The smart packaging market is projected to grow from USD 53 Billion in 2023 to USD 62 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.00% during the forecast period (2023 – 2030).
The rise in the technological development of cars with having advanced facilities. This improves safe parking facilities and is the best challenging factor for the promotion of market size. It has been adopted by certain cities where it grows rapidly.
Smart parking is very much popular in cities, airports, universities, and shopping complexes. Here the parking systems can gather data, connect and analyze the devices. It also helps on the internet for showing different parameters which include vibrations, pressure, sound, temperature, and others.
The increase in demand for the internet of things used for better parking facilities improves the market value and revenue. The rise in investment in new technology has offered up new opportunities promoting growth and development of the market. An increase in more of parking spaces and the manufacturing of certain advanced automobiles have raised certain opportunities in the market.
Market Trends
After introducing their Green Pledge, the Svenska Krämfabriken corporation in Sweden pushed for aggressive sustainability goals. Eliminating the usage of plastic in the manufacturing process was a primary goal. Automated packaging made from wood fibers saves 15 tons of plastic annually, prevents 22 truckloads of garbage, and reduces annual energy use by 10%. The Swedish Lotion Factory, or Svenska Krämfabriken, is the industry standard for producing cosmetics and health aids. They are a sustainability pioneer, therefore they have taken a Green PIedge across their entire value chain, even if they sell through retailers.
Market segmentation
The market is being classified into solutions, applications, system type, sensor technology, component, and parking site. Based on the application segment, the smart parking market is being classified into governmental, transportation, and commercial segments. Based on the solution, the industry is again classified into parking reservations and valet, security and surveillance, plate recognition, and license. As per the sensor technology, the market is classified into radar sensors, smart apps, image sensors, ultrasonic sensors,s and more.
Based on components, the market is being classified into display units, parking sensors, steering angles, electronic control units, and more. As per the parking site, the market has been classified into on-street and off-street. Based on system type, the industry is being divided into guided parking and smart parking.
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Regional classification
The North American region dominates the whole market. The solution option for smart providers is available in the North American region. The more availability of spaces has raised the growth rate in the North American region. The region of Asia Pacific has shown lucrative growth in the upcoming years. The developing regions in China and India have propelled a market size. The rise in the manufacturing of automobiles and the rise in investment has improved market value. The European region has shown a certain rise in market value the rise in investment and developmental opportunities has improved market growth. The Middle East and African region have shown a considerable growth rate.
Industry news
Some of the key players playing a huge role in improving market size are Aisin Seiki of Japan, IEM SA of Switzerland, Valeo SA of France, Smart Parking ltd of Australia, Continental AG of Germany, IPS Group Inc. of the United States, Siemens AG of Germany, Amano McGann Inc. of the United States, MMW Group of Germany, Xerox Corporation of the United States, Volkswagen AG of Germany, Cubic Corporation of the United States, Robert Bosch Gmbh of Germany and Daimler AG of Germany. Smart Parking Ltd launched in 2017, has fulfilled its requirements where it has provided new solutions for smart parking.
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Table Of Contents
1 Executive Summary
2 Market Introduction
3 Research Methodology
4 Market Dynamics
5 Market Factor Analysis
6 Smart Packaging Market, By Type
7 Smart Packaging Market, By Application
8 Smart Packaging Market, By Region
9 Competitive Landscape
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