Global Smart Parking Market Analysis and Forecast to 2032 | Straits Research

The global Smart Parking Market is experiencing significant growth, driven by the increasing need for efficient parking solutions in urban areas. The market size was valued at USD 6.8 billion in 2023 and is projected to reach USD 33.5 billion by 2032, growing at a CAGR of 17.4% during the forecast period (2024–2032). This growth is attributed to the rising adoption of smart technologies to manage parking spaces, reduce traffic congestion, and enhance the overall parking experience.

Industry Dimensions

Definition: Smart parking refers to the use of advanced technologies and innovative solutions to manage and optimize parking spaces. It involves the integration of hardware components, software applications, and services to provide real-time data and guidance for parking. Smart parking systems help in reducing search traffic, lowering vehicle emissions, and improving the efficiency of parking operations.

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Industry Key Trends

  • Integration of IoT and AI: The use of IoT devices and AI algorithms to monitor and manage parking spaces in real-time.
  • Mobile Payment Solutions: Increasing adoption of mobile apps for seamless parking payments and reservations.
  • Sustainability Initiatives: Focus on eco-friendly parking solutions to reduce carbon footprint.
  • Automated Parking Systems: Development of automated parking facilities to maximize space utilization.
  • Data Analytics: Leveraging big data and analytics to optimize parking management and enhance user experience.

Smart Parking Market Size and Share

The Smart Parking Market is witnessing robust growth, with significant investments in smart city projects and infrastructure development. The market share is dominated by key players offering a wide range of solutions, including guided park assist, smart parking systems, and integrated security systems.

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Smart Parking Market Statistics

  • Market Size (2023): USD 6.8 billion
  • Projected Market Size (2032): USD 33.5 billion
  • CAGR (2024–2032): 17.4%

Regional Trends

North America:

  • United States: Leading the market with high adoption rates of smart parking technologies and strong infrastructure.
  • Canada: Growing investments in smart city initiatives and sustainable urban development.

Asia-Pacific (APAC):

  • China: Rapid urbanization and government support for smart city projects driving market growth.
  • Japan: Advanced technological infrastructure and high demand for efficient parking solutions.

Europe:

  • Germany: Focus on sustainability and smart mobility solutions.
  • United Kingdom: Increasing adoption of smart parking systems in urban areas.

Latin America, Middle East, and Africa (LAMEA):

  • Brazil: Growing urban population and investments in smart infrastructure.
  • UAE: Government initiatives to develop smart cities and enhance urban mobility.

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Smart Parking Market Segmentations

By System:

  • Guided Park Assist
  • Smart Parking

By Parking Site:

  • On-street
  • Off-street

By Application:

  • Government
  • Commercial

By Component:

  • Parking Sensors
  • Steering Angle Sensors
  • Electronic Control Unit (ECU)
  • Display Unit

By Technology:

  • IoT
  • Ultrasonic
  • RFID

By Solution:

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

By Hardware:

  • Pucks (Wireless Sensors)
  • Cameras and LPRs
  • Smart Meters
  • Signage
  • Parking Gates

By Service:

  • Consulting Service
  • Engineering Service
  • Mobile App Parking Service

Top Players in Smart Parking Market

  1. AMCO
  2. Cisco Systems, Inc.
  3. CivicSmart, Inc.
  4. Continental AG
  5. Huawei Technologies Co.
  6. IEM SA
  7. IPS Group, Inc.
  8. Nedap
  9. NEXPA
  10. ParkMobile, LLC.
  11. Robert Bosch GmbH
  12. Siemens
  13. Smart Parking Systems – (A division of Intercomp S.p.A.)
  14. Streetline Urbiotica

These companies are at the forefront of innovation, offering a wide range of solutions to meet the diverse needs of the market. They are continuously investing in research and development to enhance their product offerings and expand their market presence.

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The Smart Parking Market is poised for substantial growth in the coming years, driven by technological advancements, increasing urbanization, and the need for efficient parking solutions. With the integration of IoT, AI, and mobile payment systems, the market is set to revolutionize the way parking is managed and experienced globally.

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