Smart Parking Technologies Market Report 2024 - Smart City Projects and Autonomous Cars Pave the Way for Market Growth

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Jan 23, 2024, 06:30 ET

DUBLIN, Jan. 23, 2024 /PRNewswire/ -- The "Smart Parking Technologies and Global Markets" report has been added to ResearchAndMarkets.com's offering.

The global market for smart parking technologies was valued at $35.6 billion in 2022 and is expected to reach $88.8 billion by the end of 2028. The market is projected to grow at a compound annual growth rate (CAGR) of 18.1% during the forecast period of 2023 to 2028.

Government initiatives such as smart cities are expected to result in better traffic and parking management solutions in regions such as Asia-Pacific and Oceana by the end of 2030. The desire for better technology to lessen the impact on the environment in the region is another factor fostering demand for smart parking technologies.

This report segments the global market for smart parking technologies by offering (i.e., hardware. software and services), parking solution type, technology, end user and region.

The hardware segment was valued at $23.2 billion in 2022 and is expected to reach $57.6 billion by the end of 2028. The software segment is forecast to grow at a CAGR of 20.9% to reach $22.3 billion by the end of 2028, up from $7.8 billion in 2022. In the wake of the COVID-19 pandemic, commuters were more likely to drive without passengers, and also avoided public transportation. These habits have increased traffic congestion in cities, leading to increased demand for smart parking solutions such as commercial parking, government parking and transport transit parking.

This report provides an overview of the global market for smart parking technologies and analyzes market trends. Using 2022 as the base year, the report provides estimated market data for the forecast period 2023 through 2028. Revenue forecasts for this period are made by hardware, software and services; parking solution type; technology; end user and region.

Key Market Dynamics

Market Drivers

Growing Demand for IoT-Based Vehicles
More Vehicles on the Road
Government Policies and Regulations to Support Smart Parking

Market Challenges

Higher Implementation Costs
Lack of Supporting Infrastructure

Market Opportunities

Smart City Projects
Autonomous Cars and Smart Parking Technology

The Report Includes

37 data tables and 54 additional tables
An overview of the global market for smart parking technologies
Analysis of global market trends, featuring historical revenue data for 2022, estimated figures for 2023, forecasts for 2024 and 2026, and projections of compound annual growth rates (CAGRs) through 202
Evaluation of the current market size and revenue growth prospects, accompanied by a market share analysis by offering, parking solution type, technology, end user and geographic region
Coverage of emerging technologies, the current and future market potential, and the regulatory framework and reimbursement scenarios
Review of patents, and ESG trends in the smart parking technology industry
Market share analysis of the key companies in the industry and coverage of mergers & acquisitions, joint ventures, collaborations, partnerships, and other market strategies
Company profiles of major players within the industry, including 3M, Smart Parking, Cisco Systems Inc., and Continental AG

Key Topics Covered:

Chapter 1 Introduction

Chapter 2 Summary and Highlights

Chapter 3 Market Overview

Overview
Value Chain Analysis
Political, Economic, Social and Technological (PEST) Analysis
Impact of Russia-Ukraine War on the Market
Fragmented Market
Manufacturers of Parking Sensors
Large Providers of Automotive Technology
Smart Parking Technology and Applications Providers
Developments in Smart Parking Technologies
Shift Toward Automation
Integrated Parking Solutions
Autonomous Parking
Infrared Proximity Sensors

Chapter 4 Market Dynamics

Chapter 5 Emerging Technologies and Developments

Future of Smart Parking Technologies
Smart Parking in the Future
Application of Emerging Technologies in Smart Parking
Augmented Reality
Radar Technology
Optical Character Recognition (OCR)
Internet of Things
Computer Vision

Chapter 6 Market Breakdown by Offering

Hardware
Software
Services

Chapter 7 Market Breakdown by Parking Solution Type

Automatic Park Assist
Assisted Parking

Chapter 8 Market Breakdown by Technology

Ultrasonic Sensors
Internet of Things (IoT)
Radio Frequency Identification
Other Technologies
Counter Technology
Ground-sensor Technology
Camera-based Technology

Chapter 9 Market Breakdown by End User

Commercial Parking
Government Parking
Transport Transit Parking

Chapter 10 Market Breakdown by Region

Chapter 11 Sustainability in Smart Parking Technologies: An ESG Perspective

ESG Issues in the Smart Parking Technologies Industry
Carbon Footprint/Environmental Impact
Labor Practices
Transparency and Governance
ESG Performance Analysis
Environmental Performance
Social Performance
Governance Performance
ESG Risk Ratings and Levels for Companies
ESG Practices in the Smart Parking Technologies Industry
Case Study
Environmental Initiatives
Social Initiatives
Governance Initiatives
Outcomes
Investments
Concluding Remarks

Chapter 12 Patent Analysis

Granted Patents (2020-2023)
Recently Awarded Patents

Chapter 13 M&A and Venture Funding Outlook

Chapter 14 Competitive Intelligence

Vendor Landscape
Market Ranking Analysis
- Smart Parking Ltd.
- Cisco Systems
- Continental AG
- Aisin Corp
- BMW Group
- Strategic Analysis

Chapter 15 Company Profiles

3M
Aptiv
Cisco Systems Inc.
Continental Ag
Flashparking
Inrix
Kapsch Trafficcom Ag
Nec Corp.
Nedap N.V.
Robert Bosch Gmbh
Siemens Ag
Smart Parking
Tkh Group
Valeo

For more information about this report visit https://www.researchandmarkets.com/r/ohgjba

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