According to Goldstein Research, global smart parking market is expected to reach USD 7.5 billion by 2024 from USD 2.0 billion in 2016, growing at a CAGR of 18.0% over the forecast period 2016-2024. Increasing car ownerships and rising traffic issues worldwide are the key factors driving the smart parking market. Global smart parking market segmentation has been done on the basis of smart parking components, smart parking site, smart parking service provider, smart parking vertical and geography. The demand for off street parking constitutes the majority for the demand of smart parking systems, amounting to over 65% of the global smart parking market. The segment for parking site providers accounts for majority of the market share in overall service provider market compared to other service providers.

Global smart parking market is largely dominated by North American region with a revenue share of over 30%, owing to technological advancement in the region. The popularity of home automation devices and high volumes of cashless payments in the region can be attributed to the largest market size. Whereas, Asia-Pacific region is set to witness the highest growth during the forecast period, growing demand for automotive.
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Market Segmentation

On the basis of our in-depth analysis, Global Smart Parking Market can be segmented as follows:

By Smart Parking Component

o Sensors
o Ultrasonic Sensors
o Magnetic Sensors
o Radar Sensors
o Image Sensors
o Cameras
o Smart Parking Meters
o Electronic Billing and Payment Systems
o Others (Displays, ECUs)

By Smart Parking Site

o On Street Parking
o Off Street Parking

By Smart Parking Service Provider

o Parking Management System Providers
o Parking Site Providers
o Electronic Payment Technology Providers

By Smart Parking Vertical

o Residential
o Commercial

By Region

o North America (US, Canada) {Market Share (%), Market Size (USD Billion, Adoption Rate (%)}
o Europe (UK, France, Italy, Germany, Spain, Hungary, Sweden, Russia, Poland and Rest of Europe) {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
o Middle East and Africa (GCC Countries, North Africa, South Africa and Rest of Middle East & Africa) {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
o Latin America (Brazil, Mexico and Rest of Latin America) {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
o Asia Pacific (China, Japan, India, Singapore, South Korea, Australia, New Zealand and Rest of Asia-Pacific) {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
o Rest of the World {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}

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Global Smart Parking Industry Analysis Report contains detailed overview of the global smart parking market. On the basis of our in-depth analysis, market can be segmented in terms of market segmentation by smart parking components, smart parking site, smart parking service provider and smart parking vertical.

Further, for the in-depth analysis, Global Smart Parking Market Report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis. This market report also includes competitive outlook of some of the major players profiling of companies such as Smart parking India, SGL Group, Showa Denko, Smart parking India Ltd., Triton Minerals Ltd., Mason Smart parking, Inc., Tokai Carbon Co. Ltd., GrafTech International Holdings Inc., Alabama Smart parking Corp., Syrah Resources Ltd., Nippon Smart parking Industries, HEG Ltd., AMG Advanced Metallurgical Group N.V., Toyo Tanso Co., Ltd., Lamboo Resources Ltd., etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.

Overall, the report represents the global smart parking market trends along with market forecast that will help industry consultants, technology providers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

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