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Smart Parking Systems Market Trends, Segments, Demand 2024-2033 | Bayerische Motoren Werke AG, Siemens A.G., IBM Corporation, Cisco Systems Inc., Swarco AG

The Smart Parking Systems Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Smart Parking Systems Global Market Report 2024, 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.

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.

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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

Technological innovations are a key trend gaining popularity in the smart parking systems market. Major companies operating in the smart parking systems market are adopting new technologies to sustain their position in the market. For instance, in August 2022, WM Motor Technology Co. Ltd., a China-based automobile technology company, launched 3.0 smart parking technology. The 3.0 level of WM Motor’s smart parking technology is represented by this service, which connects the massive data output from the mobile, field, and automobile sides into a single stream. Users can employ the new technology for excellent car parking capabilities as the process develops.

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

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

36. Appendix

Top Major Players :