By Application (Security & Surveillance, Smart Payment System, E parking, License Plate Recognition), By End-User (Commercial & Government), and By Geography. According to Verified Market Research, the Global Smart Parking Market was valued at USD 6.59 Billion in 2020 and is projected to reach USD 16.74 Billion by 2028, growing at a CAGR of 12.36% from 2021 to 2028.

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Browse in-depth TOC on "Smart Parking Market"

202 - Pages
126 – Tables
37 – Figures

Global Smart Parking Market Overview

Increasing number of automobiles on the streets worldwide, rising congestion of automobiles on the street resulting in complex traffic conditions, increasing attractiveness of the market because of the high rate of adoption of the internet of things (Iot) technology drives the growth of the Smart Parking Market. On the other hand high cost of implementation of internet of things (Iot) infrastructure, high configuration complexities, and low internet infrastructure in the developing regions will act as restraint for the growth of the market. However the increasing adoption of smart cars in the future and the continuous advancements in technology is expected to propel the future growth of the market.

Key Developments in Smart Parking Market

China launched its first robotic diagonal smart parking garage in the city of Nanjing in East China in January 2019. It is an intelligent parking system designed to optimize space utility, fuel efficiency, and cost-effectiveness, in a bid to make urban areas more habitable.
In December 2020, APT Skidata, one of the UK's leading parking solutions businesses, had launched a new mobile-based digital solution to deliver greater operational efficiencies and enhanced financial returns for owners and operators of individual or multiple car parks.

The major players in the market are Urbiotica, Swarco AG, Smart Parking Limited, Robert Bosch GmbH, Klaus Multiparking Systems, IPS Group Inc., Amano McGann, Inc., Continental AG, Dongyang Menics Co., Ltd, IEM SA among others.

Verified Market Research has segmented the Global Smart Parking Market On the basis of Component, Technology, Type, Application, End User and Geography.

Smart Parking Market by Component

Hardware
Software
Services

Smart Parking Market by Technology

IoT
Ultrasonic
RFID

Smart Parking Market by Type

Off-Street
On-Street

Smart Parking Market by Application

Security & Surveillance
Smart Payment System
E-parking
License Plate Recognition

Smart Parking Market by End User

Commercial
Government

Smart Parking Market by Geography

North America

U.S
Canada
Mexico

Europe

Germany
France
U.K
Rest of Europe

Asia Pacific

China
Japan
India
Rest of Asia Pacific

ROW

Middle East & Africa
Latin America

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Automotive Parking Sensors Market by Type (Reverse Parking Sensors, Front Parking Sensors and others), by Technology (Ultrasonic Sensors, Electromagnetic Sensors and others), by Vehicle Type (Passenger Cars and Commercial Vehicles), by End-User (OEM and Aftermarket), by Geography, Forecast, 2020-2027

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