DUBLIN, June 12, 2023 /PRNewswire/ — The “Smart Parking: Global Strategic Business Report” report has been added to ResearchAndMarkets.com’s offering.
Global Smart Parking Market to Reach $31.1 Billion by 2030
The global market for Smart Parking estimated at US$6.5 Billion in the year 2022, is projected to reach a revised size of US$31.1 Billion by 2030, growing at a CAGR of 21.5% over the analysis period 2022-2030.
Off-Street, one of the segments analyzed in the report, is projected to record 23.6% CAGR and reach US$25.4 Billion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the On-Street segment is readjusted to a revised 14.8% CAGR for the next 8-year period.
The U.S. Market is Estimated at $2.4 Billion, While China is Forecast to Grow at 24.7% CAGR
The Smart Parking market in the U.S. is estimated at US$2.4 Billion in the year 2022. China, the world’s second largest economy, is forecast to reach a projected market size of US$4.3 Billion by the year 2030 trailing a CAGR of 24.7% over the analysis period 2022 to 2030.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 17.6% and 18.6% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 20.5% CAGR.
Looking Ahead to 2023
The global economy is at a critical crossroads with a number of interlocking challenges and crises running in parallel.
Food and fuel inflation will remain a persistent economic problem. Higher retail inflation will impact consumer confidence and spending. As governments combat inflation by raising interest rates, new job creation will slowdown and impact economic activity and growth.
Lower capital expenditure is in the offing as companies go slow on investments, held back by inflation worries and weaker demand. With slower growth and high inflation, developed markets seem primed to enter into a recession. Fears of new COVID outbreaks and China’s already uncertain post-pandemic path poses a real risk of the world experiencing more acute supply chain pain and manufacturing disruptions this year.
Volatile financial markets, growing trade tensions, stricter regulatory environment and pressure to mainstream climate change into economic decisions will compound the complexity of challenges faced. Year 2023 is expected to be tough year for most markets, investors and consumers. Nevertheless, there is always opportunity for businesses and their leaders who can chart a path forward with resilience and adaptability.
What`s New for 2023?
Special coverage on Russia-Ukraine war; global inflation; easing of zero-Covid policy in China and its `bumpy` reopening; supply chain disruptions, global trade tensions; and risk of recession.
Global competitiveness and key competitor percentage market shares
Market presence across multiple geographies – Strong/Active/Niche/Trivial
Online interactive peer-to-peer collaborative bespoke updates
Access to digital archives and Research Platform
MARKET OVERVIEW
Smart Parking Technology and Human Innovation Enable Efficient Use of Parking Spaces
Features of Smart Parking Systems
Smart Parking Workflow
Advantages of Smart Parking System
Smart Parking Market: Need for Decongestion of Cities and Provide Efficient Parking Experience Drives Growth
Government & Commercial Sectors Turn to Smart Parking Solutions to Ease Traffic Congestion
Developed Regions Lead, Developing Economies Promise High Growth
Smart Parking – Global Key Competitors Percentage Market Share in 2022 (E)
Competitive Market Presence – Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
Recent Market Activity
MARKET TRENDS & DRIVERS
Growing Vehicular Traffic and Lack of Adequate Parking Spaces in Cities Drives Focus onto Smart Parking Systems
Countries with Highest Vehicle Density Per Capita: Number of Vehicles Per 1,000 People by Country
Vehicular Population Worldwide: Number of Vehicles in Millions for Years 2015, 2025 & 2040
The High Economic Cost of Parking Drives Interest in Smart Parking Solutions
Average Time Spent in Searching for Parking Space in the UK, Germany and USA (in Hours Per Driver Per Annum)
Parking Search Cost in Major US Cities: Number of Hours Spent on Searching for Parking Space Per Driver Per Annum and Annual Search Cost Per City
Parking Search Cost in Major Cities across the UK: Number of Hours Spent on Searching for Parking Space Per Driver Per Annum and Annual Search Cost Per City
Parking Search Cost in Major German Cities: Number of Hours Spent on Searching for Parking Space Per Driver Per Annum and Annual Search Cost Per City
Smart Parking Solutions Seek to Resolve the Ever Growing Transport Challenges Confronting Cities across the World
Smart Parking: An Integral Part of Smart City Initiatives
A Review of Select Smart City Initiatives Implemented Worldwide
Growing Smart City Initiatives Worldwide Presents Opportunity for Smart Parking Market
Rapid Pace of Urbanization Gives Rise to Parking Concerns, Presenting Opportunities for Smart Parking Market
Among the Notable Innovations in the Parking Space, Smart Parking Solutions Hold Immense Potential to Increase Parking Capacities
Integration of Real-Time Smart Parking Systems in Intelligent Transport Systems across Smart Cities: Designed to Provide Timely Information
Global Intelligent Transportation Systems (ITS) Market by Geographic Region for the Years 2020 and 2027
IoT Facilitates Location Tracking of Cars in Smart Parking Lots
Global Number of IoT Connected Devices (In Billion Units) for the Years 2016, 2018, 2020, 2022 & 2025
Key Benefits of IoT-based Smart Parking System: Reduction in Time Spent on Searching for Parking Space, Gas Emissions, Distance Travelled and Traffic Volume
Innovations in IoT-based Smart Parking to Revolutionize Parking Space
Notable Trends in Smart Parking World: In a Nutshell
Parking 4.0: The Future of Smart Parking
Smart Parking Technology Presents Additional Avenues of Revenue Generation in Cities
AI-Based Parking Improves Parking and On-Road Experience
Sensors Play a Vital Role in Smart Parking Systems
Event Parking in Cities: Tremendous Growth Potential for Smart Parking Market
Innovations & Advancements Boost Market Prospects
Major Issues with Automated Parking Technology
FOCUS ON SELECT PLAYERS (Total 150 Featured)
Aisin Seiki Co., Ltd.
Amano Corporation
Continental AG
Cubic Corporation
Delphi Automotive PLC
Kapsch TrafficCom AG
Nedap Identification Systems
Robert Bosch GmbH
Siemens AG
Tkh Group-Park Assist
Valeo SA
Xerox Corporation
For more information about this report visit https://www.researchandmarkets.com/r/adp0dw
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