Smart Parking Market Outlook 2020- Insights, Growth Analysis, Future Trends, Forecasts To 2030 | Impact Analysis of COVID-19

The global smart parking market accounted for over US$ 3.5 billion in 2019. It is anticipated to grow at a CAGR of approximately 16.2 % from 2019 to 2030

The increasing implementation of the IoT in parking software technologies can be attributed to growth of the smart parking market. There are several additional benefits offered by the IoT in parking spaces including extension of parking time duration with the help of sponsored meter time extension, avoidance of parking violations by offering innovative parking solutions to identify safe parking spots and efficient utilization of citywide parking spaces. In addition, with the integration of the Internet of Things (IoT), real-time monitoring of parking occupancy situations from PCs and smartphones is possible for the provision of efficient connected parking management solutions.

Top Players:

Some of the prominent players in the smart parking market include Robert Bosch GmbH, Valeo, Continental AG, Omnitec Group., SKIDATA AG, Smart Parking Ltd, IEM SA, IPS Group, Inc., SWARCO, and Cubic Corporation, among others.

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Growth Factor:

Traffic congestion caused by vehicles is an alarming problem at a global scale owing to increasing vehicle size and confined parking spaces in urban areas. Smart parking offers solutions for both drivers and operators by offering better management of parking spaces. Moreover, initiatives aimed toward efficient parking solutions by various governments are promoting market growth. However, the high initial investments are expected to hamper market growth.

In addition, with the integration of the Internet of Things (IoT), real-time monitoring of parking occupancy situations from PCs and smartphones is possible for the provision of efficient connected parking management solutions.

Segmentation Based On:

By Component -

Parking Sensors,
Display Unit,
Parking Meters

By Type -

Off-street Parking
On-street Parking

Technology (IoT, Ultrasonic, and Radio Frequency Identification (RFID)),

By Application -

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

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Regional Analysis:

Asia Pacific is estimated to account for the highest CAGR over the forecast period. Increasing urbanization, extensive government initiatives, and technological advancements will contribute significantly to market growth in this region. Moreover, key players in the regions are collaborating to deliver smart parking solutions. For instance, in 2018, SenRa partnered with sensor systems provider, PNI Sensor, to provide smart parking solutions in India. SenRa's LoRaWAN technology along with PlacePod smart parking sensors will deliver the key aspects of parking management solutions.

Research objectives:-

- To study and analyze the global Smart Parking Market consumption (value & volume) by key regions/countries, product type and application, history data.

- To understand the structure of the Smart Parking Market by identifying its various sub-segments.

- Focuses on the key global Smart Parking Market manufacturers, to define, describe and analyze the sales volume, value, market share, market competitive landscape, SWOT analysis, and development plans in the next few years.

- To analyze the Smart Parking Market with respect to individual growth trends, future prospects, and their contribution to the total market.

- To share detailed information about the key factors influencing the growth of the market (growth potential, opportunities, drivers, industry-specific challenges and risks).

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Table of Contents

1.INTRODUCTION
1.Market Definition
2.Market Ecosystem
1.Market Classification
2.Geographic Scope
3.Years Considered for the Study
1.Historical Years – 2016 & 2017
2.Base Year – 2018
3.Forecasted Years – 2019 to 2030
3.Currency Used for the Study
4.Report Beneficiary List

2.RESEARCH METHODOLOGY
1.Research Framework
2.Data Collection Technique
3.Data Sources
1.Secondary Sources
2.Primary Sources
4.Market Estimation Methodology
1.Bottoms Up Approach
2.Top Down Approach
5.Data Validation and Triangulation
1.Market Forecasting Model
2.Limitations of the Study
3.Assumptions of the Study

3.ABSTRACT OF THE STUDY

4.MARKET DYNAMICS ASSESMENT
1.Overview
2.Drivers
3.Barriers/Challenges
4.Opportunities

In the end, Smart Parking Market industry report specifics the major regions, market scenarios with the product price, volume, supply, revenue, production, market growth rate, demand, forecast and so on. This report also presents SWOT analysis, investment feasibility analysis, and investment return analysis.

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