Press release
Smart Parking Systems Market Landscape to 2034: Key Forces Shaping the Next Decade of Growth
Smart Parking Systems
How Large Will the Smart Parking Systems Market Size By 2025?
The market size for smart parking systems has seen a significant expansion in recent years. The increase from $8.5 billion in 2024 to $10.27 billion in 2025, manifesting a compound annual growth rate (CAGR) of 20.8%, signifies this. The historical growth can be ascribed to factors like escalating traffic congestion, rising automobile ownership, scarcity of parking spaces, environmental issues, and government policies.
How Big Is the Smart Parking Systems Market Size Expected to Grow by 2029?
The market size for smart parking systems is predicted to expand exponentially over the next several years, reaching a worth of $22.13 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 21.1%. The enhancements in electric vehicles, the development of autonomous vehicles, the growth of smart city schemes, improved connectivity infrastructure, and the transition to shared mobility solutions all contribute to the increase predicted for the forecast period. Leading trends during the forecast timeline include real-time data analysis, the advent of contactless parking systems, cloud-based parking management solutions, the application of AI for predictive parking, and the use of blockchain for safe transactions.
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Which Key Market Drivers Powering Smart Parking Systems Market Expansion and Growth?
The rise in vehicular population is projected to prompt the advancement of the smart parking systems market in the future. A vehicle, designed primarily for travelling, usually on highways or smooth terrains, can be optimized using smart parking systems. These systems could offer significant advantages to vehicle owners like time and effort conservation, stress reduction, money-saving, improved safety, ease in parking, and simplification of reservations and pre-booking. For example, the Government Digital Service, a public sector information website based in the UK, reported, in December 2022, the presence of 1 million licensed plug-in vehicles in the UK as of the end of September 2022. This shows a growth from 1 in 61 (1.6%) at the end of September 2021 to 1 in 40 (2.5%) of all licensed vehicles on the road. The total number of licensed vehicles in the UK by the end of September 2022 was 40.8 million, marking an increase of 0.7% from the end of September 2021. On this account, the mounting vehicle count is fueling the growth of the smart parking systems market.
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Which Fast-Growing Trends Are Poised to Disrupt the Smart Parking Systems Market?
Advancements in technology are a significant trend gaining traction in the smart parking systems market. Major firms in this market are incorporating new technologies to maintain their market standing. For example, WM Motor Technology Co. Ltd., an automobile technology firm based in China, unveiled their 3.0 smart parking technology in August 2022. This service typifies the 3.0 level of WM Motor's smart parking technology, merging large quantities of data from mobile, field, and vehicle sources into a single flow. Users can harness this new technology for superior car parking capabilities as the technology evolves.
What Are the Emerging Segments in the Smart Parking Systems Market?
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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Who Are the Global Leaders 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.
Which are the Top Profitable Regional Markets for the Smart Parking Systems Industry?
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.
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