Demand for Smart Parking Sensors on an Upswing as Multiple Smart Cities Projects Are Afoot
Over the last decade, the parking sector has witnessed several technological innovations: sensors, and cameras to monitor the occupancy of parking spaces, mobile apps that show free parking spaces in public and/or indoor areas, or even provide the possibility to pay for and (sometimes) reserve parking, as well as automatic number plate recognition (ANPR) systems. By adopting smart parking traffic volume decreases, reduction in gas emissions, less kilometres travelled, healthier drivers (saved time trying to find a parking lot. Drivers will be able to rest their backs, shoulders, and neck. Being stuck in traffic for hours not only generates contamination but also affects the drivers’ health - more traffic means more stress, which leads to potential illnesses). An increase in parking concerns, an increase in demand for Internet of Things (loT)-based technology, and a high adoption rate in the number of automobiles are driving the worldwide smart parking sensor market.
Increased investment in creating driverless vehicles, as well as increased government initiatives to establish smart cities around the world, are predicted to generate huge market potential opportunities. Government officials in several nations, including India, Italy, Germany, and China, are focused on strategic partnerships to construct smart cities, thereby enhancing market representation. The leaders in the smart city industry will get funding from their national governments to modernise their R&D centres, hence increasing the growth of smart cities. According to United Nations Human Development Index, in 2021 there were a total of 118 smart cities in the world, with 26 more smart cities to be constructed by 2025. The growing number of smart cities will increase the demand for smart parking sensors in the coming years. This is likely to push the prospects of smart parking sensor market.
Another factor that will propel the growth of smart cities is the rapid urbanisation going around the world. Better work and education prospects, better health, greater access to social services, and more opportunity for social and cultural activities are all connected with urban living. As a result, people travel to towns and cities in search of a better standard of living. Globally, 4.46 billion people reside in urban cities as of 2021. The world's urban population is expected to reach 6.68 billion by 2050, with an additional 2.22 billion people living in cities. Increase in urbanisation, and improved standard of living will thus accelerate the demand for smart cities, thereby boosting the growth of smart parking sensor market.
Smart Meters Will Dominate Smart Parking Sensor Market with an Ability to Allocate Free Parking Spaces
In the forecast period, the smart meters segment will be the highest revenue share. The globe is becoming more urbanised, and there is a growing demand for on-street parking spots in cities throughout the world, which has resulted in the widespread usage of parking meters. These meters use sensors and mobile applications to track available parking spaces and the number of vehicles parked. Most individuals leave their cars parked on the streets for extended periods of time. This has pushed governments to install smart parking meters, which also aid in the allocation of on-street parking spaces. The cameras & License Plate Recognition (LPR) section is also expected to be the fastest growing during the projected period. This can be attributable to the increasing usage of LPRs for vehicle surveillance, which significantly reduces the personnel necessary, or the amount of time required to do these duties. With the advancement of technology like image processing, and human-computer interaction, cameras are increasingly being used in smart parking systems to identify vehicle entry and exit.
North America Will Acquire Major Share due to Growing Number of Vehicle Population
In the forecast period, North America will have the highest revenue share. The rising number of automobiles is likely to fuel the growth of smart parking sensor market across the region. Civic authorities in the United States, and Canada are working to minimise traffic congestion, which has become more severe as the demand for automobile ownership has increased. Governments are also working with service providers to boost the adoption of smart parking systems that enable safe and legal parking for business and private vehicles. The region's implementation of smart parking systems is being driven by the increasing adoption of smart city programs.
The United States is expected to increase in the coming years since it is a large market for smart parking systems. The country is seeing an increase in smart parking efforts, which is one of the primary factors fuelling the expansion of smart parking sensor market. With rising vehicle ownership, expanding smart city initiatives, and the emergence of fully automated parking systems, the country is creating numerous chances for the smart parking sensor market. In the US there are currently 10 smart cities. The government of the US is planning to add 8 to 10 more smart cities by 2025. Hence, the rapid technological up-gradation in the region will also drive market growth. Key firms in the country are increasing their investments in accelerating the process of product creation and innovation. Such reasons are helping to drive the expansion of the smart parking sensor market in the United States.
Europe is predicted to grow at a substantial rate during the forecast period, owing to government measures that encourage intelligent transport and parking systems as part of pollution-reduction efforts. Concerns about insufficient parking places are one of the primary drivers of industry growth in the region. The International Road Transport Union (IRTU) took part in an EU-funded survey that found that a lack of secure and safe parking sites is a major concern in Europe, with 90 percent of transport operators and drivers stating that the present parking supply is insufficient. With such factors along with the rapid technological advancement ongoing in the region, smart parking sensor market will propel in the region.
Global Smart Parking Sensor Market: Competitive Landscape
In August 2021, Continental invested in Kopernikus Automotive for a minority investment in order to develop an automated parking technique based on car sensor data and intelligent infrastructure-based solutions. In October 2020, Robert Bosch, LLC presented its new ADAS and body electronics inventory, which includes Park Pilot ultrasonic parking sensors. This catalogue was created with the goal of providing high visibility, accurate information, and easy access to photos and application data for around 230 ADAS and body electronics parts.
Few of the players in the smart parking sensor market include Amano McGann, Inc., Altiux Innovations, BMW AG (ParkNow GmbH, Parkmobile, LLC), Amco S.A., CivicSmart, Inc., Deteq Solutions, Cisco Systems, Inc., gtechna, Flowbird, Kapsch TrafficCom, Libelium Comunicaciones Distribuidas S.L., INDECT Electronics & Distribution GmbH, Mindteck, Municipal Parking Services, Inc., Meter Feeder, Inc., Park Assist, Nedap N.V., ParkJockey, ParkMe Inc., Parkeon, ParkHelp, Siemens AG, Robert Bosch GmbH, Smart Parking Ltd., SpotHero, Inc., SKIDATA AG, Swarco AG, and Urbiotica, S.L.
Global Smart Parking Sensor Market is Differentiated as Below:
Key Elements Included In The Study: Global Smart Parking Sensor Market
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