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2024 Smart Parking Systems Market Report : Market Size, Growth Drivers, And Key Trends
Smart Parking Systems Global Market Report 2024
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According to The Business Research Company's, The smart parking systems market size has grown exponentially in recent years. It will grow from $7.11 billion in 2023 to $8.68 billion in 2024 at a compound annual growth rate (CAGR) of 22.1%. The growth in the historic period can be attributed to increasing traffic congestion, growing automobile ownership, limited parking spaces, environmental concerns, government initiatives.
The smart parking systems market size is expected to see exponential growth in the next few years. It will grow to $18.13 billion in 2028 at a compound annual growth rate (CAGR) of 20.2%. The growth in the forecast period can be attributed to rise of electric vehicles, autonomous vehicles development, expansion of smart city initiatives, enhanced connectivity infrastructure, shift towards shared mobility services. Major trends in the forecast period include real-time data analytics, emergence of contactless parking systems, cloud-based parking management, ai-driven predictive parking, blockchain for secure transactions.
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Market Drivers and Trends:
The increasing number of vehicles is expected to propel the growth of the smart parking systems market going forward. A vehicle is a mechanical device intended for travel, usually on highways or other flat surfaces. Vehicle owners may greatly benefit from smart parking systems, which save time and effort, decrease stress, save money, increase safety, make parking more accessible, and make reservations and pre-booking easier. For instance, in December 2022, according to the Government Digital Service, a UK-based public sector information website, there were 1 million licensed plug-in vehicles in the UK by the end of September 2022, an increase from 1 in 61 (1.6%) at the end of September 2021 to 1 in 40 (2.5%) of all licensed road-using vehicles. There were 40.8 million licensed vehicles in the UK at the end of September 2022, up 0.7% from the end of September 2021. Therefore, the increasing number of vehicles is driving the growth of the smart parking systems market.
Technological innovations are a key trend gaining popularity in the smart parking systems market. Major companies operating in the smart parking systems market are adopting new technologies to sustain their position in the market. For instance, in August 2022, WM Motor Technology Co. Ltd., a China-based automobile technology company, launched 3.0 smart parking technology. The 3.0 level of WM Motor's smart parking technology is represented by this service, which connects the massive data output from the mobile, field, and automobile sides into a single stream. Users can employ the new technology for excellent car parking capabilities as the process develops.
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Major Key Players of the Market:
Bayerische Motoren Werke AG, Siemens A.G., IBM Corporation, Cisco Systems Inc., Swarco AG, Kapsch TrafficCom, SKIDATA GmbH, Nedap N.V., Mindteck, FlashParking, EasyPark Group, INRIX Inc., Amano McGann Inc., Municipal Parking Services Inc., Altiux Innovations Pvt. Ltd., Gtechna, Indect Electronics & Distribution GmbH, JustPark, CivicSmart Inc., Urbiotica S.L, 6sense Innovations Ltd., Cleverciti Systems, Meter Feeder Inc., Parkme Inc., evopark GmbH, Amco S.A., HomiSmart Ltd.
Smart Parking Systems Market 2024 Key Insights:
• The smart parking systems market size is expected to see exponential growth in the next few years. It will grow to $18.13 billion in 2028 at a compound annual growth rate (CAGR) of 20.2%.
• Surge In Vehicle Numbers Propels Growth In The Smart Parking Systems Market
• Wm Motor Introduces 3.0 Smart Parking Technology, Reflecting Technological Advancements In The Smart Parking Systems Market
• North America was the largest region in the smart parking systems market in 2023
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