Europe Smart Parking Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 3.45 Billion |
| Market Size (2029) | USD 7.98 Billion |
| CAGR (2024 - 2029) | 18.28 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Europe Smart Parking Market Analysis
The Europe Smart Parking Market size is estimated at USD 3.45 billion in 2024, and is expected to reach USD 7.98 billion by 2029, growing at a CAGR of 18.28% during the forecast period (2024-2029).
Urban areas constantly expand due to their attractiveness for services, work, leisure, commerce, and culture, creating challenges for municipalities and citizens alike. Smart cities are looking for enhanced sustainable mobility solutions to reduce pollution, lower congestion by allocating public and private spaces, 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 stated that the current parking supply is insufficient.
- Moreover, a significant driver for these systems is increasing smart city initiatives. Several governments recognize the importance of efficient parking systems in helping the market attain a favorable environment. Vendors in the market studies are taking up similar projects.
- The increased use of integrated automated solutions and advances in wireless and digital payment technologies likely drive market expansion. Machine-to-Machine (M2M) connectivity, data analytics, sophisticated sensors, smart parking meters, and mobile applications for slot registrations and online payments are the technologies used to build these systems. These technologies are intended to identify whether a parking lot is available or occupied and analyze and send such information to mobile and online apps. These technological advances are projected to drive market expansion.
- Growing environmental concerns, traffic congestion, and population growth are prompting European governments to anticipate the development of smart cities, which will significantly improve the quality of life while assisting authorities in resource conservation. As a result, favorable government policies in this region are expected to contribute considerably to market growth.
- COVID-19 led to the closure of public places, shopping malls, and the beginning of global work-at-home scenario, which significantly reduced global traffic. The lockdown implications in countries rendered the on-street and off-street parking areas underutilized. Now the pandemic is over, public places, shopping malls, and offices are open, traffic has increased, thus the necessity of smart parking will also increase.
Europe Smart Parking Market Trends
This section covers the major market trends shaping the Europe Smart Parking Market according to our research experts:
Technological Advancements and Ongoing Collaborations Between Local Councils and Technology Providers
- The technological enhancement in connectivity and communication is expected to make these solutions more affordable and sought-after. App support for parking solutions is expected to grow with high mobile penetration. The vendors offering solutions that integrate their client's customers with smart parking solutions are expected to gain more traction and be strategically more competitive.
- Many technologies, such as AI, machine learning, speed monitoring, image recognition, and tracking capabilities, are expected to improve and enhance the user's experience in the market, as the adoption is possible due to the affordability of these services.
- Parking is an essential parameter in creating a smart and connected transportation environment. The smart city concept's smart transportation projects are expected to boost demand over the forecast period.
- The UK government is pushing for rapid and sustainable partnerships to realize its vision for future cities. Moreover, the European Innovation Partnership on Smart Cities and Communities (EIP-SCC) brings cities, businesses, and citizens together to improve urban life. The initiative is designed to accelerate the commercial roll-out of smart city solutions.
- According to a survey conducted by Picodi, Compared to the main cities in Central and Eastern Europe, Riga residents are paying maximum parking in the paid parking zone. Annual subscriptions in this city varied from 300 to 1,200 EUR (1203.77 USD). Individuals who reside in a paid parking zone can purchase a membership in their region. It has benefits such as unlimited parking and lower pricing. Residents of Minsk and Kyiv do not have these advantages. Under regular conditions, they must acquire a garage space or a membership or park their automobile outside the paid parking zone.
Germany is Expected to Hold Major Market Share
- German cities, like most other European counterparts, are old and congested. While parking on the street is the most common means of parking in the country, off-street parking lots (Parkplatz), above-ground garages (Parkhaus), and underground garages (Tiefgarage) are also common.
- Digital support in searching for a parking space occupied multiple start-ups in Germany for the past few years, as searching for a parking space is difficult. According to a survey, a person needs ten minutes on average to find a free parking space. Further analysis by German Automaker Audi showed that approximately 30% of the traffic jams during rush hour are caused by people looking for a parking space. Thus, technology disruptors must devote themselves to this problem and come up with advanced solutions.
- Moreover, a significant driver for these systems is increasing smart city initiatives. Several governments recognize the importance of efficient parking systems in helping the market attain a favorable environment. Vendors in the market studies are taking up similar projects.
- Moreover, the growth of vehicles, especially hybrid and electric vehicles, is expected to lead to the growth of the automotive industry in the country, thereby enabling the companies to focus on technologies that solve the parking issue. This is expected to impact the growth of the market positively. The German automotive industry is leading the technological innovations in the global automotive industry, integrating smart technologies.
- Furthermore, a smart parking innovation from Cleverciti Systems is used to monitor parking space availability in the city's center. The system provides the city's parking department with valuable information, including parameters such as the size of a free parking space, length of stay, and restricted and loading areas.
- According to OCIA, passenger car sales increased from 2015 to 2019. Due to the pandemic in 2019, individuals preferred owning vehicles, so there were maximum sales in 2019. Due to the pandemic supply chain disruption, manufacturing halt, and work-from-home jobs, the sales of passenger cars slightly decreased from 2019 to last year.
Europe Smart Parking Industry Overview
The Europe Smart Parking Market is moderately fragmented, with many players accounting for significant amounts of shares in the market. Due to the high investment cost needed to enter the market, there is a high barrier to entry in the market. Some of the prominent companies in the smart parking market are Urbiotica, BMW I Ventures, Daimler Mobility, Flowbird SASU (Parkeon SA), Q-Park, and other players are making strategic partnerships, mergers, acquisitions, and investments to retain their market position.
In May 2022, Stellantis NV planned to acquire BMW AG and Mercedes-Benz AG's Share Now car-sharing operation. Stellantis NV's Free2Move app-based parking, leasing, and renting services have about two million customers. Share Now, which has over 3.4 million subscribers, offers so-called free-floating car-sharing services in 16 European cities.
Europe Smart Parking Market Leaders
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Urbiotica
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BMW I Ventures
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Daimler Mobility
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Flowbird SASU (Parkeon SA)
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Q-Park
*Disclaimer: Major Players sorted in no particular order
Europe Smart Parking Market News
- January 2022 : Smart Parking, one of the leading global providers of parking technology and services, is continuing its technology-led expansion in Germany with Managed Services. Smart Parking aims to deliver ANPR-managed parking services and sensor-based parking solutions to the German market.
- September 2022 : AIF Capital has acquired an underground parking garage in Spain for its open-ended parking lots and garages fund. The Stuttgart-based investment management announced the acquisition of the Princesa underground car park in Barcelona's core business district on behalf of the Parking Fund of the Europa fund.
Europe Smart Parking Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHT
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Consumers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry
4.3 Assessment of COVID-19 Impact on the Industry
4.4 Industry Ecosystem Analysis
4.5 Major implementation use-cases in Europe
4.5.1 Self-Parking and Automated Parallel Parking in the United Kingdom
4.5.2 Urbiotica's Innovative Smart Parking Solution in Germany
4.5.3 Smart City Projects in France and Eastern Europe Focused on Smart Parking Installations
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Steady Rise in Vehicles Leading to Concerns Over the Availability of Parking Space
5.1.2 Technological Advancements and Ongoing Collaborations Between Local Councils and Technology Providers
5.2 Market Challenges
5.2.1 Cost and Infrastructural Concerns
5.3 Market Opportunities
5.3.1 Anticipated Growth in Demand for Connected Cars to Open Up New Opportunities
6. MARKET SEGMENTATION
6.1 By Type
6.1.1 Parking Operators
6.1.2 Parking Management Companies
6.1.3 Infrastructure Providers (Hardware and Software)
6.1.4 P2P Parking Apps
6.1.5 Other Types
6.2 By Country
6.2.1 Germany
6.2.2 United Kingdom
6.2.3 France
6.2.4 Spain
6.2.5 The Netherlands
6.2.6 Rest of Europe (Nordics and Italy)
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Urbiotica
7.1.2 BMW I Ventures
7.1.3 Daimler Mobility
7.1.4 Flowbird SASU (Parkeon SA)
7.1.5 Q-Park
7.1.6 JustPark
7.1.7 Cleverciti
7.1.8 FlashParking
7.1.9 Indigo Group
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. FUTURE OF THE MARKET
Europe Smart Parking Industry Segmentation
Smart parking solutions are defined as digital tools that enable riders to find and book a parking space by providing real-time information on availability. Recent technological advancements help the related stakeholders collaborate and provide a bundled offering that involves a combination of mobile apps, payment platforms, dynamic signs, sensors, and other localized solutions.
The Europe Smart Parking Market is Segmented by Type (Parking Operators, Parking Management Companies, Infrastructure Providers (Hardware & Software), P2P Parking Apps), and by Country (Germany, United Kingdom, France, Spain, the Netherlands, and rest of Europe).
The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.
| By Type | |
| Parking Operators | |
| Parking Management Companies | |
| Infrastructure Providers (Hardware and Software) | |
| P2P Parking Apps | |
| Other Types |
| By Country | |
| Germany | |
| United Kingdom | |
| France | |
| Spain | |
| The Netherlands | |
| Rest of Europe (Nordics and Italy) |
Europe Smart Parking Market Research FAQs
How big is the Europe Smart Parking Market?
The Europe Smart Parking Market size is expected to reach USD 3.45 billion in 2024 and grow at a CAGR of 18.28% to reach USD 7.98 billion by 2029.
What is the current Europe Smart Parking Market size?
In 2024, the Europe Smart Parking Market size is expected to reach USD 3.45 billion.
Who are the key players in Europe Smart Parking Market?
Urbiotica, BMW I Ventures, Daimler Mobility, Flowbird SASU (Parkeon SA) and Q-Park are the major companies operating in the Europe Smart Parking Market.
What years does this Europe Smart Parking Market cover, and what was the market size in 2023?
In 2023, the Europe Smart Parking Market size was estimated at USD 2.92 billion. The report covers the Europe Smart Parking Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Europe Smart Parking Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Europe Smart Parking Industry Report
Statistics for the 2024 Europe Smart Parking market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. Europe Smart Parking analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Europe Smart Parking Market Report Snapshots
