Smart Parking Market in Western Europe 2016-2020

Outlook of the smart parking market in Western Europe

Extensive research carried out by the analysts at Technavio has shown that the smart parking market in Western Europe will witness impressive growth at a CAGR of close to 14% over the forecast period. Smart parking aids in reducing traffic congestions considerably in highly populated areas. Smart parking systems use sensors deployed in the center of the designated parking area, and the data gathered from these sensors provide useful information regarding the number of standby vehicles and the number of vehicles in the queue to acquire parking space. The data also helps analyze and process the traffic flow. Moreover, smart parking has the tools to improve workforce management and generate revenue by enabling real-time monitoring and control of the available parking space. The two-way M2M communication between smart parking sensors and connected cars helps reduce parking-related issues, which will impel the growth prospects for the smart parking market in Western Europe during the predicted period.

The majority of parking facility providers use dynamic pricing to manage the demand and supply of available parking spaces. The parking providers give a choice to the drivers to either pay more and walk less or pay less and walk an extra block. The sensors present in the parking lot track the availability of parking spaces and transmit the information directly to the drivers on their smartphones with price details. Moreover, the automatic license plate recognition technology uses specialized cameras and software to read the license plates of vehicles, capture tag images, and transform the characters into a data stream. It also helps parking providers manage parking areas by providing applications, such as ticketless parking fee management, car theft prevention, vehicle location guidance, lost ticket fraud, and automated payment processes. The price of parking is adjusted according to the demand and varies based on location and time of day. The hourly parking rates can be as high as USD 6 during peak hours and as low as 25 cents during non-peak hours in low-demand areas. This pricing model reduces traffic congestion and increases traffic flow, thus making parking easier and more convenient.

Competitive landscape and key vendors

The smart parking market in Western Europe is highly fragmented owing to the presence of several well-established vendors. The market is moderately competitive, but it is expected to witness increasing competition over the next four years. The vendors are focusing on mergers and acquisitions to strengthen their foothold in the market. They are also forming strategic partnerships to enter different geographies and extend their footprint in the market.  

Key vendors in this market are -

• The IPS Group
• Libelium Comunicaciones Distribuidas
• Parkeon
• Streetline
• TransCore

Other prominent vendors in the market include 3M, Aeris Communications, Cisco Systems, Deutsche Telekom, Gemalto, HCL, IBM, Jasper Technologies, MSR-Traffic, Nedap Mobility Solutions, Orange Business Services, Oti (PARX), ParkHelp, ParkMe (INRIX), Parkmobile, Parkopedia, Q-Park, Serco, Siemens, Sierra Wireless, SKIDATA, Smart Parking, Swarco, Synapt (Prodapt Solutions), T2 Systems, Telensa, TeliaSonera, Urbiotica, Vodafone, World Sensing, and Xerox.

Segmentation by type of parking space and analysis of the smart parking market in Western Europe

• Off-street parking
• On-street parking

The off-street parking segment dominated the smart parking market in Western Europe and is expected to reach more than USD 112 million by 2020. Off-street parking allows users to park their vehicles in both indoor and outdoor spaces such as garages and lots. Off-street parking not only allows city authorities to manage their parking supply efficiently but also reduces CO₂ emissions in urban centers by preventing unwanted traffic flow because of people searching for parking spaces. Also, off-street parking help organizations maximize parking spaces and improve the overall parking experience, which will boost this segment’s growth in the coming years.

Key questions answered in the report include

• What will the market size and the growth rate be in 2020?
• What are the key factors driving the smart parking market in Western Europe?
• What are the key market trends impacting the growth of the smart parking market in Western Europe?
• What are the challenges to market growth?
• Who are the key vendors in the smart parking market in Western Europe?
• What are the market opportunities and threats faced by the vendors in the smart parking market in Western Europe?
• What are the trending factors influencing the market shares of Western Europe?
• What are the key outcomes of the five forces analysis of the smart parking market in Western Europe?

Technavio also offers customization on reports based on specific client requirement.

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