“European Smart Parking Market Research Report and Forecast 2023-2028” provides a deep and thorough evaluation of the smart parking market Smart parking refers to a parking technology that combines technologies and innovation and uses fewer resources to ensure accessible parking of vehicles. It develops parking spaces through parking reservation barriers, automated access control systems, parking guidance systems (PGS), and ticketing systems. It uses mechanical arrangements to transport vehicles from one parking space to another and use idle space. It consists of video cameras, automatic number plate recognition readers (ANPR), vehicle counting equipment, and pavement sensors to discover parking lot occupancy and transmit real-time data to the control center. It also helps reduce fuel consumption, save time and cost, reduce personal carbon footprint, limit illegal parking cases, minimize congestion, and improve accessibility. Owing to these benefits, smart parking solutions are extensively adopted in European commercial, government, public and residential sectors.
The market is primarily driven by the escalating demand for vehicles due to rapid urbanization and the rising expenditure capacities of individuals. In addition, the widespread adoption of smart parking solutions to optimize parking for a smooth traffic flow is contributing to market growth. Moreover, various technological advancements in connectivity and communication and the integration of machine learning (ML), artificial intelligence (AI), speed monitoring, image recognition, and tracking devices to enhance user experience represent another major growth-inducing factor. Besides this, government authorities in the European region are taking initiatives to develop green and smart cities, industrial parks, and economic zones to minimize carbon dioxide (CO2) emissions, which are providing a thrust to market growth. For instance, the European innovation partnerships on smart cities and communities (EIP-SCC) are bringing businesses, cities, and citizens together to enhance urban life with smart city solutions. Along with this, the increasing use of integrated automated solutions with smart parking meters, mobile applications for slot registration, and sophisticated sensors to identify available or occupied parking lot are propelling the market growth. Furthermore, the introduction of automated valet parking systems to aid in the safe parking of vehicles and enhance space utilization is creating a positive market outlook across Europe.
Beginning with a regional overview, the report explores the dynamics that have a strong influence on the European smart parking market and can also impact its future growth. Taking 2022 as the base year, the report covers the historical market scenario from 2017-2022 and provides forecasts till 2028. This includes the study of value and volume trends and pricing history. Growth-inducing factors, market restraints and recent developments have also been analysed in the report in order to provide deeper knowledge about the industry. On a regional basis, the report examines the European smart parking market in North America, Europe, Asia-Pacific, Latin America and Middle East & Africa. For each of these regions, the report studies the European smart parking market in detail for the latest trends, outlook and opportunities.
The report analyses the competitive structure of the European smart parking industry and provides the profiles of major players operating in the market. The price margins for the products, along with the various success and risk factors for manufacturers, have also been covered in the report. Moreover, in order to determine market attractiveness, the report analyses the European smart parking industry along the parameters of Porter’s Five Forces model. This model examines the degree of competition in the European smart parking industry by analysing the threat posed by new entrants and substitutes and the bargaining power of suppliers and buyers. SWOT analysis of the market has also been presented in the report, which highlights the strengths, weaknesses, opportunities and threats pertaining to the European smart parking industry. Furthermore, the value chain analysis of the European smart parking industry has also been covered in the report. This comprises all the activities in the value chain, such as the procurement of various raw materials, manufacturing, sales and distribution.
European Smart Parking Market Key Segments
Segmentation by Service Provider Level
Segmentation by System Type
Segmentation by Component
Segmentation by Sensor Technology
Segmentation by Vertical
Segmentation by Solution
Segmentation by Country
The price margins for the products along with various success and risk factors for manufacturers have also been covered in the report. Moreover, in order to determine market attractiveness, the report analyses the European smart parking industry along the parameters of the Porter’s Five Forces model. This model examines the degree of competition in the European smart parking market by analyzing the threats posed by new entrants and substitutes, and the bargaining power of suppliers and buyers. SWOT analysis of the market has also been presented in the report which highlights the strengths, weaknesses, opportunities and threats pertaining to the smart parking industry. Furthermore, the value chain analysis of the smart parking industry has also been covered in the report. This comprises of all the activities in the value chain, such as the procurement of various raw materials, manufacturing and sales of the products, and their distribution.
Key questions answered in the report include
The report is a result of exhaustive primary and secondary research undertaken by analysts having years of experience in the smart parking industry. All the qualitative and quantitative aspects of the industry have been covered and the collected data has been analyzed and presented in the form of easily comprehensible charts, graphs and tables.
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