Across many countries, there has been a spurt in the disposable incomes, which has given way to the increase in sale of vehicles. Additionally, governments across many countries are undertaking initiative to raise money for new infrastructure that can help deal with issues related to parking.

Segmentation

The worldwide smart parking market analysis has been segmented considering the parking site and the technology.

The parking site-based market segments are on street and off street. Off-street is the leading segment with the share of 68.45% in the market on account of the expanding automotive industry.

Depending on the technology segment, the market has been considered for ultrasonic, SmartApp, In-ground vehicle detection sensor, RFID, and others. SmartApp is the largest segment in the market with a share of 34.14%. Ultrasonic is the second-leading segment, accounting for 26.25% share. 

Regional Insight

The global market for smart parking is spread across the primary regions of Asia Pacific (APAC), North America, Europe, and the Rest of the World (RoW).

Europe is the second leading Smart Parking Market Analysis, owing to the high urbanization rate, which has resulted in the mounting demand for infrastructure like transportation as well as building. Smart cities in the region has led to demand for better technology via mobile technology, improved the existing infrastructure, and has built land use efficiently. This has augmented the demand for smart parking in the smart cities within the region.

Leading Companies

Leading companies in the worldwide market for smart parking include Robert Bosch GmbH (Germany), Dongyang Menics Co., Ltd (South Korea), Omnitec group (UAE), Amano McGann, Inc. (U.S.), PArklayer (India), Smart Parking Limited (Australia), Mindteck (India), IEM SA (Switzerland), Klaus Multiparking Systems (Germany), IPS Group Inc. (U.S.), among others.