Smart Parking Market Size & Value Forecast with Trends to 2030
The Global Smart Parking Market size was valued at USD 6.28 billion in 2023 and is projected to reach USD 24.03 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 18.4% during the forecast period, i.e., 2024-30.
Market Overview:
This report presents an extensive evaluation of the Smart Parking Market, focusing on historical data from 2019 to 2022 while offering detailed forecasts for the period between 2024 to 2030. The analysis encompasses various aspects, including market Size, Share, Growth, Analysis, Trends and competitive insights.
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Table of Contents (Smart Parking Market)
- Executive Summary
- Market Definition & Research Methodology
- Market Dynamics: Drivers, Challenge, Trend and Opportunities
- Segment Analysis and Geographical Breakdown
- Competitive Landscape & Strategic Initiatives
- Regulatory Environment & Policy Factors
- Growth Forecast Model (2024–2030)
- Appendix: Company Profiles, Data Sources, Methodology
What’s covered in the report?
Global Smart Parking Market Trend:
Integration of Automated Parking Systems with Smart Technology – The increasing demand for efficient parking systems with greater convenience and optimization is surging the integration of automated parking systems in the market. Automated parking systems allow the parking of vehicles without the need for a driver due to the integration of robotics and advanced analytics, which is surging its adoption among consumers. Moreover, the automated parking systems offer better space utilization owing to the vertical spacing of vehicles. The convenience offered by automated parking systems is a significant driving force behind its adoption surging its demand in the market.
Moreover, technological advances, such as AI, robotics, and ML, further propel the integration of automated parking systems into smart parking frameworks, which is further propelling its adoption worldwide. The technologies help in maintaining vehicle handling very precisely while offering predictive maintenance and real-time monitoring. This, in turn, enhances the reliability and performance of the entire parking system surging their adoption.
Besides, cities such as Dubai, Tokyo, etc., are leveraging these automated parking systems with smart sensor technologies, IoT, etc., to expand the overall scalability of their high-density parking areas. Furthermore, automotive manufacturers such as Hyundai, Tesla, etc., have been incorporating automated parking solutions in their vehicles, which is further surging the adoption of automated parking platforms among consumers integrated with smart technologies.
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Leading players of Smart Parking Market including:
- Robert Bosch GmbH
- Valeo S.A.
- Continental AG
- Siemens AG
- Amano Corporation
- Park Assist
- Nedap Identification Systems
- AppyWay
- Parkeagle B.V.
- Urbiotica
- Swarco
- Altiux
- IPS Group
- IEM S.A.
Smart Parking Market Segmentation:
By Component
- Hardware
- Pucks
- Cameras & LPRs
- Smart Meters
- Others (Signage, Parking Gates, etc.)
- Software
- Parking Guidance System
- Security & Surveillance
- Parking Reservation Management
- Valet Parking Management
- Analytics & Reporting
- Others (Payment & Billing, Enforcement and Violation Management, etc.)
- Services
- Consulting Services
- Engineering Services
- Others
By Technology
- Ultrasonic Technology
- Sensor-based
- RFID
- Others
Ultrasonic Technology is expected to hold a significant market share driven by its cost-effectiveness and better reliability.
By Parking Type
- On-Street
- Off-Street
By Application
- Commercial
- Government
By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
North America is expected to hold a substantial market share due to the increasing deployment of smart parking solutions in the commercial and government sectors.
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Key Highlights of MarkNtel Advisors' Research Methodology
- MarkNtel Advisors uses a robust methodology for accurate market analysis.
- Research objectives are clearly defined with tailored methodologies for clients.
- A representative sample is selected to ensure reliable data collection.
- Data analysis includes cleaning, statistical evaluations, and validation checks.
- Predictive modeling forecasts trends, and reports include strategic recommendations.
About MarkNtel Advisors:
We are a leading market research firm providing research, consulting, and data-driven intelligence to clients across diverse industries globally. Our reports are tailored to help businesses identify lucrative opportunities and mitigate potential risks using actionable insights.
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