Smart Parking Systems Market Predicted to Make Lucrative Gains | Aisin Corporation, Amano McGann, Inc., Continental AG

As per the report published by The Brainy Insights, the global smart parking systems market is expected to grow from USD 7 billion in 2022 to USD 36.63 billion by 2032, at a CAGR of 18% during the forecast period 2023-2032. North America emerged as the most prominent global smart parking systems market, with a 36% market revenue share in 2022. The well-established conventional parking systems have enabled easy technology integration to improve efficiency and convert them into smart parking systems. The presence of large commercial complexes, restaurants, malls, theatres, offices, and private residential spaces has increased the demand for smart parking systems. The safety and security of vehicles offered by these systems is the primary driver of their demand in the market. The public authorities are also employing these systems in the cities to improve urban traffic movement.

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Global Smart Parking Systems Market Size by Type (On-Street and Off-Street), Application (Commercial, Government and Others), Component (Hardware, Software and Others), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032

Leading companies in the industry include Aisin Corporation, Amano McGann, Inc., Continental AG, IEM SA, IPS Group, Inc., Robert Bosch GmbH, Smart Parking Ltd, SWARCO, TKH Group, Urbiotica SL, among others, are offering more significant opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.

The type segment is divided into on-street and off-street. The off-street segment dominated the market, with a market share of around 67% in 2022. Applying smart parking systems in an off-street parking space is more effective and practical. Off-street Parking is inexpensive and flexible. It is convenient and safe. The application segment is divided into commercial, government and others. The commercial segment dominated the market, with a market share of around 49% in 2022. Commercial applications of smart parking systems can be corporate buildings, office spaces, shopping malls, and theatre complexes, among others. The rising construction of office buildings, malls, and public utility spaces will propel demand. The component segment is divided into hardware, software, and services. The services segment dominated the market, with a market share of around 40% in 2022. The services segment includes parking maintenance and monitoring, system integration, mobile application services, and consulting services. Professionals in the industry offer the services. Services improve parking space optimization and customer satisfaction, and reduce turn-around time, congestion and carbon footprints.

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Smart cities are estimated to reach USD 310 billion in worth by 2025. Rapid urbanization, increased capital expenditure on smart city development and favourable initiatives will drive the smart city mission globally. The fundamental concept of using technology with human knowledge to improve the city's economic, social, political, and overall health is the foundation of a smart city. One of the primary concerns of traffic congestion and parking space availability is integrating smart technology in facilitating the optimization of parking space and improving efficiency. Municipalities have some control over and a reduced volume of generated roadway traffic. With additional features that make parking quicker, easier, and less of a hassle, the technology also ensures parking safety, which is one factor that contributes most to traffic congestion. Therefore, promoting smart cities will benefit the growth of the global smart parking systems market.

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