The estimated sales revenue for the worldwide smart parking Demand market was around US$ 10.7 Billion in 2023, and it is anticipated to increase at a CAGR of 17.8% to reach an estimated value of US$ 54.8 Billion by 2033. Over 70% less money is spent on parking management systems than smart parking.
The rise of the smart parking sector will accelerate due to the continual improvements in parking technology. Some of the factors driving the growth of the smart parking market include the development of fully automated parking systems (APS), an increase in traffic congestion, ongoing advancements in machine-to-machine communication technology, and rising demand for smart parking sensors for parking management.
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Rapid Adoption of Vehicles Creating Need for Smart Parking Solution
The Department of Economic and Social Affairs (DESA) of the United Nations (UN) said that over 55% of the world’s population resides in urban regions as of 2018, and that number is anticipated to rise to 68% by 2050. The number of automobiles on the road has also increased as a result of urbanization.
However, the severe lack of authorized parking spaces in the majority of cities throughout the world has caused numerous critical parking issues for car owners and drivers. The requirement for effective on-street and off-street parking will expand as the number of vehicles rises, creating an infrastructure problem. Thankfully, smart parking technology will enhance customer experiences by providing effective parking services.
Key Takeaways of Smart Parking Market Study
- The market for smart parking is anticipated to grow as more people use smartphones to track open parking spaces and hospitals, universities, and governments employ outsourced parking services more frequently.
- Due to growing smart parking initiatives in the U.S. and Canada, North America dominated the global smart parking market in terms of revenue in 2018.
- As smart parking technologies become more widely used in developing nations like Brazil, China, Chile, India, and Indonesia, the market for parking management platforms is anticipated to grow significantly during the forecast period.
- Due to the rising demand for effective car parking management systems and parking spaces within corporate premises, the demand for smart parking solutions is anticipated to grow at an impressive CAGR throughout the forecast period.
Competitive Landscape
Key providers of smart parking are focusing on adding new innovative capabilities to their current parking solutions. This is helping them to enhance and upgrade their smart parking portfolio.
For instance, In February 2019, the company partnered with AUTOParkit to expand its fully-automated parking garage systems. Under this partnership, the company will provide a full complement of advanced automation hardware, as well as electrification and digital tools.
Some of the key players in the smart parking market are:
- Siemens
- Huawei Technologies Co.
- Delphi Technologies
- Intercomp S.p.A.
- Comarch SA
- Matrix Comsec
- Urbiotica
- Cisco Systems
- Nwave
- BioEnable
- Trafiksol
Smart Parking Market Outlook by Category
By Component :
Hardware
- Sensors
- Cameras
- Parking Meters
- Digital Guidance Signage
- Others
Software
- Parking Management Platforms
- SDK/API
Services
- Consulting
- Integration Support Services
- Device Management Services
By System Type :
- Guided Park Assist Systems
- Smart Park Assist Systems
By Sensor Technology :
- Ultrasonic Sensors
- RFID
- Image Sensors
- Others
By Application Area :
- Commercial
- Government
- Corporate
By Region :
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan
- Japan
- Middle East Africa
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About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments based on Source, Application, Sales Channel, and End Use over the next 10 years.
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