The global Real-time Parking System market is likely to reach a valuation of USD 40,523.3 Million in 2022. With escalating traffic congestion, the mandate for real-time parking systems, which can aid city administrations in streamlining dispersed parking spaces and assisting drivers in locating parking slots, is anticipated to increase.
The overall market for real-time parking system is projected to grow at a robust CAGR of 8.9% between 2022 and 2032, totaling around USD 96,406.7 Million by the end of 2032.
The burgeoning number of vehicles, combined with growing traffic, has caused significant parking issues in urban areas. In the utter lack of a structured procedure or system, a significant amount of time and fuel is discarded in parking. Vehicles cruising for parking can represent up to 25% of total traffic. Problems are compounded if there are few parking spots available and/or if they are just valid for a limited.
As a consequence, there is a robust necessity for real-time information on parking availability in a specific area and location. The parking sector has undergone a technological transformation, and by introducing new technologies and equipment, efficient and convenient parking operations can be accomplished.
| Data Points | Key Statistics |
|---|---|
| Real-Time Parking System Market Size (2022) | USD 40,523.3 Million |
| Real-Time Parking System Market Revenue Forecast (2032) | USD 96,406.7 Million |
| Real-Time Parking System Market Growth Rate (2022 to 2032) | 8.9% CAGR |
| North America Market Share | 33.6% |
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The market for real-time parking systems has been stimulated by the increasing adoption of such mechanisms in urban areas. The additional features offered by contemporary real-time parking systems, such as parking place pricing, spot mentorship, airport and transit associations, and other facilities, increase demand yet further.
As more effectual real-time parking systems are embraced, clamor for these systems is anticipated to rise from airports, hospitals, mall parking, commercial parking garages, universities, on-street municipalities, and other occasion avenues. Streamlining the process of real-time parking systems, the Internet of Things, and cloud data is creating new opportunities for users and automakers.
The assimilation enables customers to view real-time parking criteria, and for paid parking structures, it allows the user to select a simple payment mode via payment wallet. Even though implementation is comparatively low due to the high capital expense of the equipment for real-time parking systems, with the economic pricing of these systems, the application for commercial uses is predicted to rise.
In 2021, North America had the highest percentage of revenue of more than 34.9%. Over the forecast timeframe, the widening number of automobiles is expected to spur expansion in the regional market for real-time parking systems. Civil society authorities in the United States and Canada are attempting to ease traffic congestion, which has gotten more drastic as the clamor for vehicle ownership has enhanced.
Governments are also functioning with service suppliers to raise the parenthood of real-time parking systems that can provide secure and legal parking for both commercial and private vehicles. Furthermore, the region's integration of real-time parking systems is being influenced by the region's escalating adoption of smart city development. North America is accounting for a market share of 5.8% of the global Real-Time Parking System market.
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Europe is accounting for a market share of 12.1% of the global real-time parking system market. The Europe region is predicted to grow at a substantial CAGR over the forecast time frame as a consequence of federal policy intervention in intelligent parking systems as part of pollution-reduction efforts.
Furthermore, concerns about insufficient parking spaces are one of the significant determinants of the region's market growth. For example, the International Road Transport Union (IRTU) actively participated in an EU-funded study that discovered that a lack of adequate and protected parking spots is a major concern in Europe, with 85 to 90% of transport motorists and operators reporting that the existing parking supply is inadequate.
The Asia Pacific region's growth rate will be observed as a result of the increasing number of municipalities in emerging nations such as China and India. Increasing vehicle manufacturing and raising concerns about the growing incidence of car theft
The rise in the population causes difficulties with both residential and commercial parking. The issue is addressed by optimizing the additional functionality, such as SMS notifications of available free space and news streams of spatial reservations using real-time parking advanced technologies.
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North America holds a 5.8% market share of the global real-time parking system market.
USA to Have Highest Revenue Percentage
The growing number of cars is expected to drive growth in the USA real-time parking system market. Civil society officials are attempting to alleviate traffic congestion, which has become more severe as the demand for vehicle ownership has increased.
The significant growth of real-time parking systems is due to the expanding automotive industry and rising government regulations across many countries for applying innovative safety regulations in vehicles to quickly spot vacant parking spaces and reduce accidents boosting the USA real-time parking system market adoption trends.
Governments are also collaborating with service providers to develop real-time parking systems capable of providing secure and legal parking for both commercial and private vehicles. The increasing adoption of smart city development in the USA is influencing the integration of real-time parking systems. This escalates the USA's real-time parking system market trends.
Europe accounts for 12.1% of the global market for real-time parking systems.
| United Kingdom | Boost in Number of Vehicles to Broaden United Kingdom Real-Time Parking System Market The real-time parking system market in the United Kingdom is expected to grow at a significant CAGR over the forecast period as a result of federal policy intervention in intelligent parking systems as part of pollution-reduction efforts. The adoption of real-time parking systems is increasing due to increased demand for these systems from a variety of sources, including commercial parking garages, universities, on-street municipalities, airports, hospitals, mall parking, and other event avenues. |
|---|---|
| GERMANY | The lack of Parking Spaces is an Indicator of German Market Growth. The continuous increase in the number of vehicles sold and produced globally has become a major factor causing parking issues in urban areas. As a result, concern about parking solutions is a major factor that is expected to drive the growth of Germany’s real-time parking system market. Concerns about a lack of parking spaces are a significant determinant of Germany's real-time parking system market growth. Stringent government regulations aimed at ensuring a sustainable environment in this region by reducing pollution are expected to drive German real-time parking system market growth. |
Due to the growth of the automobile sector in this region, Asia Pacific is expected to be the fastest developing region during the forecast period.
| KOREA | Increase in Population Stimulates Adoption of Real-Time Parking Systems in Korea Increased vehicle production and growing concern about the rising incidence of car theft boost Korea's real-time parking system market adoption trends. The increase in population causes problems with both residential and commercial parking. It is addressed by optimizing the additional capabilities, such as SMS notifications of available free space and news streams of spatial reservations, which are made possible by advanced real-time parking technologies. The lack of understanding of the advantages of smart parking is a serious impediment to the market's growth. The high cost of implementation and subsequent increase in vehicle cost is a struggle for Korea’s real-time parking system market. The increase in investment in developing driverless vehicles, as well as the government's initiative to build smart cities throughout the region, provide opportunities for the real-time parking system market to flourish. The steadily rising share of municipalities motivates the growth rate of the Korean real-time parking system market. |
|---|---|
| JAPAN | Intensifying Smart Technology Adoption to Offset the Costs and Resource Exhaustion. Over the forecast period, Japan’s real-time parking system market is expected to show strong growth. Factors such as rising demand for advanced technologies to reduce environmental impact in this region are expected to drive real-time parking system market growth in Japan. The growing population creates issues with both residential and commercial parking. The effective growth in the number of vehicles, which is causing concerns about parking solutions, is the prime driving reason for Japan’s real-time parking system market expansion. The growing demand for and implementation of IoT-enabled technology is also attempting to push the real-time parking system market growth in Japan. |
In 2021, the off-street segment held the largest market, accounting for more than 71% of total revenue. The rising penetration of off-street parking can be attributed to an increase in the number of vendors producing applications for parking in separate slots.
Furthermore, to tackle parking issues, multiple smart city projects are recommending better parking space utilization through the use of smart, sensor-based vehicle sensing technologies. The expansion of the number of industries requiring adequate parking and smart detection infrastructures is also fueling development.
In 2021, the commercial segment ruled the market with a sales revenue of more than 40.7%. The elevated adoption of real-time parking systems in shopping malls, athletic fields, workplaces, and movie theatres, among several other public venues, is anticipated to boost commercial segment expansion during the forecast period.
Some of the leading real-time parking system providers include Streetline, Smart Parking Ltd., ParkMe Inc., Parknav, T2 SYSTEMS, Spot Innovation, Inc., INRIX, Inc., ParkWhiz API, Robotic Parking Systems, Inc., Cisco Systems, Inc., and PARKMATIC.
These key real-time parking system providers are adopting various strategies such as new product launches and approvals, partnerships, collaborations, acquisitions, mergers, etc. to increase their sales and gain a competitive edge in the global real-time parking system market. For instance,
Manufacturers are adopting various marketing strategies such as new product launches, geographical expansion, mergers and acquisitions, partnerships, and collaboration to identify the interest of potential buyers and create a larger customer base. For instance,
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 8.9% from 2022 to 2032 |
| Market Value in 2022 | USD 40,523.3 Million |
| Market Value in 2032 | USD 96,406.7 Million |
| Base Year for Estimates | 2021 |
| Historical Data | 2016 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Million and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Type, Location, Application, Region |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania; Middle East and Africa |
| Key Countries Profiled | USA, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, China, Japan, South Korea, India, Singapore, Malaysia, Thailand, Australia, New Zealand, GCC Countries, South Africa, Israel |
| Key Companies Profiled | Streetline; Smart Parking Ltd.; ParkMe Inc.; Parknav; T2 SYSTEMS; Spot Innovation Inc.; INRIX Inc.; ParkWhiz API; Robotic Parking Systems Inc.; Cisco Systems, Inc.; PRAKMATIC |
| Report Customization & Pricing | Available upon Request |
The global real-time parking system market is forecast to reach USD 40,523.3 Million in 2022
As per FMI, the real-time parking system market is expected to grow at a CAGR of 8.9% throughout the forecast period (2022 to 2032).
The global sales of real-time parking systems are anticipated to total a valuation of USD 96,406.7 Million by 2032
Some of the leading manufacturers include Streetline, Smart Parking Ltd., ParkMe Inc., Parknav, T2 SYSTEMS, Spot Innovation, Inc., INRIX, Inc., ParkWhiz API, Robotic Parking Systems, Inc., Cisco Systems, Inc., and PARKMATIC.
1. Executive Summary | Real-Time Parking System Market 2. Market Overview 3. Market Background 4. Global Market Analysis 2016 to 2021 and Forecast, 2022 to 2032 5. Global Market Analysis 2016 to 2021 and Forecast 2022 to 2032, By Type 5.1. Software 5.2. Hardware 5.3. Services 6. Global Market Analysis 2016 to 2021 and Forecast 2022 to 2032, By Location 6.1. On-street 6.2. Off-street 6.3. Others 7. Global Market Analysis 2016 to 2021 and Forecast 2022 to 2032, By Application 7.1. Commercial 7.2. Personal 7.3. Transport and Aviation 7.4. Government 7.5. Others 8. Global Market Analysis 2016 to 2021 and Forecast 2022 to 2032, By Region 8.1. North America 8.2. Latin America 8.3. Europe 8.4. South Asia 8.5. East Asia 8.6. Oceania 8.7. Middle East and Africa (MEA) 9. North America Market Analysis 2016 to 2021 and Forecast 2022 to 2032, By Country 10. Latin America Market Analysis 2016 to 2021 and Forecast 2022 to 2032, By Country 11. Europe Market Analysis 2016 to 2021 and Forecast 2022 to 2032, By Country 12. South Asia Market Analysis 2016 to 2021 and Forecast 2022 to 2032, By Country 13. East Asia Market Analysis 2016 to 2021 and Forecast 2022 to 2032, By Country 14. Oceania Market Analysis 2016 to 2021 and Forecast 2022 to 2032, By Country 15. Middle East and Africa (MEA) Market Analysis 2016 to 2021 and Forecast 2022 to 2032, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. Streetline 18.2. Smart Parking Ltd. 18.3. ParkMe Inc. 18.4. Parknav 18.5. T2 SYSTEMS 18.6. Spot Innovation, Inc. 18.7. INRIX, Inc. 18.8. ParkWhiz API 18.9. Robotic Parking Systems, Inc. 18.10. Cisco Systems, Inc. 18.11. PRAKMATIC 19. Assumptions & Acronyms Used 20. Research Methodology
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Real-Time Parking System Market
