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 observed in the historical period can be attributed to factors such as increasing traffic congestion, a rise in automobile ownership, limited availability of parking spaces, environmental concerns, and government initiatives addressing parking challenges.

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 anticipated growth in the forecast period can be attributed to the rise of electric vehicles, development of autonomous vehicles, expansion of smart city initiatives, enhanced connectivity infrastructure, and the shift towards shared mobility services. Key trends expected in the forecast period encompass real-time data analytics, the emergence of contactless parking systems, cloud-based parking management, AI-driven predictive parking solutions, and the use of blockchain for secure transactions in the parking sector.

The expected surge in the number of vehicles is anticipated to drive the growth of the smart parking systems market. A vehicle, typically designed for travel on roads or flat surfaces, has seen a significant increase in numbers. Smart parking systems offer vehicle owners various benefits, such as time and effort savings, reduced stress, cost-effectiveness, enhanced safety, improved accessibility, and simplified reservations and pre-booking processes. Notably, by the end of September 2022, the UK witnessed 1 million licensed plug-in vehicles, marking an increase from 1.6% at the end of September 2021 to 2.5% of all licensed road-using vehicles. With a total of 40.8 million licensed vehicles in the UK by September 2022, up by 0.7% from the previous year, the rising vehicle count is a key driver of the smart parking systems market.

The increasing demand for urban mobility and the implementation of smart city initiatives are poised to fuel the growth of the smart parking systems market. Urban mobility, emphasizing efficient and sustainable movement within cities, aligns with smart city initiatives incorporating technology-driven strategies for urban development. The integration of advanced smart parking systems addresses parking management challenges in urban areas. According to The World Bank, over 50% of the global population lived in urban areas in 2021, projected to reach 68% by 2050, indicating rapid urbanization and heightened pressure on parking infrastructure. Thus, the growing emphasis on urban mobility and smart city initiatives propels the smart parking systems market.

Technological innovations emerge as a notable trend in the smart parking systems market, with major companies leveraging new technologies to maintain their market standing. For instance, WM Motor Technology Co. Ltd., a China-based automobile technology company, introduced 3.0 smart parking technology in August 2022. Represented by this service, WM Motor's 3.0 level smart parking technology integrates massive data outputs from mobile, field, and automobile sources into a unified stream, enabling users to benefit from advanced car parking capabilities.

Major companies in the smart parking systems market are adopting strategic partnerships to develop innovative intelligent parking assistance systems. Such partnerships leverage the strengths and resources of involved companies for mutual benefits and success. For instance, in December 2022, Ficosa, a Spain-based multinational corporation specializing in automotive systems, partnered with LeddarTech, a Canada-based global software company. This collaboration focuses on integrating Ficosa's advanced driver assistance systems with LeddarTech's AI-based fusion and perception software for autonomous vehicles, aiming to create an innovative smart parking assistant. This strategic partnership not only enhances parking system capabilities but also accelerates the deployment and adoption of advanced solutions for a safer and more efficient future mobility experience.

In August 2021, Smart Parking Limited, a UK-based company offering smart parking solutions, acquired Enterprise Parking Solutions Limited for an undisclosed amount. With this acquisition, Smart Parking aims to expand its reach and move closer to its growth goal of 1,000 UK outlets by June 2023. Enterprise Parking Solutions Limited is a UK-based company specializing in automated car park management and parking enforcement services.

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.

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. The countries covered in the smart parking systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of smart parking systems include off-street parking and on-street parking. Off-street parking refers to designated parking spots or areas for cars that are not located on public roads or streets. Various hardware components such as pucks, cameras, License Plate Recognition (LPR) systems, smart meters, signage, and parking gates, along with software solutions such as parking guidance systems and analytics, are utilized in these systems. Smart parking services include consulting services, engineering services, and mobile app parking services, catering to applications in commercial, government, and transportation transit sectors.

The smart parking systems market research report is one of a series of new reports that provides smart parking systems market statistics, including smart parking systems industry global market size, regional shares, competitors with a smart parking systems market share, detailed smart parking systems market segments, market trends and opportunities, and any further data you may need to thrive in the smart parking systems industry. This smart parking systems market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The smart parking systems market includes revenues earned by entities by minimizing traffic congestion, enhancing user experience, and supporting data-driven decision-making for effective urban planning. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The smart parking systems market consists of sales of parking access control systems, parking sensors, and parking guiding systems. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.