Global Smart Parking Market Report and Forecast 2023-2028

Global Smart Parking Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global smart parking market reached a value of USD 6.4 billion in 2022. Aided by the escalating demand for efficient and innovative parking solutions and the burgeoning applications of smart parking in various sectors, the market is projected to further grow at a CAGR of 10.39% between 2023 and 2028 to reach a value of USD 12.05 billion by 2028.

Smart parking, an innovative parking solution that combines advanced software and automation to optimise parking management, is being increasingly utilised in various environments such as malls, airports, and city streets. It plays a critical role in reducing traffic congestion, improving city aesthetics, and enhancing overall user convenience. Apart from its direct advantages, smart parking also embodies exceptional capabilities of data collection and analytics, contributing significantly to city planning and traffic management efforts.

The growing consumer preference for comfort and efficiency is driving the global smart parking market growth. With the escalating awareness of the benefits associated with smart parking, including reduced emissions, enhanced convenience, and saved time, there has been a substantial shift towards the adoption of smart parking solutions. Furthermore, the growing urbanisation and increasing number of vehicles have further accelerated the demand for smart parking, addressing the need for efficient utilisation of limited urban space.

The expanding applications of smart parking in various sectors also play a crucial role in boosting the smart parking market development. In the retail sector, smart parking is used to enhance customer experience by reducing the time and stress associated with finding a parking spot. In the transportation sector, airports and train stations utilise smart parking to manage high-volume parking demands efficiently. Cities are also adopting smart parking solutions to improve urban aesthetics and reduce traffic congestion.

Moreover, advancements in IoT and AI technologies have significantly impacted the smart parking market expansion. These technologies have enabled the development of sophisticated parking solutions that offer real-time parking information, predictive analysis, and automated payment systems. With the increasing integration of AI and IoT in smart parking systems, the industry is expected to experience substantial growth in the future.

Additionally, the growing emphasis on sustainable city planning has led to a heightened focus on smart parking as a key component of urban development. With the rise of smart cities and the increasing popularity of eco-friendly practices, smart parking, with its capability to reduce carbon emissions and optimise space usage, has emerged as an essential element in modern urban planning, thereby augmenting the smart parking market growth.

Market Segmentation

The market can be divided based on solution, system type, component, sensor technology, vertical, and region.

Market Breakup by Solution

• Security and Surveillance
• Parking Reservation Management
• Valet Parking Management
• License Plate Recognition

Market Breakup by System Type

• Guided Park Assist
• Smart Park Assist
• On-Street
• Off-Street

Market Breakup by Component

• Parking Sensors
• Steering Angle Sensors
• ECU
• Display Unit

Market Breakup by Sensor Technology

• Ultrasonic Sensor
• Radar Sensor
• Image Sensor

Market Breakup by Vertical

• Government
• Commercial

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global smart parking companies. Some of the major key players explored in the report by Expert Market Research are as follows:

• T2 Systems
• Flowbird Group
• Amano Corporation
• IBM Corporation
• Robotic Parking Systems, Inc.
• SKIDATA GmbH
• Streetline
• Continental AG
• Valeo Park4U
• Amano McGann, Inc.
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.