Saudi Arabia Smart Parking Market is expected to grow at a robust CAGR 18.49%
Rapid
urbanization and growing vehicle ownership, government initiatives and support
are the factor driving the Saudi Arabia smart Parking Market during the forecast
period 2024-2028.
According
to TechSci Research report, “Saudi
Arabia Smart Parking Market –
By Region, Competition, Forecast and Opportunities, 2018-2028”, The
Saudi Arabia Smart Parking Market has emerged as a dynamic and transformative
sector within the country's broader urban development initiatives. The market's
growth has been primarily driven by the pressing need to address urban mobility
challenges, as Saudi cities experience rapid urbanization and a surge in vehicle
ownership. As urban areas become more densely populated, parking congestion has
become a significant concern, prompting the adoption of innovative smart
parking solutions.
One
of the defining characteristics of the Saudi Arabia Smart Parking Market is the
government's active support for smart city initiatives. Under the umbrella of
Saudi Vision 2030, the government has launched various programs aimed at
modernizing urban infrastructure, enhancing mobility, and improving the overall
quality of life for residents and visitors. These initiatives have created an
environment conducive to the growth of the smart parking sector, with clear
guidelines, regulations, and incentives that encourage the adoption of advanced
parking technologies.
Key
elements of the Smart Parking Market in Saudi Arabia include Guided Park Assist
Systems and Electronic Control Units (ECUs). Guided Park Assist Systems provide
real-time parking guidance to drivers, making it easier to locate available
parking spaces and optimize parking operations. The Electronic Control Unit
(ECU) acts as the central component that coordinates and manages the different
elements of smart parking systems, ensuring smooth operations and data
integration.
User-friendly
mobile applications have been a significant driver of the market's growth,
allowing drivers to access real-time information on parking availability,
reserve spaces, and make contactless payments. The convenience and efficiency
offered by these apps align with the digital readiness of Saudi residents, who
increasingly rely on smartphone applications for various daily tasks.
Moreover,
the Smart Parking Market in Saudi Arabia has shown a commitment to
sustainability and environmental conservation. Smart parking systems reduce
traffic congestion, lower fuel consumption, and minimize carbon emissions by
guiding drivers to available parking spaces more efficiently. This
environmental focus aligns with global sustainability goals and is of
particular significance in a country keen on promoting a greener and more
eco-friendly urban landscape.
Browse
over 31 market data Figures spread through 116 Pages and an in-depth TOC on the
"Saudi Arabia Smart Parking Market."
The
Saudi Arabia smart parking market is segmented into system type, component, sensor
technology, solution, vertical and region. Based on system type, the market is
segmented into guided park assist system and smart park assist system. Based on
component, the market is segmented into parking sensors, steering angle
sensors, electronic control unit (ECU), display unit, others. Based on sensor
technology, the market is segmented into ultrasonic sensor, image sensor, radar
sensor, others. Based on solution, the market is segmented into security &
surveillance, valet parking management, license plate recognition parking
reservation management, others. Based on vertical, the market is segmented into
government, commercial and infrastructure. Based on region, the market is segmented
into Makkah, Riyadh, Eastern Province & Rest of Saudi Arabia.
Based
on region, Riyadh dominated the Saudi Arabia Smart Parking Market with a share
of 42.06% in 2022 and is also expected to show its dominance during the
forecast period. This dominance is primarily due to the fact that Riyadh, the
bustling capital city, has become a hotbed for innovation and modernization,
which is further fueling the expansion of the smart parking sector.
One
of the key drivers behind this growth is the city's ambitious mega projects. A
prime example of this is the Riyadh Smart Parking Initiative, a groundbreaking
project aimed at revolutionizing parking solutions within the city. It
encompasses a vast area and includes advanced features such as automated
parking systems, real-time occupancy tracking, and seamless payment solutions.
In
addition to this, Riyadh's rapidly growing urban landscape, coupled with its
ever-expanding infrastructure, is fostering a strong demand for intelligent
parking solutions. With an increasing number of residential and commercial
developments, the need for efficient and convenient parking options is more
pressing than ever. This has led to a surge in the adoption of smart parking
technologies, including sensor-based systems, mobile apps for parking
reservations, and hassle-free payment methods.
Key
market players in the Saudi Arabia Smart Parking Market are:-
- IDEX
Services
- Desert
Services
- Aflak
Electronic Industries Co. Ltd
- Omnitec
Group
- NParking
- Nedap
FZE
- Cisco
(Saudi Arabia) Support Limited
- Makani
Parking
- Smart
Parking Company
- Woqoof
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“The
Saudi Arabia Smart Parking Market is experiencing rapid growth, driven by
urbanization, increased vehicle ownership, and the government's commitment to
smart city initiatives. Smart parking solutions, including Guided Park Assist
Systems and Electronic Control Units (ECUs), play a pivotal role in alleviating
traffic congestion and enhancing parking efficiency. User-friendly mobile
applications provide real-time parking information and reservation options,
catering to the digital readiness of residents. Additionally, a focus on
sustainability is reducing carbon emissions and fuel consumption. With
government support and a commitment to modernizing urban infrastructure, the
Smart Parking Market in Saudi Arabia continues to evolve, offering convenience
and environmental benefits.” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based global management consulting firm.
“Saudi Arabia Smart
Parking Market Segmented By System Type (Guided Park Assist System and Smart
Park Assist System), By Component (Parking Sensors, Steering Angle Sensors,
Electronic Control Unit (ECU), Display Unit, Others), By Sensor Technology
(Ultrasonic Sensor, Image Sensor, Radar Sensor, Others), By Solution (Security
& Surveillance, Valet Parking Management, License Plate Recognition Parking
Reservation Management, Others), By Vertical (Government, Commercial and
Infrastructure), By Region, and By Competition, 2018-2028F,” has
evaluated the future growth potential of Saudi Arabia Smart Parking Market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Saudi Arabia Smart Parking Market.
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