The smart parking market in Europe is expected to reach a CAGR of 10.11% during the forecast period (2022-2031). Urban areas are constantly expanding due to their attractiveness for services, work, leisure, commerce, and culture and creating challenges for both municipalities and citizens alike. Smart cities are looking for enhanced sustainable mobility solutions to reduce pollution, lower down congestion by allocating public and private spaces, and reduce time spent by circling vehicles searching for parking spaces and generally improve accessibility and city center attractiveness.
– Moreover, concerns related to inadequate parking spaces are also one of the major drivers for the growth of the market. For instance, the International Road Transport Union (IRU) participated in an EU-funded study that revealed that the lack of Safe and Secure Parking Areas (SSTPAs) is a significant concern in Europe, wherein approximately 90% of drivers and transport operators stating that the current parking supply is insufficient.
– According to the latest statistics, available truck parking spaces in the European Union (EU) are only 300,00, a significant 100,000 shortfall as compared to the total demand. Less than 3% of the existing parking capacity, are certified and labeled safe and secure across the continent, where an independent check and audit has been undertaken to validate that the parking area has achieved a certain quality level.
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– Furthermore, Technological advancements and ongoing collaborations between local councils and technology providers are also boosting the growth of the market. For instance, in September 2019, Car & Away, the peer to peer car rental provider and pioneer of the airport based car-sharing economy launched in collaboration with London Gatwick Airport in 2017, announced that it had raised GBP 3.5 million funding from the United Kingdom based private investors. This investment is expected to accelerate its UK growth and further its mission to create the smartest global peer-to-peer (P2P) car-sharing community.
– The market for smart parking in Europe has been negatively impacted because of the lockdown that took place due to the spread of coronavirus. A steep drop in traffic congestion and collapsed car sales are some of the primary reasons behind the reduced demand. However, with the lockdown being slowly lifted, the demand is expected to bounce back, and the sale of personal vehicles might also increase due to concerns regarding safety in public transport. The market for smart parking is expected to grow post-pandemic with a growing emphasis on physical safety, information security, and the perceived wellbeing of all people.
Key Market Trends
Technological Advancements and Steady Rise in Vehicles to Boost the Market Growth
– According to the European Automobile Manufacturers Association, in 2019, new-car registrations increased by 1.2% across the EU, reaching more than 15.3 million units in total and marking the sixth consecutive year of growth. The surge in the number of vehicles indicates congestion issues related to parking spaces, which are expected to provide opportunities for smart parking vendors in the region.
– In December 2019, passenger car demand grew by 21.7% in the European Union, marking the highest December total on record to date. An increase in car sales was witnessed in France 27.7% as well as in Sweden 109.3%, due to significant changes to the bonus-malus component of CO2-based taxation for 2020, while the Netherlands (+113.9%) decided to increase tax of electric company cars from 4% to 8% as from January 2020. As a result, all EU countries posted substantial growth rates in December.
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– Moreover, the continuously evolving technology in automotive is expected to support the growth of smart parking in the region. For instance, in July 2019, Bosch and Daimler obtained approval for driverless parking without human supervision from the relevant authorities in Baden-Württemberg. The automated valet parking service is accessed via a smartphone app and requires no safety driver. Bosch supplies the infrastructure, whereas Daimler the vehicle technology to achieve efficient driverless parking mechanism.
– Smart technology is increasingly being used to connect vehicles, infrastructure, public transit, and enhance mobility as well as safety. Streets are outfitted with sensors that can track data both on the roads and through cars and mobile phone to gain insights on traffic flow patterns, road blockages, roadwork, road conditions, etc. For instance, in December 2019, Mobile Smart City’s unit, Pango, announced a deal to expand its mobile smart parking platform into Spain, which may open the market to another 350,000 people. Via Pango’s service, customers can park using their smartphones on iOS and Android.
Germany is Expected to Witness Significant Growth
– German cities are increasingly developing their smart city approaches and are finding ways to apply them to their respective situations. Cities, such as Munich, are presently developing smart city guidelines for integrated urban development. Cologne is one of the German partner cities in the European lighthouse project focusing on “Smart Cities & Communities (SCC). It is also a part of the project consortium, GrowSmarter. Hamburg developed an ambitious strategy to become a digital capital, and Norderstedt near Hamburg or Ulm in Baden-Württemberg is successfully on its way to digitization.
– In February 2020, Cleverciti Systems announced that it has been selected for the initiative to enable RheinEnergie’s smart parking ambitions. The initiative is part of the SmartCity Cologne initiative that is designed to reduce emissions and increase innovation, digitalization, and mobility. It covers 770 on-street parking spaces with the installation of ClevercitiSensors and ClevercitiCirc360 guidance systems on Rheinenergie’s lampposts, in Cologne Nippes, one of the most populated districts in Cologne.
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