According to new analysis by Frost & Sullivan, Future of Vehicle Parking Management Systems in North America and Europe, growth opportunities are expected to attract new start-ups in the parking industry, providing real-time parking applications. The industry is expected to witness investments and funding from venture capitalist (VC) firms, ranging from US$200-$250 million in the next three to five years. This is made evident through the emergence of companies, such as 579 Streetline (US and Europe), ParkatmyHouse (US and Europe), and GottaPark (US) which have introduced innovative parking apps providing real-time information on parking lots and spaces, and the option to book or reserve and pay for parking online.
"A significant number of private-public joint initiatives have set up smart parking solutions at many of the largest cities in Europe and the US, such as Los Angeles, San Francisco, Chicago, Boston, Paris, Zurich, Amsterdam, and Brussels," says Frost & Sullivan industry analyst Automotive and Transportation, Neelam Barua. "Even parking application providers offer extended services to parking operators and local-level city governments manage and support parking in the city."
Parking is a US$25-billion industry in the United States and a €50-billion industry in Western Europe (EU-15). "Primarily operated and managed in a traditional manner with very little focus on innovation and smart parking, the operational value chain was simple," he says. "It included parking operators and their engagements with service providers. The new environment however, is highly concentrated with a different genre of participants exploring numerous opportunities in parking." By 2020, more than one million parking spaces and numerous smart parking meters are expected to deliver real-time parking information with the help of sensors to motorists and parking operators, simplifying parking operation and business.
"A revolutionary trend is smart parking, a real-time parking system that helps drivers find a vacant spot," explains Barua. "The system integrates street-level sensors, parking analytics, and a mobile app to reserve, navigate and pay for the parking spot." A number of parking app providers, such as Parker (Streetline), ParkatmyHouse, Parkmobile, and QuickPay, are providing services to simplify and redefine parking as a business and innovation hub for cities.
In a bid to combat increasing parking charges, the UK government is thinking of developing legislations to allow property owners to rent their driveways to motorists, without it being considered a business. The parking industry is getting more integrated and converged, thus, transforming into a hot spot for mobility in cities and a dependable revenue generation model.
"OEMs increasingly view parking as an important service that needs to be integrated within the vehicle's telematics system," Barua goes on. "To do so, they are not only developing in-vehicle systems but also investing through their VC arms in organisations that are developing these solutions." ParkatmyHouse for example, was the second strategic investment from6279 BMW i Ventures in London in 2011. Similarly, 2069 Daimler Mobility Services acquired a financial interest in GottaPark at the end of last year for its simplified approach, collaborative growth, and cost-effective business model."
Another example of such a partnership is what2125 Audi and 4349 Lexus have developed with 163 Inrix for in-vehicle integrated real-time parking services and traffic navigation for existing and new Audi and Lexus IS vehicles in Europe and North America. 2453 Renault on the other hand, has signed an agreement with 5176 Vinci Park, a European leader in parking management, to provide charging infrastructure and associated services for electric vehicles in car parks in France.
“In future finding a parking spot is going to be less of a hassle due to advanced technology, savvy users, and social media-based parking initiatives," concludes Barua. "Real-time, smart parking and navigable parking lots will proliferate and become the future trends in parking along with autonomous parking services in cars."
"A significant number of private-public joint initiatives have set up smart parking solutions at many of the largest cities in Europe and the US, such as Los Angeles, San Francisco, Chicago, Boston, Paris, Zurich, Amsterdam, and Brussels," says Frost & Sullivan industry analyst Automotive and Transportation, Neelam Barua. "Even parking application providers offer extended services to parking operators and local-level city governments manage and support parking in the city."
Parking is a US$25-billion industry in the United States and a €50-billion industry in Western Europe (EU-15). "Primarily operated and managed in a traditional manner with very little focus on innovation and smart parking, the operational value chain was simple," he says. "It included parking operators and their engagements with service providers. The new environment however, is highly concentrated with a different genre of participants exploring numerous opportunities in parking." By 2020, more than one million parking spaces and numerous smart parking meters are expected to deliver real-time parking information with the help of sensors to motorists and parking operators, simplifying parking operation and business.
"A revolutionary trend is smart parking, a real-time parking system that helps drivers find a vacant spot," explains Barua. "The system integrates street-level sensors, parking analytics, and a mobile app to reserve, navigate and pay for the parking spot." A number of parking app providers, such as Parker (Streetline), ParkatmyHouse, Parkmobile, and QuickPay, are providing services to simplify and redefine parking as a business and innovation hub for cities.
In a bid to combat increasing parking charges, the UK government is thinking of developing legislations to allow property owners to rent their driveways to motorists, without it being considered a business. The parking industry is getting more integrated and converged, thus, transforming into a hot spot for mobility in cities and a dependable revenue generation model.
"OEMs increasingly view parking as an important service that needs to be integrated within the vehicle's telematics system," Barua goes on. "To do so, they are not only developing in-vehicle systems but also investing through their VC arms in organisations that are developing these solutions." ParkatmyHouse for example, was the second strategic investment from
Another example of such a partnership is what
“In future finding a parking spot is going to be less of a hassle due to advanced technology, savvy users, and social media-based parking initiatives," concludes Barua. "Real-time, smart parking and navigable parking lots will proliferate and become the future trends in parking along with autonomous parking services in cars."
