Press Release

The Global Smart Parking Market to Reach USD 6.28 Billion & is Set to Sail at a CAGR of 18.4% Through 2030

The Global Smart Parking Market size is valued at USD 6.28 billion in 2023 and is projected to reach USD 24.03 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 18.4% during the forecast period, i.e., 2024-30, cites MarkNtel Advisors in the recent research report. The market growth is attributed to the increasing vehicle ownership among consumers worldwide driven by urbanization & increasing number of middle-class individuals across the globe.

As a result, there is a surging need for reliable and efficient parking systems, owing to high traffic congestion and the increasing number of vehicles on roads. Consumers have been struggling with finding parking spots for their vehicles, which is further creating the demand for smart parking spaces. Smart parking systems embedded with advanced technologies, such as IoT, Artificial Intelligence, Machine Learning, etc., provide a comprehensive solution to these actively rising parking issues among consumers. The technologies provide real-time data related to free parking spots, availability, fares, etc., providing consumers convenience and time frame.

Moreover, smart parking technology enables better time and space utilization for drivers by providing them with insights about parking facilities in their proximity. The increasing integration of mobile applications and IoT-based sensors in smart parking technologies is further proliferating market growth. Countries such as Barcelona, San Francisco, etc., have been implementing these smart parking infrastructure projects integrated with mobile applications boosting market growth.

 These smart parking solutions offer dynamic pricing and availability information as per the demand and season and provide consumers with real-time data on their mobile phones, which is raising its demand & adoption. This, in turn, manages the traffic congestion issues and space utilization in the parking spaces ultimately boosting the adoption of smart parking solutions and augmenting the growth of the Global Smart Parking Market. The smart parking solution provides necessary data for parking spaces diminishing the time for parking space searching & reducing the emissions emerging from vehicles in the meantime ultimately propelling the adoption of smart parking solutions, further states the research report, “Global Smart Parking Market Analysis, 2024.”

Global Smart Parking Market Segmentation Analysis

Commercial Segment to Hold a Considerable Market Share

Based on the application, the market is further bifurcated into, Commercial and Government. Of both, the Commercial segment is expected to hold a significant market share driven by the rising deployment of smart parking infrastructure by commercial buildings. To provide enhanced customer experiences & reliability in parking, various commercial spaces, including retail complexes, shopping malls, hotel chains, entertainment centers, etc., have been incorporating smart parking solutions, which are boosting the market growth.

The increasing integration of advanced sensors, ultrasonic, radar, IoT, AI, etc., in existing parking infrastructure of buildings, is further escalating the adoption of smart parking solutions in the commercial sector. The consumers arriving at these destinations require parking without any hassle for parking space and timings, which is leading the providers to adopt smart solutions. In addition, the convenience of booking parking spaces in advance from mobile applications is a significant booster for the adoption of smart parking solutions in the commercial sector.

North America is Poised for a Prominent Market Share in the Global Smart Parking Market

Based on geography, the market is bifurcated into North America, South America, Europe, the Middle East and Africa, and Asia-Pacific. Of them all, North America is expected to hold a major market share driven by the establishment of smart parking infrastructure in both government and commercial sectors. Countries such as the US, Canada, and Mexico have been experiencing increasing public-private partnerships in smart parking solutions.

Additionally, the high vehicle ownership rates in the region are creating demand for effective and smart parking solutions, particularly in highly crowded countries. Moreover, the development of smart city infrastructure in the region necessitates technologically advanced, automated parking solutions to align with smart city goals, boosting the demand for smart parking solutions across North America.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Robert Bosch GmbH, Valeo S.A., Continental AG, Siemens AG, Amano Corporation, Park Assist, Nedap Identification Systems, AppyWay, Parkeagle B.V, Urbiotica, Swarco, Altiux, IPS Group, IEM S.A, Inrix, and others, are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the Global Smart Parking Market?
3. What key factors would propel and impede the industry across the globe?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping across various regions?
6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?