Press release
Global Real Time Parking System Market to Reach $18.36 Billion by 2029, Growing at 18.49% CAGR
Real Time Parking System
The rise in popularity of electric vehicles and the need for charging infrastructure is expected to drive the growth of the real-time parking system market. As electric vehicles (EVs) become more popular due to advancements in technology and environmental awareness, real-time parking systems will help EV owners find available charging stations quickly. For instance, the International Energy Agency reported in April 2024 that electric car sales rose by 35% in 2023, with electric cars making up 18% of total sales. As more EVs require charging infrastructure, the demand for real-time parking systems will increase.
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What Is the projected market size and growth rate for the real time parking system market?
The real-time parking system market has grown rapidly in recent years. It will grow from $7.84 billion in 2024 to $9.31 billion in 2025, at a CAGR of 18.8%. The growth is driven by urbanization, higher vehicle ownership, smart city initiatives, efficient traffic management, government regulations promoting smart parking, demand for seamless parking solutions, and the need for parking space optimization.
The real-time parking system market is expected to grow to $18.36 billion by 2029 at a CAGR of 18.5%. Growth is driven by urbanization, smart city initiatives, traffic congestion, demand for enhanced parking experiences, regulatory requirements, and smart infrastructure investments. Trends include IoT and AI integration, autonomous vehicle development, mobile app-based reservation systems, and sensor technology adoption for space optimization.
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What new trends are reshaping the real time parking system market and its opportunities?
Companies in the real-time parking system market are integrating AI technology to improve parking efficiency and enhance user experiences. AI-powered real-time parking systems use sensors and cameras to monitor parking space availability, offering predictive analytics to guide drivers to open spots. For example, in September 2023, Park360, an India-based IT services company, introduced an AI-based vehicle authorization system. This system utilizes cameras to detect vehicles and license plates, enabling seamless parking access and payments.
What major market segments define the scope and growth of the real time parking system market?
The real time parking system market covered in this report is segmented -
1) By Type: Software, Hardware, Services
2) By Location: On-Street, Off-Street, Other Locations
3) By Application: Commercial, Personal, Transport And Aviation, Government, Other Applications
Subsegments:
1) By Software: Parking Guidance Systems, Analytics Software, Reservation Management Software
2) By Hardware: Sensors, Cameras and License Plate Recognition (LPR) Systems, Display Systems, Parking Meters and Payment Terminals
3) By Services: Installation and Maintenance, Consulting and System Integration, Managed Services
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Which region dominates the real time parking system market?
North America was the largest region in the real time parking system market in 2024. The regions covered in the real time parking system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the real time parking system industry growth?
Major companies operating in the real time parking system market are Siemens AG, Cisco Systems Inc., Thales Group, TKH Group NV, Cubic Corporation, SWARCO AG, Amano Corporation, Flowbird Group, FlashParking Inc., INRIX Inc., T2 Systems Inc., Designa, Parkmobile LLC, IPS Group Inc., Klaus Multiparking Systems Pvt Ltd, Altiux Innovations Pvt. Ltd., Smart Parking Limited, Streetline Inc., IEM SA, ParkWhiz API, Came Parkare, Parknav, Robotic Parking Systems Inc., AppyWay, AJ Dongyang Menics Co. LTD.
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What Is Covered In The Real Time Parking System Global Market Report?
•Market Size Forecast: Examine the real time parking system market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the real time parking system market for a structured understanding.
•Key Players Overview: Analyze major players in the real time parking system market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the real time parking system market.
•Segment Contributions: Evaluate how different segments drive overall growth in the real time parking system market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the real time parking system market.
•Industry Challenges: Identify potential risks and obstacles affecting the real time parking system market.
•Competitive Landscape: Review strategic developments in the real time parking system market, including expansions, agreements, and new product launches.
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