The global smart parking market revenue was around US$ 7.9 billion in 2023 and is estimated to reach US$ 33.8 billion by 2032, growing at a compound annual growth rate (CAGR) of 17.4% during the forecast period from 2024 to 2032.
An intelligent parking system that helps drivers park safely is known as smart parking. Signs or symbols using embedded software and sensors show the available space in parking slots. A smart parking system lets drivers reserve a spot close by without having to worry about other cars getting in the way. It also gives real-time data on available parking spots. Furthermore, this technology is designed to address the ongoing issue of parking, which has an impact on the ecosystem. The technology consists of inexpensive sensors, real-time data interference, and intelligent mobile applications that let users see which parking spaces are available and unavailable.
Factors Influencing Market Growth
- Due to the increasing need for efficient and convenient parking solutions for both individuals and businesses, there is an increase in demand for smart parking technology, which will expand the market.
- The adoption of IoT-based technologies in smart parking to optimize parking management, reduce congestion, and improve overall parking experiences for drivers will propel the global market growth.
- There is a rise in demand for driverless vehicles as they help drivers save time and money by finding available parking spaces quickly and easily. This will also increase the demand for smart parking systems, ultimately expanding the market.
- High implementation costs and configuration complexity may hamper market growth.
Impact of COVID-19
COVID-19 negatively influenced market growth. This was a result of the stringent lockdowns implemented by different governments to stop the spread of the virus. However, after COVID-19 the market experienced rapid growth as a result of large investments made by several governments in the transportation and infrastructure development sectors to boost the nation's economy and provide ample market opportunities.
Regional Insights
North America dominated the market in 2023. This is because the countries in the region have increasingly adopted smartphones and devices that support mobile applications, that aid in reserving, paying, and checking the availability of parking slots. Additionally, the increasing use of analytics in the creation of parking-related applications is expected to support the expansion of the smart parking market in the region.
Leading Competitors
- Smart Parking Ltd
- Aisin Corporation
- Continental AG
- TKH Group
- Urbiotica, S.L.
- SWARCO
- IPS Group, Inc.
- Amano McGann, Inc.
- Robert Bosch GmbH
- IEM SA
- Other Prominent Players
Segmentation Analysis
The global smart parking market segmentation focuses on type, technology, application, end-user, and region.
Segmentation based on Type
- Off-street
- On-street
Segmentation based on Technology
- Internet of Things (IoT)
- Ultrasonic
- RFID
Segmentation based on Application
- Security and surveillance
- Smart payment systems
- E-parking
- License plate recognition
Segmentation based on End User
- Commercial
- Government
Segmentation based on Region
- North America
- The U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Singapore
- Rest Of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa