Smart Parking Market: Global Industry Analysis, Trends, Market Size, and Forecasts up to 2030

The report on the global smart parking market provides qualitative and quantitative analysis for the period from 2021-2030. The global smart parking market was valued at USD 6.85 billion in 2022 and is expected to reach USD 36.46 billion in 2030, with a CAGR of 20.16% during the forecast period 2023-2030. The study on smart parking market covers the analysis of the leading geographies such as North America, Europe, Asia Pacific, and RoW for the period of 2021-2030.

The smart parking market pertains to the industry focused on employing innovative technologies and solutions to enhance the efficiency, convenience, and management of parking facilities in urban and suburban areas. This market capitalizes on a range of intelligent tools, data analysis, and the Internet of Things (IoT) to tackle the challenges associated with locating parking spaces in busy cities. Its primary objectives are to diminish traffic congestion, optimize the use of parking spaces, improve the user experience, and deliver real-time information to drivers seeking parking. Parking spaces are equipped with sensors that can detect the presence or absence of vehicles, utilizing ultrasonic, infrared, or magnetic technology. Furthermore, surveillance cameras are deployed to oversee parking areas, collect data on occupancy, and ensure security. Mobile applications empower users to discover available parking spaces, make reservations, and execute digital payments. The global smart parking market endeavors to provide advantages for both drivers and municipal authorities by reducing the time and fuel spent in the pursuit of parking, cutting down on emissions and traffic jams, and enhancing overall traffic management. Additionally, it presents opportunities for businesses to innovate and provide parking solutions and services.

The global smart parking market is being propelled by the ongoing trend of urbanization. As urban areas continue to attract more residents, the need for parking spaces in densely populated cities is on the rise. Smart parking solutions offer an effective way to maximize the utilization of existing parking infrastructure, ultimately reducing traffic congestion and the time people spend searching for parking spots. Furthermore, the increasing ownership of vehicles is a key driver for market expansion. The growing number of vehicles on the road has amplified the demand for parking spaces, and smart parking systems are adept at efficiently managing this heightened demand. The upfront cost including infrastructure, sensors, cameras, software, and connectivity can pose a challenge for the market. Urbanization, increasing vehicle ownership, traffic congestion, and the need for efficient parking management solutions present significant opportunities for the global smart parking market.

North America is expected to hold the most significant share in the upcoming forecast period. North America, known for its highly developed and urbanized regions, grapples with a significant volume of vehicles on its roads, fuelling the need for effective parking solutions. Additionally, many North American cities have witnessed rapid urbanization, resulting in heightened congestion and parking difficulties. Smart parking solutions are viewed as a means to combat these urbanization-related issues. Furthermore, North America boasts a robust presence of technology firms and startups specializing in smart city solutions, with a focus on smart parking. This technological expertise has been a driving force behind innovation in the region. On the other hand, the Asia-Pacific (APAC) region is emerging as the fastest-growing market. Numerous countries in APAC have experienced rapid urbanization, which has resulted in higher population density in urban areas. This, in turn, has created a substantial demand for convenient and efficient parking solutions to address the challenges associated with urban congestion.

Report Findings

1) Drivers

• The global smart parking market is driven by a surge in urbanization.
• A rising vehicle ownership fuels market growth.

2) Restraints

• The implementation of smart parking systems can require a significant upfront investment in infrastructure, sensors, cameras, software, and connectivity. This cost can be a barrier for the market.

3) Opportunities

• The need for efficient and less time-consuming parking management solutions present significant opportunities for the smart parking market.

Research Methodology

A) Primary Research

The primary research involves extensive interviews and analysis of the opinions provided by the primary respondents. The primary research starts with identifying and approaching the primary respondents.

The primary respondents approached include:

1. Key Opinion Leaders
2. Internal and External subject matter experts
3. Professionals and participants from the industry

The primary research respondents typically include:

1. Executives working with leading companies in the market under review
2. Product/brand/marketing managers
3. CXO level executives
4. Regional/zonal/country managers
5. Vice President level executives.

B) Secondary Research

Secondary research involves extensive exploring through the secondary sources of information available in both the public domain and paid sources. Each research study is based on over 500 hours of secondary research accompanied by primary research. The information obtained through the secondary sources is validated through the crosscheck on various data sources.

The secondary sources of the data typically include:

1. Company reports and publications
2. Government/institutional publications
3. Trade and associations journals
4. Databases such as WTO, OECD, World Bank, and among others.
5. Websites and publications by research agencies

Segments Covered

The global smart parking market is segmented on the basis of type, technology, application, and end user.

The Global Smart Parking Market by Type

• Off-street
• On-street

The Global Smart Parking Market by Technology

• Internet of Things (IoT)
• Ultrasonic
• RFID

The Global Smart Parking Market by Application

• Security and Surveillance
• Smart Payment Systems
• E-parking
• License Plate Recognition

The Global Smart Parking Market by End User

• Commercial
• Government

Company Profiles

The companies covered in the report include:

• AISIN CORPORATION
• Continental AG
• Robert Bosch GmbH
• IEM SARL
• IPS Group, Inc.
• SWARCO
• Smart Parking Ltd
• TKH Group
• Amano McGann, Inc.
• Urbiotica, S.L.

What does this Report Deliver?

1. Comprehensive analysis of the global as well as regional markets of the smart parking market.
2. Complete coverage of all the segments in the smart parking market to analyze the trends, developments in the global market and forecast of market size up to 2030.

3. Comprehensive analysis of the companies operating in the global smart parking market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and latest developments of the company.

4. The Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.