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Strategic Analysis of Smart Parking Market in Europe and North America

  • April 2015
  • 95 pages
  • Frost & Sullivan
Report ID: 2861673

Summary

Table of Contents

Smart Parking Revenue is Expected to Grow at a CAGR of 18% to Reach $43.56 Billion in 2025

The study analyses smart parking systems and their influence on the parking industry through technology-enabled parking solutions. It describes the ecosystem and market size for smart parking in Europe and North America, and analyzes the strategies of major parking operators, and parking app, infrastructure, and parking management companies. It also evaluates the link between parking and automotive industries, while highlighting investment and strategic partnerships. The study also discusses challenges in parking management and how the industry is working with city councils, governments, and infrastructure providers to deliver best services.

Executive Summary—Key Findings

1 The total smart parking market revenue in Europe and North America is estimated at $ billion in 2014 and it is expected to grow at a CAGR of % to reach $?? billion in 2025. Specific growth opportunities are expected for parking operators through increasing technology-enabled parking solutions.
2 Top 20 parking app providers in Europe and North America already offer million parking spaces on behalf of million users. Their business model is expected to evolve to combine booking, payment, analytics, and demand-based pricing.
3 Peer-to-peer parking, online parking reservation, and mobile parking payment solutions are expected to grow at a CAGR of above % between 2014–2025, creating an increasing market for mobile-based parking solutions and the supporting ecosystem.
4 Smart parking is expected to become an increasingly important component of smart cities, increasing revenue sought from parking by an average of - %, as has been seen in Barcelona and Los Angeles.
5 Key investments up to $ million were raised for smart parking platforms for peer-to-peer parking, mobile parking payment, and parking hardware and software in Europe and North America till 2014.
6 Investment and strategic partnerships are being sought by several industry segments such as the automotive industry. BMW (ParkNow, Parkmobile) and Daimler (Park2gether, GottaPark) are currently the leading OEMs in parking management solutions.

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