Press release
Impact of Electric Vehicle Adoption on Real-Time Parking Systems: An Emerging Driver Transforming The Real Time Parking System Market Landscape
Real Time Parking System Market Size
What Is the Projected Growth of the Real Time Parking System Market?
The real-time parking system market has grown rapidly in recent years. It is expected to rise from $7.84 billion in 2024 to $9.31 billion in 2025, reflecting a CAGR of 18.8%. The growth is attributed to the rise in urbanization, increasing vehicle ownership, the expansion of smart city initiatives, growing demand for efficient traffic management, government regulations promoting smart parking solutions, and the increasing need for optimized parking spaces.
The real-time parking system market is expected to grow rapidly, reaching $18.36 billion by 2029 with a CAGR of 18.5%. Growth is attributed to increasing urbanization, the adoption of smart city initiatives, rising traffic congestion, a demand for enhanced user experience via mobile apps, regulatory requirements for efficient parking, and growing investments in smart infrastructure. Key trends include the integration of IoT and AI, the development of autonomous vehicles, smart parking solutions, mobile reservation systems, and sensor technologies for space optimization.
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What Are the Different Real Time Parking System Market Segments?
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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What Are the Primary Drivers Shaping the Real Time Parking System Market?
The increasing popularity of electric vehicles is projected to fuel the real-time parking system market. EVs require reliable access to charging stations, and real-time parking systems help drivers find these spots efficiently. For instance, in April 2024, the International Energy Agency reported a 35% rise in electric car sales in 2023, with weekly registrations exceeding 250,000. The need for infrastructure is therefore driving the real-time parking system market.
Which Companies Are Leading in the Real Time Parking System Market?
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.
What Are the Major Trends Shaping the Real Time Parking System Market?
Companies in the real-time parking system market are advancing AI technologies to enhance parking management and improve user experience. AI-based systems use sensors and cameras to monitor parking spaces, predicting availability and guiding drivers to open spots. For example, in September 2023, Park360 launched an AI-based vehicle authorization system in India, using cameras to detect vehicles and license plates, automating entry and payment processes for smooth parking management.
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What Are the Top Revenue-Generating Geographies in 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Real Time Parking System Market?
2. What is the CAGR expected in the Real Time Parking System Market?
3. What Are the Key Innovations Transforming the Real Time Parking System Industry?
4. Which Region Is Leading the Real Time Parking System Market?
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