Global Smart Parking Market Size, Share & Trends Analysis Report, By Hardware, By Software, By Service, By Application, By Region Forecasts, 2024 – 2032

Global Smart Parking Market Size, Share & Trends Analysis Report, By Hardware, By Software, By Service, By Application, By Region Forecasts, 2024 – 2032

Global Smart Parking Market was valued at US $ 6.8 billion in 2023 and is expected to reach US $ 33.5 billion by 2032 growing at a CAGR of 17.4 % during the forecast period 2024 – 2032.

The government's increasing financing of smart city projects and efforts to alleviate traffic congestion are the primary factors of the market growth. However, they started expanding swiftly at the beginning of this year when numerous governments made agreements that were beneficial to the development of infrastructure and transit networks. Furthermore, there was a tremendous of market potential. Traffic congestion is alleviated by smart parking technology, which allow drivers to locate available spots quickly and municipal officials to precisely manage geographically divided parking lots. Furthermore, it is possible to consider the merging of wireless sensor data from transport and parking systems with geographic information systems as an outcome of rapidly advancing technology. You are no longer limited to leaving your car parked in one location, thanks to innovations in technology like smart parking metres and LPR cameras. Both fuel consumption and time waste are decreased. These elements are anticipated to fuel the expansion of the smart parking system market, along with the global increase in automobile sales.

Urban regions will surely experience a number of additional problems as a result of the expanding population, traffic congestion being only one of them. On the one hand, smart cities ought to provide governments with a means of resolving these issues as they advance. Smart city initiatives have been launched by the governments of Australia, China, South Korea, Brazil, and other countries. Germany and Japan offer a setting that is favourable for the creation of smart parking systems. In order to plan the Nusantara intelligent city, Indonesian investment and construction firm PT PP (Persero) Tbk and South Korean smart industrial solutions developer LG CNS teamed together in October 2022.

“Smart Meters segment, by hardware, to be dominating market from 2023 to 2030.”

The market for smart metres held a share of more than 40% in 2023. However, due to widespread urbanisation and the need for additional on-street parking spaces in numerous cities, people are accustomed to it. They track the amount of automobiles parked and available places using sensors and smartphone apps. Many motorists find themselves parked in the streets for extended periods of time. Governments were consequently compelled to install smart parking metres, which are also capable of charging on-street parking spots.

“Parking Guidance System segment, by software, to be dominating market from 2023 to 2030.”

In 2023, the parking guidance systems segment's revenue share was 75%. Users can save time by using these guiding systems, which also provide parking directions and information on the number of available spaces and their duration. They are now far more prevalent on the market as well. In the race for a bigger piece of the worldwide smart parking market, companies are showcasing their cutting-edge guidance systems. The outdoor parking assistance system, or SC Outdoor, was introduced in June 2021 by Quercus Technologies, a parking solutions supplier. It assists cars in finding places on rooftops and outside floors. Quercus Technologies' BirdWatch parking system management software is compatible with this solution.

“Engineering service segment, by service, to be dominating market from 2023 to 2030.”

In 2023, the engineering services sector accounted for almost 60% of the market. As time went on, the growing acceptance of driverless and semi-autonomous cars, particularly in industrialised nations, accelerated the growth of this market. For these autos, specialised robotic engineering facilities, instrumentation systems, and parking spaces and structures must be constructed.

“Commercial segment, by application, to be dominating market from 2023 to 2030.”

With a revenue share of almost 42% in 2023, the commercial category was the dominant one. Through 2030, the commercial market is expected to continue growing, with smart parking systems expected to become more prevalent in public areas including malls, sports complexes, and corporate buildings. Furthermore, it is anticipated that during the projection period, this market will be driven by the development of adaptable mobile payment services and a high degree of customer parking convenience.

“North America to be largest region in Smart Parking market.”

In 2023, North America held a market share of over 35% of the worldwide smart parking systems market. Through 2030, the market for regional smart parking systems is expected to grow due to the increasing number of automobiles. As a result of the increasing severity of traffic congestion, numerous public-private partnerships have been established in North American cities to introduce smart parking. Governments are also supporting initiatives to collaborate with smart parking system vendors in order to give customers access to safe and authorised parking spaces for both individual and commercial vehicles. Furthermore, the region's support for smart city initiatives is hastening the installation of smart parking systems.

Smart Parking Competitive Landscape

The competitive landscape of the Smart Parking market involves assessing the competitive landscape to understand the strengths, weaknesses, opportunities, and threats of the industry. Key industry players have recognized that the adoption of Smart Parking technology holds the potential for further growth. The growing desire among producers to optimize their production costs has spurred collaborative efforts among companies to scale up their production capacity. This strategic collaboration not only aims to increase revenue but also seeks to establish dominance in the market.

The Smart Parking market is highly competitive, with numerous companies vying for market share. Prominent companies in the Smart Parking Market include:

Major Players:

Altiux Innovations, Urbiotica, S.L., Amano McGann, Inc., Swarco AG, Amco S.A., SpotHero, Inc., BMW AG (ParkNow GmbH, Parkmobile LLC), Smart Parking Ltd., Cisco Systems, Inc., SKIDATA AG, CivicSmart, Inc., Siemens AG, Deteq Solutions, Robert Bosch GmbH, Flowbird, ParkMe Inc., gtechna, ParkJockey, INDECT Electronics & Distribution GmbH, ParkHelp Technologies, Kapsch TrafficCom, Park Assist, Libelium Comunicaciones Distribuidas S.L., Nedap N.V., Meter Feeder, Inc., Municipal Parking Services, Inc., Mindteck

Recent Developments:

An effective and secure method for controlling a smart municipal parking lot. Parking wardens in cities can patrol a parking lot much more effectively and safely thanks to the Tessera app.Real-time, automated warnings from in-ground sensors about parking violations, like overstays or unpaid parking, are part of the app's capabilities. The app then has functionality to record parking and vehicle details, take photographic evidence, refer to policy catalogues, locate and communicate with other wardens in the field, and use Bluetooth to connect to a belt printer for printing and placing parking breach notices. The warden receives directions to the specific bay where a parking breach has occurred using the built-in Google Maps feature.