Smart Parking Market Size Worth US$ 44.9 Billion By 2032, Due to Increasing Urbanization & Rising Vehicle Ownership | Research by SNS Insider
The increasing demand for efficient parking solutions in congested urban areas and the advancement in smart technologies are driving the market growth.
Pune, Aug. 19, 2024 (GLOBE NEWSWIRE) — Smart Parking Market Size & Growth Analysis:
“According to SNS Insider Research, The Smart Parking Market size was valued at US$ 7.39 billion in 2023 and is projected to reach US$ 44.9 billion by 2032. This growth represents a robust CAGR of 22.2% from 2024 to 2032.”
Market Overview
Smart parking market is experiencing significant growth because of the various factorssucch as growing population in urban area and increase of vehicles have led to severe parking congestion in cities globally. As a result number of smart parking systems helping in real-time space availability and efficient management becoming popular. This development is driven, to a significant extent, by progress in sensor technology and data analytics. The state of the art systems use advanced sensors to discover parking availability and transmit this information through mobile apps, reducing time spent on finding a spot and maximizing utilization. The addition of wireless and digital payment technologies makes the ease even better, making it easier to use.
Enhanced demand for connected devices and government initiatives & collaboration with technological providers to encourage ITS are significant market expansion factors. Municipalities are partnering with software and hardware companies to increase the efficiency of city streets while simultaneously working to ease traffic congestion through these connected ideas. A number of cities have implemented smart parking meters or reservation systems, which have increased turnover of parking and decreased the rate of illegal parking. A report published by the International Parking & Mobility Institute (IPMI) cites that smart parking technology in cities, such as Los Angeles or Houston has helped reduced search time by 30 percent. According to the SFMTA, smart parking meters with sensors raised parking turnover 20%, reduced double-parking by 30% and cut illegal level of resistance in half Fully automated parking systems (APS) are becoming increasingly practicable due to advancements in automation and sensor technology. Moreover, the emergence of smart city projects, and growing adoption of mobile apps for booking parking will create ample opportunities in coming years.
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Major Players Analysis Listed in this Rrport are:
- Amano McGann, Inc.
- Continental AG
- Dongyang Menics Co., Ltd
- IEM SA
- IPS Group Inc.
- Klaus Multiparking Systems
- Robert Bosch GmbH
- Smart Parking Limited
- Flowbird
- Swarco AG
- Urbiotica
- SKIDATA AG
- Other Players
Smart Parking Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 7.39 Bn |
| Market Size by 2032 | US$ 44.9 Bn |
| CAGR | CAGR of 22.2% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | • Demand for (IoT) based technology consistently increasing • Increasing number of vehicles on the road and need for parking for them. • Issue related to parking is consistently increasing across the world. |
Recent Developments
- Robert Bosch GmbH and APCOA agreed in January 2023 to roll out the Automated Valet Parking Technology across Germany from April this year. This project will establish multiple reserved parking spots per garage to accommodate automated valet parking, similar to other experimental efforts underway in the space.
- In October 2022, Amano McGann, Inc. announced a new partnership with Soldier Field in Chicago for the introduction of innovative parking technology at the field estate department. To decrease maintenance costs, receive constant system upgrades and provide a seamless onboarding process with Quick Scan capabilities to highlight the latest in parking tech improvements.
- In October 2022, an Indonesian investment and construction firm PT PP (Persero) Tbk collaborated with South Korea-based LG CNS for the establishment of a smart city system planned to be implemented in Nusantara, Indonesia’s prospective new capital. The partnership is an example of how smart cities are adopting the latest technologies to improve city infrastructure and operations.
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Segment Analysis
Based on Software, the parking guidance systems dominated the market and accounted for over 69% of market revenue in 2023. These systems are essential to deliver real-time parking information that helps drivers find an open space faster. Leading players, like Quercus Technologies are designing novel parking guidance solutions that can substantially improve the user experience by helping drivers to find an open space with solid fleet tracking mechanism in outdoor and rooftop parking zones.
Based on vertical, the largest revenue share for the smart parking market held by the commercial sector, which is expected to account for over 59% of revenue of smart parking in 2023. This dominance is attributed to rising demand for parking solutions in corporate buildings, shopping malls, sports complexes and theaters with growing number of vehicles. Factors such as increasing adoption of convenient mobile payment services and growing need for hassle-free parking acts as growth drivers for this segment. Compared to other industries, the government sector is forecasted to experience fast growth with a CAGR of 24.03% from 2024 until 2032. Smart Parking Systems Enhance Urban Mobility, Fuel Market Growth via Smart City Initiatives This is acting as one of the major drivers for growth in this segment, primarily due to ongoing investments that governments errand across several geographies with an aim of enhancing public services and reducing congestion through implementation of smart parking solutions.
Smart Parking Market Key Segmentation:
By Component
- Parking Sensors
- Steering Angle Sensors
- Electronic Control Unit (ECU)
- Display Unit
By Software
- Parking Guidance System
- Analytics Solutions
By Solution
- Security and Surveillance
- Parking Reservation Management
- Valet Parking Management
- License Plate Recognition
By Sensor Technology
- Ultrasonic Sensor
- Radar Sensor
- Image Sensor
By Vertical
- Government
- Commercial
North America is helded the largest share of smart parking market in 2023, generating more than 36%. The reason for the lead of this region is connected with growth in vehicles, increased traffic congestion and demand smart parking solutions. North America currently leads the rest of the regions as far as public-private partnerships, and government initiatives to incorporate smart parking technologies are concerned. For example, an initial project in Boston reduced CO2 emissions by 10% in areas using smart parking systems showing the eco-friendliness of this type of system. Moreover, continued smart city projects in the area and greater emphasis on decreasing vehicle emissions are boosting a wider demand for smarter parking solutions.
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Key Takeaways
The market is dominated by the commercial sector, with government sector is expected to experience rapid growth due to smart city projects alongsidewith growing demand of assets parking solutions.
The North America market is the largest, with significant contributions in infrastructure projects from public-private partnerships and government strategies targeted at inducing eco-friendly urban mobility to minimize emissions.
The report is comprehensive analysis of the smart parking market, including qualitative and quantitative assessment by industry analysts, inputs from industry experts and and key trends driving the market.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Smart Parking Market Segmentation, by Component
8. Smart Parking Market Segmentation, by Software
9. Smart Parking Market Segmentation, By Solution
10. Smart Parking Market Segmentation, By Sensor Technology
11. Smart Parking Market Segmentation, By Vertical
12. Regional Analysis
13. Company Profiles
14. Use Cases and Best Practices
15. Conclusion
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