Connected Parking Solutions Market Size, Share, Growth, and Industry Analysis, By Type (Angle Parking, Perpendicular Parking, and Parallel Parking), By Application (Commercial, Residential, Government, and Others) and Regional Insights and Forecast to 2032

Updated On: 29 April 2024

CONNECTED PARKING SOLUTIONS MARKET REPORT OVERVIEW

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The global connected parking solutions market size expanded rapidly in 2022 and will grow substantially by 2029, exhibiting a prodigious CAGR during the forecast period.

Connected parking answers leverage generation to optimize parking management and beautify the overall parking experience for drivers and operators. These answers typically incorporate sensors, cameras, and IoT gadgets to reveal parking areas in real-time, providing valuable information on occupancy prices, availability, and usage styles. By utilizing mobile apps and virtual platforms, drivers can effortlessly locate and reserve parking spaces, navigate to to-be-had spots, and make bills seamlessly, reducing congestion and improving visitor drift in city areas.

Furthermore, linked parking answers provide advantages beyond comfort, including advanced sales technology for parking operators through dynamic pricing and green space utilization. Advanced analytics and predictive algorithms allow operators to optimize parking techniques, anticipate calls for fluctuations, and anticipate protection wishes, leading to price savings and more desirable consumer pride. Overall, linked parking answers play an essential function in remodeling urban mobility, selling sustainability, and developing smarter, greater green towns.

COVID-19 Impact: Market Growth Restrained by Pandemic due to Reduced Mobility

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The COVID-19 pandemic has had a big impact on related parking answers, each in terms of challenges and opportunities. Initially, all through lockdowns and intervals of decreased mobility, there was a pointy decline in the utilization of parking centers as human beings stayed home and journey regulations were imposed. This caused a decrease in demand for linked parking solutions and a decline in sales for parking operators.

However, as cities commenced to reopen and adapt to new norms, related parking answers became more essential than ever. With social distancing measures in place, these answers provided a way to reduce bodily interactions and decrease the threat of virus transmission by enabling contactless payments, reservations, and navigation to available parking spaces. Mobile apps and digital platforms became essential gear for drivers to locate safe and handy parking options in crowded city areas while warding off pointless publicity. The global connected parking solutions market growth is anticipated to boost following the pandemic.

LATEST TRENDS

"Integration with Smart City Initiatives to Drive Market Growth"

Connected parking answers are increasingly being integrated into broader smart town tasks aimed at improving urban mobility and sustainability. These solutions are being designed to seamlessly hook up with different clever infrastructure, along with visitor lighting fixtures, public transportation systems, and electric-powered automobile charging stations, to create greater green and interconnected city environments. There is a growing emphasis on promoting sustainable and eco-friendly parking practices within linked parking answers. This includes the mixing of functions, including electric-powered car charging stations, bicycle parking facilities, incentives for carpooling, and shared mobility services. These tasks aim to lessen carbon emissions, alleviate visitor congestion, and guide environmentally conscious transportation alternatives.

Mobile programs are getting principally connected parking answers, presenting drivers with a seamless and convenient parking experience. These apps offer functionalities along with real-time parking area availability, reservation alternatives, virtual payments, navigation to parking locations, and integration with trip-sharing offerings. Improving the consumer experience through intuitive interfaces and personalized features is a key recognition for developers. Advanced data analytics and gadget learning algorithms are being leveraged to extract precious insights from parking facts collected by linked parking answers. By reading historical parking styles, visitor waft, and demographic trends, these answers can provide predictive insights to optimize parking control, anticipate demand fluctuations, and improve operational efficiency for parking operators.

CONNECTED PARKING SOLUTIONS MARKET SEGMENTATION

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By Type

Based on type the global market can be categorized into Angle Parking, Perpendicular Parking, and Parallel Parking.

• Angle Parking: Vehicles are parked at an angle to the minimize or fringe of the roadway, with every car located diagonally. This type of parking allows for efficient use of the area and smooth entry and exit for drivers.

• Perpendicular Parking: Vehicles are parked perpendicular to the cut-down or edge of the roadway, forming rows of cars facing each other. Perpendicular parking usually requires more area and maneuvering compared to perspective parking, but it can accommodate extra automobiles in a given place.

• Parallel Parking: Vehicles are parked parallel to the curb or edge of the roadway, with each automobile positioned alongside the one in front or behind it. Parallel parking is commonly discovered in urban regions and calls for particular maneuvering capabilities from drivers to park and go out thoroughly.

By Application

Based on application the global market can be categorized into Commercial, Residential, Government, and Others.

• Commercial: properties frequently used for enterprise functions, along with offices, retail stores, and commercial facilities. Commercial real property serves as the inspiration for trade and monetary interest, providing spaces for groups to operate, serve customers, and generate revenue.

• Residential: properties intended for private occupancy by individuals or households, along with houses, flats, condominiums, and townhouses. Residential actual estate offers refuge, consolation, and a feel of community for residents, serving as their number one residing space and frequently providing extended-term funding.

• Government: properties owned or operated via governmental entities at diverse degrees, which include federal, state, and local governments. Government actual estate contains a huge range of centers and infrastructure, inclusive of government places of work, courthouses, schools, parks, and public utilities, serving the wishes of citizens and assisting the capabilities of governance.

DRIVING FACTORS

"Smart City Initiatives to Boost the Market"

Connected parking answers align with broader clever metropolis initiatives geared towards enhancing urban mobility, sustainability, and high-quality lifestyles. Cities are making an investment in smart infrastructure, such as linked parking systems, to create more efficient, handy, and environmentally friendly urban environments. Rapid urbanization has led to expanded congestion and parking-demanding situations in towns worldwide. Connected parking answers offer a way to optimize parking management, reduce visitor congestion, and improve the general performance of urban transportation structures.

"Consumer Demand for Convenience to Expand the Market"

Consumers increasingly count on the comfort and performance of their every-day sports, collectively with parking. Connected parking solutions offer drivers the benefit of locating to-have parking areas, making reservations, and paying digitally, improving the general parking experience. Addressing environmental problems, consisting of air pollution and carbon emissions, requires promoting alternative transportation modes and decreasing automobile congestion. Connected parking solutions assist sustainable transportation by encouraging public transit, shared mobility services, and electric-powered automobiles through functions together with dynamic pricing and incentives.

RESTRAINING FACTORS

"Security Concerns to Potentially Impede Market Growth"

Connected parking answers accumulate and method touchy facts, consisting of registration code numbers, automobile places, and price facts. Ensuring the privacy and security of these statistics is vital to keeping the public in compliance with regulations, including GDPR and CCPA. Access to related parking answers can be restricted through disparities in digital literacy, telephone ownership, and net connectivity. Vulnerable populations, which include low-income families or elderly people, may also face obstacles to gaining access to and making use of these technologies effectively.

CONNECTED PARKING SOLUTIONS MARKET REGIONAL INSIGHTS

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"North America Region Dominating the Market due to High Urbanization "

The market is primarily segmented into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

North America has emerged as the most dominant region in the global connected parking solutions market share due to several factors. This is due to elements such as excessive urbanization charges, massive funding for clever town tasks, a strong emphasis on technological innovation, and a wide variety of parking centers in cities. Governments in those international locations are investing closely in clever city initiatives and infrastructure improvement, including connected parking solutions, to address city mobility issues and enhance the exceptional quality of life for residents.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

The connected parking solutions market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of wardrobe options. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. Moreover, these industry giants continually invest in research and development, introducing innovative designs, materials, and smart features in connected parking solutions, catering to evolving consumer needs and preferences. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.

List of Market Players Profiled

• ShinMaywa [Japan]
• IHI Parking System [Japan]
• MHI Parking [Japan]
• XIZI Parking System [China]
• Wuyang Parking [China]
• Tongbao Parking Equipment [China]

INDUSTRIAL DEVELOPMENT

September 2022: ParkHelp took significant strives ahead in the connected parking solutions market. They recently developed ParkHelp Vision. ParkHelp Vision is a complicated linked parking solution advanced by ParkHelp. It combines excessive-resolution cameras, IoT sensors, and synthetic intelligence to offer real-time parking area monitoring, occupancy detection, and predictive analytics. This progressive solution permits parking operators to optimize space utilization, improve traffic float, and enhance the overall parking experience for drivers.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.