Parking Guidance System Market Size (2023 – 2030)

he Global Parking Guidance Systems Market is estimated to be worth USD 2,657.9 Million in 2022 and is projected to reach a value of USD 4,532.73 Million by 2030, growing at a CAGR of 6.9% during the forecast period 2023-2030.

The market for parking guidance systems (PGS) is expanding quickly due to rising interest in linked cars and smart cities. PGS is intended to make parking easier to discover for drivers, saving time and effort while also enhancing the entire driving experience. Over the upcoming years, it is estimated that the market for PGS will continue to expand due to a variety of factors, such as the rising demand for electric vehicles, the expansion of ride-hailing services, and the requirement for more sustainable and effective cities.

Typically, sensors, cameras, software, and display devices are used to make up PGS. The system operates by keeping track of the number of parking spots that are available in a specific location and informing vehicles in real time where they may locate a space.

PGS reduces the amount of time and fuel wasted by drivers searching for a parking space. This can help reduce congestion on roads and decrease air pollution, making cities more sustainable. Secondly, PGS helps drivers find parking spaces more quickly and efficiently, reducing the stress and frustration often associated with parking. Finally, PGS can also increase the utilization of parking facilities, improving their overall efficiency and reducing the number of empty spaces.

Global Parking Guidance Systems Market Drivers:

The increasing popularity of Electric Vehicles (EVs) will boost the growth of the market

The rising popularity of EVs is one of the major factors propelling the Parking Guidance System (PGS) market. The need for charging stations is rising along with the number of EVs on the road. PGS can aid in making sure that charging stations are utilized effectively and that EVs have access to charging when necessary. This is accomplished by giving drivers access to real-time information on the availability of charging stations, enabling them to locate the closest accessible charging point quickly and simply. PGS also helps to improve the utilization of charging stations, as it provides information on the occupancy of charging points and allows drivers to reserve a charging point in advance. This helps to ensure that charging stations are used more efficiently, reducing the time and effort required to find a charging point and improving the overall driving experience for EVs.

The growth of Ride-Hailing Services will drive the market growth

The growth of ride-hailing services like Uber and Lyft is another factor boosting the PGS industry. Because drivers need to be able to locate parking places quickly and easily, there is an increasing need for more efficient and effective parking solutions as more people use ride-hailing services. To assist vehicles in swiftly and simply finding a parking place, PGS offers real-time information on the availability of parking spaces. As a result, parking takes less time and effort, and ride-hailing drivers experience better driving experience all around. Additionally, PGS can help to improve the utilization of parking facilities, as it provides information on the occupancy of parking spaces and allows drivers to reserve a parking space in advance. This helps to ensure that parking facilities are used more efficiently, reducing the time and effort required to find a parking space and improving the overall driving experience for ride-hailing drivers.

Global Parking Guidance Systems Market Challenges:

High Implementation Costs will impede the market growth

The high installation costs are one of the main issues facing the Parking Guidance System (PGS) market. As sensors, cameras, and other equipment must be installed in parking facilities, installing a PGS system can be costly. PGS systems can also be difficult to install and demand a high level of technical knowledge. Some businesses, especially smaller ones, and public parking lots, may find this to be a hurdle since they lack the funding or technical know-how to establish a PGS system.

Technical Challenges will restrain the growth of the market

The technological difficulties involved in putting in place a PGS system present another obstacle for the PGS industry. PGS systems depend on the gathering and examination of significant volumes of data, which may include details on parking usage and occupancy. A lot of technical know-how and advanced data processing skills may be needed for this operation, which can be challenging. To offer a full solution for parking management, PGS systems must furthermore be able to operate in unison with other systems, such as traffic management systems and parking payment systems. Some organizations may find technological difficulties to be a hurdle, especially those with little technical know-how, which may hinder the widespread adoption of PGS systems.

Global Parking Guidance Systems Market Opportunities:

The Global Parking Guidance Systems Market is anticipated to deliver lucrative opportunities for companies, which include partnerships, collaborations, and innovative product launches during the forecasted period. Furthermore, technological advancements in parking guidance systems such as the use of ultrasonic and AI-enabled systems are predicted to reduce cost and time effectively and develop the market for parking guidance systems and enhance its future growth opportunities.

COVID-19 Impact on Global Parking Guidance Systems Market:

The market for parking guidance systems has been influenced greatly by the growing cases of the pandemic. Increased usage of cars and emergency vehicles to drive to hospitals for treatment has increased the use of parking guidance systems and hence boosted the market growth. However, the global lockdowns and business shutdowns led to delays in services coupled with high prices and contributed to the decline in the growth of parking guidance systems. Further, the shortage of equipment such as cameras and sensors disrupted the supply chain and production procedures. Therefore, the market was critically affected by the pandemic but is anticipated to recover as the economy starts opening up again.

Global Parking Guidance Systems Market Recent Developments:

• In June 2021, Quercus Technologies launched an outdoor parking guidance system called SC Outdoor. The new outdoor parking system facilitated the detection of available spaces in outdoor and rooftop facilities and can facilitate parking mobility. Further, it operates on the BirdWatch parking management system that provides real-time information on parking space on LED displays for helping drivers find a better place.
• In February 2021, Cleverciti launched m a modern parking guidance system in Redwood City’s Central Business District. This provided shoppers and commuters with a smart parking experience and helped the drivers find available parking spaces by detecting single-space availability through sensors. Further, the company provided a comprehensive parking ecosystem by connecting it with mobile apps such as MyRWC, PayByPhone for mobile payments, and Ensights camera for garage count. Additionally, it facilitated entire parking guidance systems integration through IPS Multi-space pay stations.

PARKING GUIDANCE SYSTEM MARKET REPORT COVERAGE:

Global Parking Guidance Systems Market Segmentation: By Component

• Hardware

• Software

The PGS market's hardware section consists of the sensors, cameras, displays, and other tools necessary to put a PGS system into place. This part may incorporate parking advice displays, occupancy sensors, parking spot surveillance cameras, and other data collection and analysis tools. A PGS system's hardware is essential to its operation since it serves as the framework for gathering and evaluating parking data.

Software for data administration and analysis, as well as software for informing drivers about parking, are all included in the PGS market's software segment. Software that monitors parking occupancy analyses parking behavior, and provides real-time information on parking spot availability is a part of this segment. The services component of the PGS market includes installation, maintenance, and support services. This component can include services for the installation and configuration of PGS systems, as well as services for ongoing maintenance and support, including software updates and technical support.

Global Parking Guidance Systems Market Segmentation: By Application

• Residential Parking

• Commercial Parking

• Municipal Parking

• Others

Based on market segmentation by application, commercial parking occupies the highest share of the market. Parking spots at shopping malls, office buildings, and other business assets can be managed with commercial PGS systems. Due to the increase in road congestion and shortage of parking spaces, there is an increasing need for parking guidance systems in malls, restaurants, hotels, offices, and others. Moreover, malls use smart parking solutions to offer a seamless parking experience to their customers. Parking solutions such as automated parking systems that use robotic systems to move cars from one level to another have reduced the need to walk through the parking space, reduced search time and cost, and ensured secure parking. Further, these smart parking guidance systems facilitate integration into mobile applications that enable users to identify vacant spaces and book parking slots before they enter the mall.

The municipal parking guidance systems are predicted to witness significant growth during the forecast period. It includes the use of PGS systems in cities, municipalities, and other public locations using municipal PGS systems. These programs can aid in making the most use of a few parking spaces. Further, LED displays and navigation systems are installed in public places to enable drivers/travelers to access information regarding space availability in a particular area. This information is available on the user’s mobile application or website, which is directly connected through an onboard navigation system.

The residential parking guidance systems occupy a sizable market share during the forecast period. It includes the use of the PGS system in apartment complexes, condos, and other multi-unit residential structures for finding parking spaces near them. Further, it provides enhanced security through the deployment of cameras and smart sensors in the PGS systems.

Further, Parking spots may be managed in airports and other transportation hubs using airport PGS systems. Hospitals and other healthcare institutions can manage parking spots using hospital PGS systems.

Global Parking Guidance Systems Market Segmentation: By Parking Type

• Off-Street Parking

• On Street Parking

Based on market segmentation by parking type, off-street parking occupies the highest share of the market. Increasing traffic and scarcity of places have led to an increase in demand for off-street parking guidance systems. Off-street parking is parking the vehicle away from the streets such as private parking lots, public parking spaces, garage parking spaces with different levels of parking, and others. Off-street parking includes specific charges or fees on a monthly or yearly basis making it a designated solution for people without the hassle of traffic flow. This increased usage of off-street parking has given rise to off-street parking guidance systems. Further, these parking systems provide cameras, sensors, and integrated, and automated parking guidance systems to drivers to help them find better parking spaces. Further, monthly tenants of off-street parking spaces, typically use mobile-integrated parking guidance software to manage their parking slot, payment, and security-related information. The on-street parking segment is predicted to witness a sizeable market share. This type of parking enables drivers to park their vehicles on the street or within a residential or commercial area. Further, on-street parking guidance systems facilitate neon LED signages, parking meters, and AI monitoring systems that enable drivers to find a suitable parking place.

 Global Parking Guidance Systems Market Segmentation: By Region

• North America

• Europe

• Asia Pacific

• Middle East and Africa

• South America

North America is a significant market for PGS systems. The rising demand for smart city solutions and technological advancements along with the presence of developed economies like the United States and Canada is propelling the expansion of the PGS market in the region. Technological advancements such as video parking systems that help drivers to find the closest open parking space with the help of high luminosity LED indicators and ultrasonic parking guidance systems that uses ultrasonic detector and a high luminosity LED indicator to find a vacant parking space have further boosted the demand for tech-enabled parking guidance systems in the region. Further, there is an emerging trend of wireless vision-based parking guidance systems in the region contributing towards the market growth of parking guidance systems.

The market for PGS systems is expanding quickly in Asia -Pacific, especially for residential and municipal parking systems. Further, partnerships and investments with foreign companies have boosted the market growth of parking guidance systems in the region.

The market for PGS systems is also sizable in Europe. The PGS market is expanding in Europe because of the existence of advanced economies including the UK, Germany, France, and Italy as well as the rising popularity of PGS systems in both residential and commercial buildings.

 The market for PGS systems in the Rest of the World is also expanding as a result of surging disposable income levels. The PGS market is expanding due to the presence of emerging economies in areas like South America, Africa, and the Middle East as well as the rising need for smart city solutions in these areas.

Global Parking Guidance Systems Market Key Players:

1. Siemens AG

2. Robert Bosch GmbH

3. Honeywell International Inc.

4. TomTom International BV

5. Kapsch TrafficCom AG

6. Garmin Ltd.

7. Jabil Inc.

8. Cubic Corporation

9. Indra Sistemas S.A.

10. TKH Group N.V.