Press release
Smart Parking Market Share, Size, Trends, Report, Forecast 2024-2032
Smart Parking Market
According to a new report by Expert Market Research titled, "Global Smart Parking Market Size, Share, Analysis, Report and Forecast 2024-2032″, the smart parking market reached a value of approximately USD 6.4 billion in 2023. Aided by the growing need for efficient vehicle management solutions in densely populated cities and the rising levels of environmental pollution, the market is projected to further grow at a CAGR of 15.1% between 2024 and 2032 to reach a value of USD 14.8 billion by 2032.
Smart parking refers to an intelligent parking system that employs embedded sensors, real-time data collection, high-speed video, and other innovative technologies to help drivers find parking spaces quickly. It plays a crucial role in alleviating congestion, reducing driver frustration, and enhancing the overall parking experience. Apart from aiding vehicle management, smart parking solutions also significantly contribute to reducing carbon emissions, thereby promoting environmental sustainability.
The rise in urban population and vehicle ownership has led to an increased demand for smart parking market. Growing city populations, particularly in emerging economies, and a subsequent surge in vehicle purchases, have stressed conventional parking systems. As a result, there has been a significant shift towards smart parking solutions, leading to a heightened demand in the market.
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Further, the increasing adoption of Internet of Things (IoT) in the transportation sector has facilitated the smart parking market growth. The integration of IoT with parking systems enables real-time information sharing about available parking spaces, helping drivers save time and fuel.
Moreover, advancements in vehicle automation and the rise of smart cities have enhanced the application scope of smart parking solutions, thus boosting the smart parking market expansion. As urban regions worldwide evolve into smart cities, smart parking becomes a critical component of urban planning. With this ongoing transformation, the adoption of smart parking systems in public facilities, airports, shopping centres, and corporate institutions is set to rise.
Additionally, favourable government policies and initiatives supporting the implementation of smart parking solutions further propel the smart parking market development. Various local governments have embraced the technology to optimise parking space utilisation, reduce congestion, and decrease CO2 emissions.
Also, advancements in artificial intelligence and machine learning technologies present lucrative opportunities for the smart parking market development. AI-enabled parking systems can offer predictive analysis and personalised services, making parking hassle-free and more efficient for users.
Smart Parking Market Segmentation
The market can be divided based on solution, system type, component, sensor technology, vertical, and region.
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Market Breakup by Solution
Security and Surveillance
Parking Reservation Management
Valet Parking Management
License Plate Recognition
Market Breakup by System Type
Guided Park Assist
Smart Park Assist
On-Street
Off-Street
Market Breakup by Component
Parking Sensors
Steering Angle Sensors
ECU
Display Unit
Market Breakup by Sensor Technology
Ultrasonic Sensor
Radar Sensor
Image Sensor
Market Breakup by Vertical
Government
Commercial
Market Breakup by Region
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global smart parking companies. Some of the major key players explored in the report by Expert Market Research are as follows:
T2 Systems
Flowbird Group
Amano Corporation
IBM Corporation
Robotic Parking Systems, Inc.
SKIDATA GmbH
Streetline
Continental AG
Valeo Park4U
Amano McGann, Inc.
Others
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