Smart Parking Market Overview
An Internet of Things (IoT)--powered system that uses sensors and/or cameras to collect information about the availability of spots in a specific parking lot is known as smart parking. A driver must have the appropriate mobile application to communicate with such a system (in certain situations, such applications may also have a web version). These apps typically let users reserve a spot in advance and pay for parking there. Smart parking technology is based on smart detectors or sensors. A sensor may be connected to one parking space at a time or to two at once. It transmits information to a cloud server regarding whether the parking spot is currently occupied.
The adoption of IoT (Internet of Things) in Smart Parking Systems is one of the major drivers, with over 70% of new installations incorporating IoT technology. The use of sensors and cameras for real-time parking space monitoring accounts for over 60% of the technology implementation in smart parking solutions. Around 45% of urban drivers in developed countries use smart parking apps to find available parking spaces, and these systems have been shown to reduce parking search time by up to 50%, leading to a significant decrease in traffic congestion and pollution. The average cost of implementing a smart parking space ranges from $300 to $500, depending on the complexity and technology used. Municipalities and private parking operators report an increase in revenue of up to 20% after implementing smart parking solutions due to better space utilization and dynamic pricing models.
In 2023, the market for smart parking systems was estimated to be worth USD 6.53 billion worldwide. It is projected to increase at a CAGR of 13.67% over the forecast period (2024–2032), reaching USD 20.68 billion by 2032. Vehicles may find safe parking spaces more quickly and easily with the help of smart parking system technology.
Competitive Landscape
Some of the prominent players operating in the Smart Parking Market are
AMCO
Cisco Systems, Inc.
CivicSmart, Inc.
Continental AG
Huawei Technologies Co.
IEM SA
IPS Group, Inc.
Nedap
NEXPA
ParkMobile, LLC.
Robert Bosch GmbH
Siemens
Smart Parking Systems – (A division of Intercomp S.p.A.)
Streetline Urbiotica
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Latest trends in Smart Parking Systems Market report
Technological Advancements: The usefulness and efficiency of smart parking systems are being improved by the combination of IoT, AI, and cloud computing. These technologies enhance user experience and operational efficiency by enabling real-time monitoring, data analysis, and automation.
Governmental Programs:
Smart parking system adoption is being driven by rising government funding in smart city initiatives. These technologies are being used by cities to improve urban mobility, lessen traffic congestion, and efficiently manage parking resources.Growing Urbanization: As the number of people living in cities increases, so does the need for effective parking options. In highly populated locations, smart parking solutions aid in maximizing space use and minimizing traffic.
Automation and Mobile Applications: There is a growing need for mobile applications that make parking reservations and payments easier. Users are starting to favor features like automated valet parking and predictive parking availability alerts.
Data Security and Privacy Issues: Although smart parking systems gather useful data, adoption may be hampered by privacy and data security issues. Gaining the public's trust requires ensuring user data is protected.
Global Smart Parking Systems Market: Segmentation
As a result of the Smart Parking Market segmentation, the market is divided into sub-segments based on product type, application, as well as regional and country-level forecasts.
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
The report forecasts revenue growth at all geographic levels and provides an in-depth analysis of the latest industry trends and development patterns from 2022 to 2030 in each of the segments and sub-segments. Some of the major geographies included in the market are given below:
North America (U.S., Canada)
Europe (U.K., Germany, France, Italy)
Asia Pacific (China, India, Japan, Singapore, Malaysia)
Latin America (Brazil, Mexico)
Middle East & Africa
Regional Analysis
North America
North America is expected to lead the market for smart parking systems because of its large car population and growing urban congestion.
The region is anticipated to hold the largest market share due to the adoption of modern technologies and large investments in smart city programs. The market is expected to expand gradually in North America due to the rising need for effective parking solutions that reduce traffic congestion.Europe
With 35.8% of the global market share for smart parking systems in 2022, Europe commanded a commanding lead in the industry. Tight government rules aimed at cutting pollution and improving urban transportation through smart technologies are driving the region's growth. The UK, Germany, and France are among the nations that have adopted smart parking solutions at the highest rate.Asia-Pacific
Over the course of the forecast period, the smart parking systems market is anticipated to grow at the fastest rate in the Asia-Pacific region. The region's market is growing due in large part to government attempts to construct smart cities, rising automobile ownership rates, and rapid urbanization.
The market is heavily influenced by nations like China and India, where there is an increasing need for sophisticated parking solutions to efficiently handle urban traffic.Africa, the Middle East, and Latin America
Together, these areas represent a smaller portion of the market for smart parking systems worldwide. Some of the obstacles to growth in Latin America, the Middle East, and Africa include low infrastructure and high implementation costs. On the other hand, growing urbanization and government programs to improve urban mobility offer chances for expansion in
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Key Highlights
To explain the Smart Parking Market the following: introduction, product type and application, market overview, market analysis by countries, market opportunities, market risk, and market driving forces
The purpose of this study is to examine the manufacturers of the Smart Parking Market, including profile, primary business, news, sales and price, revenue, and market share.
To provide an overview of the competitive landscape among the leading manufacturers in the world, including sales, revenue, and market share of Smart Parking Market percent
To illustrate the market subdivided by kind and application, complete with sales, price, revenue, market share, and growth rate broken down by type and application
To conduct an analysis of the main regions by manufacturers, categories, and applications, covering regions such as North America, Europe, Asia Pacific, the Middle East, and South America, with sales, revenue, and market share segmented by manufacturers, types, and applications.
To investigate the production costs, essential raw materials, production method, etc.
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