Global Smart Parking Market Size study & Forecast, by Type (Off-street, On-street), by Technology (IoT, Ultrasonic, RFID), by Application (Security & surveillance, Smart payment systems, E-parking, License plate recognition), by End User (Commercial, Gove
Global Smart Parking Market Size study & Forecast, by Type (Off-street, On-street), by Technology (IoT, Ultrasonic, RFID), by Application (Security & surveillance, Smart payment systems, E-parking, License plate recognition), by End User (Commercial, Government) and Regional Analysis, 2023-2030
Global Smart Parking Market is valued at approximately USD 8.6 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 12.6% over the forecast period 2023-2030. The smart parking market refers to the industry and technologies involved in the development and implementation of intelligent parking solutions that utilize advanced sensors, data analytics, and connectivity to optimize parking space utilization, improve traffic flow, and enhance the overall parking experience. The Smart Parking Market is being driven by factors such as Increased parking concern across the globe due to rapid urbanization and increase in number of vehicles.
The global burden of vehicles is on the rise due to the increasing pace of urbanization. As more people migrate to cities and urban areas, the demand for personal vehicles has been steadily growing. According to International Organization of Motor Vehicle Manufacturers total vehicle production in 2021 was 80,250,102 units and in 2022 was 8,50,16,728 . Along that rising urbanization also driving the market According to the United Nations Population Fund (UNFPA) in 2022, the world is witnessing an unprecedented surge in urban expansion. The global population is expected to rise to approximately 5 billion by 2030, with over half already residing in urban areas. Thus, rising production in vehicle production and rising urbanization fueling the growth of the market. In addition to Rise in investment on building driverless vehicles and Government initiatives in building smart cities across the globe create lucrative opportunities for the market. However, High implementation cost & configuration complexity and Low rate of internet penetration in developing regions may hinder the growth of the market throughout the forecast period of 2023-2030.
The key regions considered for the Global Smart Parking Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the increasing adoption of smart city initiatives and many public-private collaborative efforts along with that region has several highly populated cities with significant urbanization. As cities become more crowded, parking spaces become limited, leading to an increased demand for efficient parking management solutions. Asia Pacific is considered as the fastest growing region during the forecasted period due to the increasing focus of regional governments on improving parking management and reducing air pollution & traffic congestion.
Major market player included in this report are: Amano McGann, Inc. Continental AG Dongyang Menics Co., Ltd SERVICIOS CONDUMEX, SA IPS Group Inc. Klaus Multiparking Systems Robert Bosch GmbH Smart Parking Limited Swarco AG Urbiotica
Recent Developments in the Market: In July 2021, Westfalia Parking launched an integrated consumer parking solution, the Westfalia Parking app, to increase the efficiency and safety of automated parking facilities. This application offers a contactless experience with a vehicle tracking facility. This application allows the driver to call their vehicles from home, hotel, or office, facilitating a contactless experience.
Global Smart Parking Market Report Scope: Historical Data – 2020 - 2021 Base Year for Estimation – 2022 Forecast period - 2023-2030 Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends Segments Covered -Type, Technology, Application, End User, Region Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
By Type: Off-street On-street
By Technology: IoT Ultrasonic RFID
By Application: Security & surveillance Smart payment systems E-parking License plate recognition
By End User: Commercial Government
By Region:
North America U.S. Canada
Europe UK Germany France Spain Italy ROE
Asia Pacific China India Japan Australia South Korea RoAPAC
Latin America Brazil Mexico
Middle East & Africa Saudi Arabia South Africa Rest of Middle East & Africa
Companies Amano McGann, Inc. Continental AG Dongyang Menics Co., Ltd SERVICIOS CONDUMEX, SA IPS Group Inc. Klaus Multiparking Systems Robert Bosch GmbH Smart Parking Limited Swarco AG Urbiotica
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