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.
Global Smart Parking Market Driver:
Rising Vehicle Ownership Rates Creating – The increasing purchasing power, growing need for freight transportation, declining interest rates, rising middle-class consumers in emerging and growing countries, and deteriorating public transport infrastructure, are leading to the increasing vehicle ownership across the globe. The technological advancements in the automotive sector such as improved fuel efficiency, and economic variants with high-quality engine parts are stimulating the adoption of personal vehicles among consumers. Automotive giants, such as Toyota, Suzuki, BYD, Tesla, Honda, BMW, etc., have been producing a vast number of motor vehicles catering to the demand for automobiles across the globe. For instance:
· In 2023, according to the International Organization of Motor Vehicle Manufacturers (OICA), the worldwide production of motor vehicles exceeded 93 million in 2023, an increase of around 10% over 2022. Around 68% of the total vehicles produced were passenger cars.
This rising vehicle adoption among consumers has been resulting in increased vehicular traffic jams worldwide. Additionally, surging pollution levels and carbon emissions is creating the need for ready parking spaces. This, in turn, is pushing the need for smart parking solutions globally for space management and utilization leading to their adoption and boosting the growth of the Global Smart Parking Market.
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Market Dimensions & Projections
· Pricing Evaluation
· Recent Strategic Moves by Companies
· Primary Stakeholders
· Import/Export Trend Analysis
· Competitive Landscape Assessment
· Emerging Opportunities
· Market Trends and Indicators
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Global Smart Parking Market Segmentation:
The market report categorizes the market based on different segments and geographical analysis.
Study Timeline:
-Base Year: 2023
-Historical Period: 2019 to 2022
-Forecast Period: 2024 to 2030
- By Component
- Hardware– Market Size & Analysis, 2019-2030F, USD Million
- Pucks– Market Size & Analysis, 2019-2030F, USD Million
- Cameras & LPRs– Market Size & Analysis, 2019-2030F, USD Million
- Smart Meters– Market Size & Analysis, 2019-2030F, USD Million
- Others (Signage, Parking Gates, etc.) – Market Size & Analysis, 2019-2030F, USD Million
- Software– Market Size & Analysis, 2019-2030F, USD Million
- Parking Guidance System– Market Size & Analysis, 2019-2030F, USD Million
- Security & Surveillance– Market Size & Analysis, 2019-2030F, USD Million
- Parking Reservation Management– Market Size & Analysis, 2019-2030F, USD Million
- Valet Parking Management– Market Size & Analysis, 2019-2030F, USD Million
- Analytics & Reporting – Market Size & Analysis, 2019-2030F, USD Million
- Others (Payment & Billing, Enforcement and Violation Management, etc.)– Market Size & Analysis, 2019-2030F, USD Million
- Services– Market Size & Analysis, 2019-2030F, USD Million
- Consulting Services– Market Size & Analysis, 2019-2030F, USD Million
- Engineering Services– Market Size & Analysis, 2019-2030F, USD Million
- Others– Market Size & Analysis, 2019-2030F, USD Million
- By Technology
- Ultrasonic Technology– Market Size & Analysis, 2019-2030F, USD Million
- Sensor-based – Market Size & Analysis, 2019-2030F, USD Million
- RFID– Market Size & Analysis, 2019-2030F, USD Million
- Others – Market Size & Analysis, 2019-2030F, USD Million
- By Parking Type
- On-Street– Market Size & Analysis, 2019-2030F, USD Million
- Off-Street– Market Size & Analysis, 2019-2030F, USD Million
- By Application
- Commercial– Market Size & Analysis, 2019-2030F, USD Million
- Government– Market Size & Analysis, 2019-2030F, USD Million
- By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
Competitive Landscape
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, 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, Inrix, Others
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