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Smart Parking Market by Type and Geography - Forecast and Analysis 2020-2024

  • Published: Apr 2020
  • Pages: 120
  • SKU: IRTNTR41111
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The smart parking market size has the potential to grow by USD 5.22 billion during 2020-2024, and the market’s growth momentum will accelerate during the forecast period.

This report provides a detailed analysis of the market by type (off-street parking and on-street parking) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape. It offers information on several market vendors, including 3M Co., Conduent Inc., Flowbird SAS, International Business Machines Corp., IPS Group Inc., Kapsch Aktiengesellschaft, Libelium Comunicaciones Distribuidas SL, Nedap NV, Siemens AG, and SKIDATA AG.

Market Overview

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Market Competitive Analysis

The market is fragmented. Kapsch Aktiengesellschaft, Libelium Comunicaciones Distribuidas SL, Nedap NV, Siemens AG, and SKIDATA AG are some of the major market participants. Although the growing adoption of ITS will offer immense growth opportunities, High deployment costs will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

To help clients improve their market position, this smart parking market forecast report provides a detailed analysis of the market leaders. It offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and provides information on the products offered by various companies. Moreover, this smart parking market analysis report also includes information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.

This report provides information on the production, sustainability, and prospects of several leading companies, including:

  • 3M Co.
  • Conduent Inc.
  • Flowbird SAS
  • International Business Machines Corp.
  • IPS Group Inc.
  • Kapsch Aktiengesellschaft
  • Libelium Comunicaciones Distribuidas SL
  • Nedap NV
  • Siemens AG
  • SKIDATA AG

Smart Parking Market: Segmentation by Region

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North America was the largest smart parking market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The increasing need for traffic management and the growing number of vehicles in Canada and the US will significantly influence the smart parking market growth in this region over the forecast period.

Almost 37% of the market’s growth will originate from North America during the forecast period. The US is the key market for smart parking systems in North America. Market growth in this region will be slower than the growth of the market in Europe, APAC, and South America.

Smart Parking Market: Segmentation by Type

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The rising need to have obstacle-free and safe walking spaces for pedestrians is driving the demand for off-street parking facilities. The expansion of off-street parking solutions will be seen in public as well as private sectors in the coming years, and it will involve the construction of parking garages and slots.

The smart parking market share growth by the off-street parking segment will be faster than the growth of the market by the on-street parking segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the smart parking market size.

Smart Parking Market: Key Drivers and Trends

The smart parking market will register a CAGR of almost 22% during 2020-2024. The growing adoption of intelligent transportation systems (ITS) is one of the key factors driving market growth. With the increasing congestion on urban roadways, safe, efficient, and accessible public transportation has become a priority. Intelligent public transportation solutions provide application-enabling network services to connect public transit operations securely. Intelligent transportation systems enable operators to safely gather, analyze, and distribute networked resources in real-time. For instance, Lyft, a ride-sharing service, has been supported by General Motors to collaborate on the internet of things (IoT) projects and provide efficient public commuting services. Also, the rising rate of development of smart cities and the availability of 4G networks will augment the growth of the smart parking market size.

  • The rising demand for electronic payments, one of the critical smart parking market trends, will also drive market growth.
  • The electronic payment provides benefits to both the parking facility operators as well as consumers.
  • Cashless payment, with the help of debit cards or credit cards, simplifies the payment process for customers and reduces congestion at the entrance and exit gates of parking lots.
  • Various technologies, such as magnetic strip cards, vehicle-mounted bar-codes, in-vehicle transponders, and smart cards, are used to enable these payment systems.
  • Smartphones are also commonly used to pay parking charges.
  • For smart parking, service providers are adopting electronic parking payment systems, especially mobile parking payments and permit and enforcement applications, which are highly scalable across facilities.
  • With drivers increasingly adopting mobile apps, websites, and other forms of technology to find parking spaces and pay for them, the electronic payments will contribute further to the smart parking market growth over the forecast period.

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Smart Parking Market: Key Highlights of the Report for the Forecast Period 2020-2024

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will drive smart parking market growth during the next five years
  • Precise estimation of the smart parking market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the smart parking industry across APAC, Europe, MEA, North America, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of smart parking market vendors

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Executive Summary

  • Market Overview

Market Landscape

  • Market ecosystem
  • Value chain analysis

Market Sizing

  • Market definition
  • Market segment analysis
  • Market size 2019
  • Market outlook: Forecast for 2019 - 2024

Five Forces Analysis

  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

Market Segmentation by Type

  • Market segments
  • Comparison by Type placement
  • Off-street parking - Market size and forecast 2019-2024
  • On-street parking - Market size and forecast 2019-2024
  • Market opportunity by Type

Customer landscape

  • Overview

Geographic Landscape

  • Geographic segmentation
  • Geographic comparison
  • North America - Market size and forecast 2019-2024
  • Europe - Market size and forecast 2019-2024
  • APAC - Market size and forecast 2019-2024
  • South America - Market size and forecast 2019-2024
  • MEA - Market size and forecast 2019-2024
  • Key leading countries
  • Market opportunity by geography

Drivers, Challenges, and Trends

  • Market drivers
  • Volume driver - Demand led growth
  • Volume driver - Supply led growth
  • Volume driver - External factors
  • Volume driver - Demand shift in adjacent markets
  • Price driver - Inflation
  • Price driver - Shift from lower to higher-priced units
  • Market challenges
  • Market trends

Vendor Landscape

  • Overview
  • Vendor landscape
  • Landscape disruption

Vendor Analysis

  • Vendors covered
  • Market positioning of vendors
  • 3M Co.
  • Conduent Inc.
  • Flowbird SAS
  • International Business Machines Corp.
  • IPS Group Inc.
  • Kapsch Aktiengesellschaft
  • Libelium Comunicaciones Distribuidas SL
  • Nedap NV
  • Siemens AG
  • SKIDATA AG

Appendix

  • Scope of the report
  • Currency conversion rates for US$
  • Research methodology
  • List of abbreviations

Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The smart parking market growth will increase by $5218.00 million during 2019-2024.
The smart parking market is expected to grow at a CAGR of 21.71% during 2019-2024.
Technavio has segmented the smart parking market by type (Off-street parking and On-street parking) ,application (Standalone rupture disc and Rupture disc in combination with relief valves) , and geographic (North America, Europe, APAC, and South America).
3M Co., Conduent Inc., Flowbird SAS, International Business Machines Corp., IPS Group Inc., Kapsch Aktiengesellschaft, Libelium Comunicaciones Distribuidas SL, Nedap NV, Siemens AG, SKIDATA AG are a few of the key vendors in the smart parking market.
North America will register the highest growth rate of 37.42% among the other regions. Therefore, the smart parking market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
The key factors driving the smart parking market growth are:
  • Use of telematics for car parking and tracking
  • Integration of EHRs with electronic data collection systems
The smart parking market vendors should focus on grabbing business opportunities from the off-street parking segment as it accounted for the largest market share in the base year.
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