Press release
Smart Parking Systems Market Set to Reach $22.13 Billion by 2029 with 21% Yearly Growth
Smart Parking Systems Market
The rise in the number of vehicles is projected to boost the expansion of the smart parking systems market. Vehicles are mechanical means of transport, typically designed for use on roads and other flat terrains. Owners of vehicles stand to gain tremendously from smart parking systems, which offer time savings, reduction of stress, financial savings, enhanced safety, easier parking, and simple reservation or pre-booking methods. For example, in December 2022, the Government Digital Service, a UK-based public sector information platform, reported that there were 1 million licensed plug-in vehicles in the UK by the end of September 2022. This represents an increase from 1.6% (1 out of 61) at the end of September 2021 to 2.5% (1 out of 40) of all licensed vehicles on the road. There was a total of 40.8 million licensed vehicles in the UK by the end of September 2022, showing a rise of 0.7% from the end of September 2021. Consequently, this proliferation of vehicles is fuelling the growth of the smart parking systems market.
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What growth opportunities are expected to drive the smart parking systems market's CAGR through 2034?
The market size for smart parking systems has seen a significant surge lately. Its value is estimated to climb from $8.5 billion in 2024 to $10.27 billion in 2025, reflecting a robust compound annual growth rate (CAGR) of 20.8%. This substantial growth during the historical period is the result of increasing traffic congestion, the rise in car ownership, scarce parking availability, environmental issues, and supportive government policies.
In the coming years, the market size for smart parking systems is projected to undergo substantial growth. The expectation is that it will reach $22.13 billion by the end of 2029, with a cumulative annual growth rate (CAGR) set at 21.1%. The escalation in the projected time frame is due primarily to several factors such as the emergence of electric vehicles, the development of autonomous vehicles, the broadening of smart cities initiatives, improved connectivity infrastructure, and the trend towards shared mobility services. Major shifts predicted for the forecast period encompass real-time data analytics, the advent of contactless parking systems, cloud-based parking management strategies, AI powered predictive parking, and the adoption of blockchain for secure transactions.
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What are the most significant trends transforming the smart parking systems market today?
Innovations in technology are becoming a dominant trend in the smart parking systems industry. Companies that are major players in this field are turning towards new technological implementations to maintain an edge in the market. An example of this is WM Motor Technology Co. Ltd., a car tech company from China, which rolled out its 3.0 smart parking technology in August 2022. The latest iteration of WM Motor's smart parking system merges vast data from mobile, field, and automobile sources into a single robust stream. As a result, users can take advantage of the upgraded technology for improved vehicle parking functionality as the system evolves.
Which growth-oriented segments of the smart parking systems market are leading the industry's development?
The smart parking systems market covered in this report is segmented -
1) By Type: Off-Street Parking, On-Street Parking
2) By Hardware: Pucks, Cameras And LPRs, Smart Meters, Signage, Parking Gates
3) By Software: Parking Guidance System, Analytics Solutions
4) By Service: Consulting Service, Engineering Service, Mobile App Parking Service
5) By Application: Commercial, Government, Transport Transit
Subsegments:
1) By Off-Street Parking: Parking Garages, Parking Lots, Automated Parking Systems
2) By On-Street Parking: Smart Meters, Parking Guidance Systems, Mobile Payment Solutions
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What regions are leading the charge in the smart parking systems market?
North America was the largest region in the smart parking systems market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart parking systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What companies are at the forefront of innovation in the smart parking systems market?
Major companies operating in the smart parking systems market include 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.
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What Is Covered In The Smart Parking Systems Global Market Report?
• Market Size Forecast: Examine the smart parking systems market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the smart parking systems market for a structured understanding.
• Key Players Overview: Analyze major players in the smart parking systems market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the smart parking systems market.
• Segment Contributions: Evaluate how different segments drive overall growth in the smart parking systems market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the smart parking systems market.
• Industry Challenges: Identify potential risks and obstacles affecting the smart parking systems market.
• Competitive Landscape: Review strategic developments in the smart parking systems market, including expansions, agreements, and new product launches.
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