The pandemic had a mixed impact on the parking guidance systems market. The surge in COVID cases required faster and more efficient treatment, which increased the usage of private cars and emergency vehicles such as ambulances to drive to hospitals. This contributed towards the growth of parking guidance systems in healthcare centres. Further, hospitals collaborated with parking guidance systems companies that provided them with efficient parking guidance services.
Further, hospitals increasingly used smart parking solutions such as cloud-based PGS systems and ultrasonic PGS systems for efficient and secure parking of vehicles. Moreover, companies provided mobile app integration services that enabled information on space availability, travel route availability, patient access digital signage, and parking information on LED displays and reduced the parking stress of patients to reach appointments on time. However, the shortage of PGS system equipment such as cameras and sensors led to supply chain disruption and halted the production process, which declined the market growth of parking guidance systems.
Post-pandemic PGS systems gained importance in airports. Since finding an open parking space in the airport consumes a lot of time for the driver/traveller and results in delayed flights. Therefore, with the help of PGS systems, drivers/travellers can book parking slots through mobile applications that are connected to the parking spaces in the airports and facilitate the booking of parking spots before reaching the airport. Further, intelligent camera technology gained momentum in parking guidance systems due to its in-motion car counting for locating vacant car parking spots has boosted the demand for parking guidance systems post-pandemic.
The restraints to this market include expensive installation costs of equipment in PGS systems, especially in off-street parking spaces and technological difficulties to PGS software operation can decline the market growth of parking guidance systems.
Based on components, hardware and software both have a sizeable share in the parking guidance systems market. The hardware includes sensors, cameras, displays, and other tools in the PGS system. These assist drivers/travellers in finding vacant spaces for parking. Further, the software supports the hardware component through data analysis and helps in providing parking space-related information through mobile apps and websites. Additionally, the software component provides services for technical support and regular maintenance of parking guidance systems software.
Based on segmentation by application, commercial parking holds the highest share of the market. Commercial parking spots include parking at malls, office buildings, restaurants, and others that use commercial PGS systems for rendering parking occupancy services. Further, malls use smart parking solutions such as app integration to the parking guidance system and robotic assistance for efficient parking of vehicles. Municipal parking also holds a significant market share owing to the increased use of PGS systems in public spots. These include neon LED display assistance, onboard navigation systems, empty parking space announcement boards, and others that help drivers locate a suitable parking spot. In addition to that, residential areas make use of PGS systems for efficient and secured parking. Moreover, parking spots at airports and healthcare centres use wireless vision parking guidance systems that provide information related to several parking spaces available and other relevant information.
Based on parking type, off-street parking holds the highest share of the market. PGS systems used for off-street parking ensure drivers a parking space away from the traffic flow with enhanced security services. Moreover, on-street parking guidance systems too, facilitate locating vacant parking spots through the use of digital signages, parking meters, and AI monitoring systems.
Based on region, North America holds the highest share of the market for parking guidance systems. The technological advancements in PGS systems such as the use of AI, ultrasonic systems, cloud-based systems, and others have contributed to the growth of the parking guidance systems market. Further, the increase in private vehicles and the presence of developed economies such as the USA and Canada, boosted the market for parking guidance systems. Moreover, the Asia-Pacific market witnessed significant growth in the market owing to the increasing need for PGS systems in residential and municipal parking. Additionally, smart parking solutions by companies such as ultrasonic parking guidance systems have contributed towards the growth of the parking guidance systems market.
Companies playing a leading role in the Global Parking Guidance Systems Market profiled in this report are - Siemens AG, Robert Bosch GmbH, Honeywell International Inc., and TomTom International BV.
Hardware
Software
Residential Parking
Commercial Parking
Municipal Parking
Others
Off-Street Parking
On Street Parking
North America
Europe
Asia Pacific
Middle East and Africa
South America
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