Global Smart Parking Markets Report 2022: Smart Meters Lead with Over 40% Revenue Contribution Among the Hardware Market
DUBLIN, Aug. 5, 2022 /PRNewswire/ -- The "Smart Parking Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022 to 2030" report has been added to ResearchAndMarkets.com's offering.
The size of the global market for smart parking systems was evaluated at $5.75 billion in 2021, and it is anticipated to develop at a compound annual growth rate (CAGR) of 22% from 2022 to 2030.
This study report represents analysis of each segment from 2020 to 2030 considering 2021 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments is estimated for the forecast period of 2022 to 2030.
As a result of the epidemic caused by COVID-19, countries all around the world have evidenced lockdowns of varied degrees, and many governments have also adopted initiatives to boost economic recovery. Since the middle of March 2020, the demand for parking systems in the United States has decreased by 90%, as reported by SpotHero, Inc., a provider of intelligent parking solutions based in the United States. At the very least for a limited amount of time, it is anticipated that this drop will have a negative impact on the expansion of the market not only in the country but also all over the world.
The potential of these systems to give the necessary flexibility and scalability is also projected to fuel the growth, which is a further expected driver of the growth. Nevertheless, the primary factor that will act as a barrier to the expansion of the market over the course of the projection period is the low level of awareness regarding the advantages of smart parking.
These technologies are intended to assess whether a parking lot is vacant or occupied, evaluate the data, and transfer it to applications that run on mobile devices and the web. It is anticipated that these technological advances will propel the expansion of the market.
Smart Meters Lead with Over 40% Revenue Contribution Among the Hardware Market
In 2021, the segment that accounted for the biggest revenue share was smart metres, which was above 42%. Because f the growing demand for on-street parking spaces in cities all over the world brought about by the rapid urbanisation that is taking place around the world, parking metres are becoming increasingly common.
With the assistance of sensors and mobile applications, these metres keep track of available parking spots and keep a record of the number of vehicles that are parked. The majority of drivers leave their cars parked on the streets for extended periods of time. Because of this, governments have been forced to install intelligent parking metres, which also assist in accurately distributing payments for on-street parking places.
Companies such as Cisco Systems, Inc., Altiux Innovations, Siemens AG, SKIDATA AG., Robert Bosch GmbH, Amano McGann, Inc., BMW AG (ParkNow GmbH, Parkmobile LLC), and ParkMe, Inc. are some of the most prominent players in this market.
In order to maintain their position at the head of their industry, leading corporations are marketing cutting-edge hardware and software solutions. As a result of the increasingly diverse requirements of parking lot management, market participants in the smart parking industry are expanding their network with companies that specialize in parking lot management.
Key questions answered in this report
By Hardware Outlook (2020-2030; US$ Million)
By Sensor Technology (2020-2030; US$ Million)
By Software Outlook (2020-2030; US$ Million)
By Service Outlook (2020-2030; US$ Million)
By Application (2020-2030; US$ Million)
By Solutions (2020-2030; US$ Million)
By Type Outlook (2020-2030; US$ Million)
By End User (2020-2030; US$ Million)
Region Segment (2020-2030; US$ Million)
Global Impact of Covid-19 Segment (2020-2021; US$ Million )
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