The global smart parking systems market size was US$ 4.4 billion in 2020. The global smart parking systems market is forecast to reach the value of US$ 11.89 billion by 2030 by growing at a compound annual growth rate (CAGR) of 10.12% during the forecast period from 2021-2030.
Smart parking is a parking method that assists drivers in parking their vehicles safely. These devices show signs and symbols to show the available space in the parking slot. The devices are embedded with efficient sensors to perform the operations.
Covid-19 Impact Analysis
The COVID-19 pandemic had a severe negative impact on the global smart parking system market, as various countries and their governments declared complete lockdown. As a result, it abruptly reduced travel activities. These systems are highly demanded by airports to enhance the comfortable environment. However, due to travel restrictions, airports witnessed a severe shortage of travelers. Apart from that, the education and work organizations, including universities, offices, and schools, were all closed during the pandemic. As a result, it hampered the growth of the global smart parking system market.
Moreover, the unavailability of raw materials hampered the entire supply chain. Because manufacturing companies observed a sudden shortage of raw materials and workforce, it obstructed the growth of the trade activities.
Factors Influencing
Geographic Analysis
Regionally, Europe accounts for the largest share in the global smart parking systems market. It is due to the presence of various automobile manufacturers that are focusing on developing advanced smart parking systems in the region. Furthermore, the Asia-Pacific is forecast to grow rapidly due to the rising population, increasing demand for automobiles, and rising consumer awareness. Moreover, growing urbanization and government initiatives towards the development of smart cities may drive the growth of the Asia-Pacific smart parking systems market.
Market Segmentation
By Type
By Technology
By Application
By End-User
By Region
Competitors in the Market