Japan Smart Parking Systems Market Insights Forecasts to 2030

• The Japan Smart Parking Systems Market Size was valued at USD 201.36 Million in 2022.
• The Market is growing at a CAGR of 17.3% from 2022 to 2032
• The size is expected to reach USD 998.4 Million by 2032.

The Japan Smart Parking Systems Market Size was valued at USD 201.36 Million in 2022 and is expected to grow to USD 998.4 Million by 2032, at a CAGR OF 17.3% during the forecast period (2022-2032).

Market Overview

A smart parking system (SPS) uses automated admission control, parking advice, parking reserving barriers, and ticketing systems to improve parking spots. To make room in a single-story or multistory garage, it employs mechanical devices to shift automobiles from one parking slot to another. It employs video cameras, automated number plate recognition (ANPR), pavement sensors, vehicle counting equipment, and real-time data transmission to a control center to monitor parking lot occupancy. Its objectives are to offer a well-run parking operation and enhance traffic flow in crowded regions. A smart parking system (SPS) increases parking spaces by using automated admittance control systems, parking guidance systems (PGS), parking reserving barriers, and ticketing systems. The vacant space in a single-story or multistory garage is eliminated by using mechanical systems to move automobiles from one parking place to another. To govern parking lot occupancy and communicate data in real-time to a control center, it makes use of vehicle counting devices, video cameras, automated number plate readers (ANPR), and pavement sensors. It seeks to increase parking efficiency and enhance traffic flow in crowded locations.

Report Coverage

This research report categorizes the market of Japan smart parking systems market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Japan smart parking systems market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the Japan smart parking systems market.

Driving Factors

Each year, there are a lot more cars on the road, which congests the traffic. Due to the huge number of automobiles, parking has become a significant problem in big cities. Every year, there is a wider disparity between the availability and demand for parking spaces. Excessive traffic jams and congestion annoy drivers, waste fuel, contaminate the air and noise, and impede profitable economic activity. These elements are anticipated to propel the market for smart parking systems globally over the projected period. Also, providing bundled services in parking areas as in the long run, parking transactions can be combined with valet services, repairs, washing, maintenance, car sharing, and charging for electric vehicles. Such packages of services may boost occupancy, particularly in commercial locations targeted toward tourists.

Restraining Factors

Smart parking systems incorporate several different hardware and software platforms, which makes system integration a considerable problem. The existence of several alternative solutions and the lack of compatibility among them raise questions about the system's scalability. Permit and enforcement (P&E) and parking access and revenue control (PARC) systems employ a range of hardware sensors, message systems, traffic control devices, wireless and wireline telecommunications systems, hardware and server drivers, and application interfaces. As a result of the configurations coming from different suppliers, it is highly challenging to integrate all of these devices onto a single platform. Because of this, it is projected that these factors would short-term hinder market growth.

COVID 19 Impacts 

The COVID-19 virus spread at the expense of the smart parking market, which was harmed by the rigorous lockdowns and social isolation required to halt it. The shaky state of the economy, certain companies closing, and poor consumer confidence all influenced the demand for smart parking. The epidemic caused problems for the supply chain and logistical systems. In the event of a pandemic, regulations would likely be loosened, which will help the smart parking business grow.

Market Segment

• In 2022, the off-street market is dominating the largest market share over the forecast period.

Based on type, the Japan smart parking systems market is bifurcated into off-street and on-street. Among these the off-street market segment dominates the largest market share during the forecast period owing to the increase in companies submitting requests to use spots for single-slot parking can be blamed for the growth in off-street parking. To solve the parking problem, several smart city and road development programs demand efficient parking space usage. An increase in the number of companies requiring parking and smart detection facilities will also support the segment's growth over the timeframe of the projection.

• In 2022, the ultrasonic segment is influencing the largest market growth during the forecast period.

On the basis of technology, the Japan smart parking systems market is classified into the Internet of Things (IoT), ultrasonic, and RFID. Among these, the ultrasonic segment held the largest market share during the forecast period owing to the main functions of ultrasonic sensors in smart parking are to help drivers locate acceptable parking spaces and to quickly identify items in the parking area. Because they are less expensive than image and radar sensors, ultrasonic sensors are chosen.

• In 2022, the license plate recognition (LPR) segment is witnessing a higher growth rate during the forecast period

Based on the application, the Japan smart parking systems market is segmented into security & surveillance, smart payment systems, parking, and license plate recognition. Among these, the license plate recognition (LPR) segment is expected to have a higher market share value over the forecast period. This is because LPRs are being used more often for vehicle surveillance, which drastically decreases the manpower or amount of time needed to execute these duties. With the development of technologies like image processing and human-computer interaction, smart parking systems are increasingly using cameras to identify vehicle entrances and exits in parking lots.

• In 2022, the commercial segment is influencing the largest market growth during the forecast period.

On the basis of end user, the Japan smart parking systems market is divided into commercial, government, & transport transit. Among these, the commercial segment is dominating the largest market share during the forecast period owing to the increased implementation of smart parking systems in office buildings, theaters, sports stadiums, retail malls, and other public venues is anticipated to be the main driver of the commercial segment growth. The market is anticipated to increase rapidly due to the expansion of flexible mobile payment systems and the ease of parking.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Japan smart parking systems market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Aisin Seiki
• Altiux Innovations
• Amano Corporation
• Amano McGann Inc
• BMW Group
• Continental AG
• Daimler AG
• Eito & Global Inc.
• Giken Limited
• IHI Parking System
• Nissei Build Kogyo
• Siemens AG
• Valeo S.A
• Volkswagen AG.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Spherical Insights has segmented the Japan Protective Coatings Market based on the below-mentioned segments:

Japan Protective Coatings Market, By Type

• Off-Street
• On-Street

Japan Protective Coatings Market, By Technology

• Internet of Things (IoT)
• Ultrasonic
• RFID

Japan Protective Coatings Market, By Application

• Security & Surveillance
• Smart Payment Systems
• Parking, License Plate Recognition

Japan Protective Coatings Market, By Hardware

• Pucks
• Cameras & LPRs
• Smart Meters
• Signage
• Parking Gate

Japan Protective Coatings Market, By Software

• Parking Guidance System
• Analytics Solution

Japan Protective Coatings Market, By End User

• Commercial
• Government
• Transport Transit