Press release
Growth Catalysts and Emerging Trends of the Smart Parking Systems Market
Smart Parking Systems Market Trends
What Is The Projected Market Size Of The Global Smart Parking Systems Market And Its Growth Rate?
• The global smart parking systems market was worth $8.5 billion in 2024.
• The market is poised to reach $10.27 billion in 2025, growing at a CAGR of 20.8%.
• The expected leap in the market size to $22.13 billion by 2029 will be bolstered by a CAGR of 21.1%.
• This exponential growth in the forecast period can be ascribed to the rise of electric vehicles, the development of autonomous vehicles, the enlargement of smart city initiatives, improvements in connectivity infrastructure, and shifts towards shared mobility services.
What Is Driving The Growth In The Smart Parking Systems Market?
The escalating number of vehicles globally is a significant catalyst propelling the smart parking systems market. The ease, time and money-saving aspects, enhanced safety, and convenience offered by smart parking systems are highly advantageous for vehicle owners. For instance, the UK saw a remarkable increase in licensed plug-in vehicles in September 2022, registering a 1 in 40 (2.5%) jump from the previous year's 1 in 61 (1.6%). All these factors are fostering the growth of the smart parking systems market.
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Who Are the Key Players Driving Smart Parking Systems Market Growth?
• 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.
What Are The Key Trends In The Smart Parking Systems Market?
• Real-time data analytics
• Contactless parking systems emergence
• Cloud-based parking management
• AI-driven predictive parking
• Blockchain for secure transactions
What Are The Segments Of The Global Smart Parking Systems Market?
• Type: Off-Street Parking, On-Street Parking
• Hardware: Pucks, Cameras And LPRs, Smart Meters, Signage, Parking Gates
• Software: Parking Guidance System, Analytics Solutions
• Services: Consulting Service, Engineering Service, Mobile App Parking Service
• Applications: Commercial, Government, Transport Transit
Which Region Leads The Smart Parking Systems Market?
North America was the dominant performer in the smart parking systems market in 2024, with the Asia-Pacific region expected to be the fastest-growing in the forecast period. Other regions covered in the report include Western Europe, Eastern Europe, South America, the Middle East, and Africa.
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What Is Covered In The Smart Parking Systems Market Global Market Report?
- Market Size Analysis: Analyze the Smart Parking Systems Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Smart Parking Systems Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Smart Parking Systems Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Smart Parking Systems Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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