Future Smart Parking Market: Key Dynamics, Size & Share Analysis

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. The market growth imputes to the expansion of the middle-class population in emerging countries, and urban migration leading to soaring vehicle sales worldwide. Also, the lack of proper railway infrastructure in the majority of the countries has pushed the sales of commercial vehicles, such as trucks, trailers, etc.

Top Market Challenges Impacting the Smart Parking Market Growth

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.

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Understanding the Core Segments in the Smart Parking Market

Smart Parking Market Size, Share & Industry Trends Analysis- By Component (Hardware [Pucks, Cameras & LPRs, Smart Meters, Others], Software [Parking Guidance System, Security & Surveillance, Parking Reservation Management, Valet Parking Management, Analytics & Reporting, Others], Services [Consulting Services, Engineering Services, Others]), By Technology (Ultrasonic Technology, Sensor-based, RFID, Others), By Parking Type (On-Street, Off-Street), By Application (Commercial, Government) and others.

Geographical Analysis of the Smart Parking Market

By Region

  • North America
  • South America
  • Europe
  • The Middle East & Africa
  • Asia-Pacific.

Who Dominates the Smart Parking Market Insights on Key Industry Players?

Companies are strengthening their presence in the Smart Parking market by adopting strategies such as forming strategic alliances, leveraging AI, entering partnerships, pursuing mergers and acquisitions, expanding into new regions, and introducing innovative products and services.

  • Robert Bosch GmbH
  • Valeo S.A.
  • Continental AG
  • Otherss
  • Siemens AG
  • Amano Corporation
  • Park Assist
  • Nedap Identification Systems
  • AppyWay
  • Parkeagle B.V.
  • Urbiotica
  • Swarco
  • Altiux
  • IPS Group
  • IEM S.A.
  •  

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