REPORT DESCRIPTION

Market Size and Overview:

The Global Parking Guidance Systems Market is estimated to be worth USD 2841.3Million in 2023 and is projected to reach a value of USD 4532.74Million by 2030, growing at a CAGR of 6.9% during the forecast period 2024-2030.

The parking guidance systems (PGS) market is experiencing rapid growth, driven by increasing interest in connected vehicles and the development of smart cities. PGS aims to simplify parking discovery for drivers, saving time and effort while enhancing the overall driving experience. The market is expected to continue expanding in the coming years, propelled by factors such as the growing demand for electric vehicles, the expansion of ride-hailing services, and the need for more sustainable and efficient urban environments.

Typically, PGS consists of sensors, cameras, software, and display devices. The system functions by monitoring the availability of parking spaces in a specific location and providing real-time information to vehicles on where they can locate a space.

PGS contributes to the reduction of time and fuel wasted by drivers searching for parking, thereby alleviating road congestion and decreasing air pollution for more sustainable cities. Additionally, it enables drivers to find parking spaces more quickly and efficiently, mitigating the stress and frustration associated with parking. Moreover, PGS enhances the utilization of parking facilities, improving overall efficiency and minimizing the number of vacant spaces.

Drivers Influencing the Global Parking Guidance Systems Market:

Surge in Electric Vehicle (EV) Popularity: The increasing adoption of Electric Vehicles (EVs) is a key driver for the Parking Guidance System (PGS) market. With the rising number of EVs on the road, there is a growing demand for charging stations. PGS plays a crucial role in ensuring the effective utilization of these charging stations by providing real-time information on their availability. This allows drivers to quickly and easily locate the nearest accessible charging point. Furthermore, PGS enhances the efficiency of charging stations by offering information on the occupancy of charging points and allowing drivers to reserve a charging point in advance. This not only streamlines the charging process but also enhances the overall driving experience for EV users.

Expansion of Ride-Hailing Services: The growth of ride-hailing services, exemplified by platforms like Uber and Lyft, is another catalyst for the PGS industry. As more individuals opt for ride-hailing services, the need for efficient parking solutions becomes paramount. PGS addresses this need by providing real-time information on parking space availability, enabling ride-hailing drivers to quickly and easily locate a parking space. Consequently, parking becomes a more time-efficient and hassle-free process, contributing to an improved driving experience for ride-hailing professionals. Additionally, PGS optimizes parking facility utilization by offering information on parking space occupancy and allowing drivers to reserve a parking space in advance. This enhances the overall efficiency of parking facilities and reduces the time and effort required to find a parking space, further improving the driving experience for ride-hailing drivers.

Global Parking Guidance Systems Market Challenges:

Financial Barriers Impacting Market Growth: High implementation costs emerge as a significant impediment to the Parking Guidance System (PGS) market. The installation of sensors, cameras, and associated equipment in parking facilities incurs substantial expenses, posing a challenge to adopting PGS systems. The intricate installation process, demanding technical proficiency, presents an additional hurdle. Smaller businesses and public parking lots, often lacking the necessary funds and technical expertise, may encounter difficulties in establishing PGS systems.

Technological Hurdles Restricting Market Expansion: The deployment of PGS systems encounters technological challenges that act as a constraint on market growth. The operation of these systems relies on the collection and analysis of substantial data, encompassing details about parking utilization and occupancy. The technical complexity involved, necessitating advanced data processing skills, can be formidable. Moreover, for seamless parking management, PGS systems must integrate effectively with other systems like traffic management and parking payment systems. Organizations with limited technical expertise may perceive these technological challenges as barriers, potentially impeding the widespread adoption of PGS systems.

Global Parking Guidance Systems Market Opportunities:

The Global Parking Guidance Systems Market holds promising opportunities for companies, encompassing partnerships, collaborations, and innovative product launches in the forecasted period. Technological advancements, including the integration of ultrasonic and AI-enabled systems in parking guidance systems, are expected to optimize costs and enhance efficiency, fostering market development and creating future growth prospects.

Impact of COVID-19 on the Global Parking Guidance Systems Market:

The global pandemic has significantly influenced the parking guidance systems market. The heightened demand for parking guidance systems due to increased vehicle usage, particularly for hospital visits, has bolstered market growth. However, the market faced setbacks during global lockdowns and business closures, leading to service delays and price escalations, hindering growth. Supply chain disruptions, specifically in the availability of essential equipment like cameras and sensors, further contributed to market challenges. Despite these setbacks, the market is anticipated to recover as the economy gradually reopens.

Recent Developments in the Global Parking Guidance Systems Market:

1. Quercus Technologies Launches SC Outdoor: In June 2021, Quercus Technologies introduced SC Outdoor, an outdoor parking guidance system. This system facilitates the detection of available spaces in outdoor and rooftop facilities, enhancing parking mobility. Operating on the BirdWatch parking management system, SC Outdoor provides real-time information on parking space availability through LED displays, contributing to an improved parking experience for drivers.
2. Cleverciti Introduces Modern Parking Guidance System: In February 2021, Cleverciti unveiled a modern parking guidance system in Redwood City’s Central Business District. This system enhances the parking experience for shoppers and commuters by detecting single-space availability through sensors. Integrating with mobile apps such as MyRWC and PayByPhone for mobile payments, along with Ensights camera for garage count, Cleverciti provides a comprehensive parking ecosystem. The system also facilitates integration with IPS Multi-space pay stations for seamless parking guidance systems.

Global Parking Guidance Systems Market Segmentation: By Component

• Hardware
• Software

Within the hardware segment of the PGS market, one can find an array of components, including sensors, cameras, displays, and other essential tools required for the implementation of a PGS system. This category encompasses features like parking advice displays, occupancy sensors, surveillance cameras for parking spots, and other tools for collecting and analyzing parking data. The hardware of a PGS system is crucial for its functionality, serving as the foundational framework for the collection and evaluation of parking-related information.

The software segment of the PGS market encompasses solutions for data administration, analysis, and informing drivers about parking. This includes software designed for monitoring parking occupancy, analyzing parking behavior, and providing real-time information on parking spot availability. The services component within the PGS market involves installation, maintenance, and support services. These services encompass the installation and configuration of PGS systems, ongoing maintenance, and support, including software updates and technical assistance.

Global Parking Guidance Systems Market Segmentation: By Application

• Residential Parking
• Commercial Parking
• Municipal Parking
• Others

In terms of application-based segmentation, commercial parking holds the largest share in the market. Commercial PGS systems effectively manage parking spaces in areas such as shopping malls, office buildings, and other business establishments. The growing issues of road congestion and limited parking spaces contribute to the increasing demand for parking guidance systems in various settings like malls, restaurants, hotels, and offices. Smart parking solutions, including automated parking systems utilizing robotic technology, have streamlined the parking experience by reducing walking distances, search time, and costs while ensuring secure parking. Moreover, these intelligent parking guidance systems integrate seamlessly with mobile applications, allowing users to identify vacant spaces and reserve parking slots before entering a mall.

Municipal parking guidance systems are anticipated to experience significant growth in the forecast period. These systems are utilized in cities, municipalities, and other public locations to maximize the utilization of limited parking spaces. LED displays and navigation systems are installed in public places, providing drivers and travelers with information about space availability. This information is accessible through user-friendly mobile applications or websites directly linked to onboard navigation systems.

Residential parking guidance systems hold a substantial market share during the forecast period, catering to apartment complexes, condos, and other multi-unit residential structures. These systems not only assist in finding nearby parking spaces but also enhance security through the deployment of cameras and smart sensors.

Furthermore, airport PGS systems manage parking spaces at airports and transportation hubs, while hospital PGS systems are employed by healthcare institutions to oversee parking spots.

Global Parking Guidance Systems Market Segmentation: By ParkingType

• Off-Street Parking
• On-Street Parking

In terms of parking type segmentation, off-street parking dominates the market, driven by increased traffic and the scarcity of parking spaces. Off-street parking, which involves parking away from the streets, includes private parking lots, public parking spaces, and garage parking spaces with varying levels. This type of parking often involves specific charges on a monthly or yearly basis, offering a designated solution for individuals seeking to avoid traffic-related hassles. The growing use of off-street parking has led to the development of off-street parking guidance systems, incorporating cameras, sensors, and automated guidance systems to help drivers find optimal parking spaces. Monthly tenants often use mobile-integrated parking guidance software to manage their parking slots, payments, and security-related information. On-street parking is predicted to capture a significant market share, allowing drivers to park on the street or within residential or commercial areas. On-street parking guidance systems utilize neon LED signages, parking meters, and AI monitoring systems to assist drivers in finding suitable parking spaces.

Global Parking Guidance Systems Market Segmentation: By Region

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America

North America stands out as a significant market for PGS systems, driven by the increasing demand for smart city solutions and technological advancements. The presence of developed economies such as the United States and Canada further propels the expansion of the PGS market in the region. Technological innovations, including video parking systems and ultrasonic parking guidance systems, have augmented the demand for tech-enabled parking guidance systems. The emerging trend of wireless vision-based parking guidance systems is also contributing to the market growth in North America.

The Asia-Pacific region is witnessing rapid expansion in the market for residential and municipal parking systems. Collaborations and investments with foreign companies have further fueled the growth of parking guidance systems in the region.

Europe maintains a substantial market for PGS systems, fueled by the presence of advanced economies and the increasing popularity of these systems in both residential and commercial buildings.

The Rest of the World, including South America, Africa, and the Middle East, is experiencing an expanding market for PGS systems due to rising disposable income levels and the demand for smart city solutions in these regions. Emerging economies contribute to the growth of the PGS market 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.