Smart Parking

Smart Parking

Global Smart Parking Market to Reach US$33.8 Billion by 2030

The global market for Smart Parking estimated at US$8.5 Billion in the year 2023, is expected to reach US$33.8 Billion by 2030, growing at a CAGR of 21.8% over the analysis period 2023-2030. Off-Street Smart Parking, one of the segments analyzed in the report, is expected to record a 23.8% CAGR and reach US$27.7 Billion by the end of the analysis period. Growth in the On-Street Smart Parking segment is estimated at 15.0% CAGR over the analysis period.

The U.S. Market is Estimated at US$2.9 Billion While China is Forecast to Grow at 24.3% CAGR

The Smart Parking market in the U.S. is estimated at US$2.9 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$4.3 Billion by the year 2030 trailing a CAGR of 24.3% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 17.9% and 18.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 20.3% CAGR.

Global Smart Parking Market - Key Trends & Drivers Summarized

Smart parking systems utilize advanced technologies to provide efficient and convenient parking solutions in urban areas. These systems use sensors, cameras, and IoT devices to monitor parking spaces in real-time, guiding drivers to available spots and reducing the time spent searching for parking. Smart parking solutions include mobile applications that allow users to locate and reserve parking spaces, make payments, and receive notifications about parking availability. By optimizing the use of parking resources, smart parking systems help reduce traffic congestion, lower emissions, and improve the overall urban mobility experience.

The implementation of smart parking systems is driven by the increasing urbanization and the associated challenges of traffic congestion and limited parking availability. Cities and municipalities are adopting smart parking technologies as part of their smart city initiatives to enhance urban infrastructure and improve the quality of life for residents. These systems also provide valuable data analytics that can be used to optimize parking management, enforce regulations, and plan future infrastructure developments. The integration of smart parking with other smart city solutions, such as intelligent transportation systems and public transit, further enhances the efficiency and sustainability of urban mobility.

The growth in the smart parking market is driven by several factors. Firstly, the increasing urban population and the resulting demand for efficient parking solutions are significant drivers. Secondly, advancements in IoT and sensor technologies are enhancing the capabilities and reliability of smart parking systems. Thirdly, the rise of smart city initiatives and investments in urban infrastructure are boosting the adoption of smart parking solutions. Additionally, the growing awareness of environmental issues and the need to reduce traffic congestion and emissions are encouraging the implementation of smart parking systems. Furthermore, the integration of mobile applications and digital payment systems is improving the user experience and convenience of smart parking solutions. Lastly, supportive government policies and funding for smart city projects are further driving the growth of the smart parking market.

Select Competitors (Total 150 Featured) -

• Amano Corporation
• Amano McGann, Inc.
• BMW Group
• Cisco Systems, Inc.
• CivicSmart, Inc.
• Continental AG
• Mercedes-Benz Group AG
• Flowbird
• gtechna
• IEM SA
• INDECT Electronics & Distribution GmbH
• IPS Group Inc.
• Kapsch TrafficCom AG
• Klaus Multiparking Systems Pvt. Ltd.
• Nedap
• Parkmobile LLC
• Robert Bosch GmbH
• Smart Parking Limited
• Swarco AG
• TKH Group NV
• Urbiotica
• Valeo S.A.
• Volkswagen AG

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