Categories: IT & Communication Technology

Smart Parking Systems Market Growth Outlook Through 2024-2033

Overview and Scope

Smart parking systems refer to tools and strategies designed to increase parking spots’ effectiveness, convenience, and management. Smart parking systems allow parking attendants to effectively utilize parking spaces to manage street parking in a contemporary and effective manner, reducing urban traffic and pollution.

Sizing and Forecast

The smart parking systems market size has grown exponentially in recent years. It will grow from $7.11 billion in 2023 to $8.68 billion in 2024 at a compound annual growth rate (CAGR) of 22.1%. The growth in the historic period can be attributed to increasing traffic congestion, growing automobile ownership, limited parking spaces, environmental concerns, government initiatives.

The smart parking systems market size is expected to see exponential growth in the next few years. It will grow to $18.13 billion in 2028 at a compound annual growth rate (CAGR) of 20.2%. The growth in the forecast period can be attributed to rise of electric vehicles, autonomous vehicles development, expansion of smart city initiatives, enhanced connectivity infrastructure, shift towards shared mobility services. Major trends in the forecast period include real-time data analytics, emergence of contactless parking systems, cloud-based parking management, ai-driven predictive parking, blockchain for secure transactions.

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Segmentation & Regional Insights

The smart parking systems market covered in this report is segmented –

1) By Type: Off-Street Parking, On-Street Parking
2) By Hardware: Pucks, Cameras And LPRs, Smart Meters, Signage, Parking Gates
3) By Software: Parking Guidance System, Analytics Solutions
4) By Service: Consulting Service, Engineering Service, Mobile App Parking Service
5) By Application: Commercial, Government, Transport Transit

North America was the largest region in the smart parking systems market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart parking systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth

The increasing number of vehicles is expected to propel the growth of the smart parking systems market going forward. A vehicle is a mechanical device intended for travel, usually on highways or other flat surfaces. Vehicle owners may greatly benefit from smart parking systems, which save time and effort, decrease stress, save money, increase safety, make parking more accessible, and make reservations and pre-booking easier. For instance, in December 2022, according to the Government Digital Service, a UK-based public sector information website, there were 1 million licensed plug-in vehicles in the UK by the end of September 2022, an increase from 1 in 61 (1.6%) at the end of September 2021 to 1 in 40 (2.5%) of all licensed road-using vehicles. There were 40.8 million licensed vehicles in the UK at the end of September 2022, up 0.7% from the end of September 2021. Therefore, the increasing number of vehicles is driving the growth of the smart parking systems market.

Key Industry Players

Major companies operating in the smart parking systems market report are Bayerische Motoren Werke AG, Siemens A.G., IBM Corporation, Cisco Systems Inc., Swarco AG, Kapsch TrafficCom, SKIDATA GmbH, Nedap N.V., Mindteck, FlashParking, EasyPark Group, INRIX Inc., Amano McGann Inc., Municipal Parking Services Inc., Altiux Innovations Pvt. Ltd., Gtechna, Indect Electronics & Distribution GmbH, JustPark, CivicSmart Inc., Urbiotica S.L, 6sense Innovations Ltd., Cleverciti Systems, Meter Feeder Inc., Parkme Inc., evopark GmbH, Amco S.A., HomiSmart Ltd.

The smart parking systems market report table of contents includes:

1. Executive Summary

2. Smart parking Systems Market Characteristics

3. Smart parking Systems Market Trends And Strategies

4. Smart parking Systems Market – Macro Economic Scenario

5. Global Smart parking Systems Market Size and Growth
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32. Global Smart parking Systems Market Competitive Benchmarking

33. Global Smart parking Systems Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Smart parking Systems Market

35. Smart parking Systems Market Future Outlook and Potential Analysis

36. Appendix

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