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Surge In Vehicle Numbers Propels Growth In The Smart Parking Systems Market: The Driving Engine Behind Smart Parking Systems Market Evolution in 2025
Smart Parking Systems Market
Smart Parking Systems Market Size Growth Forecast: What to Expect by 2025?
The market for smart parking systems has seen a significant expansion in the recent past. The growth is expected to continue, with market size projected to increase from $8.5 billion in 2024 to $10.21 billion in 2025, reflecting a compound annual growth rate (CAGR) of 20.0%. The substantial growth observed in the historic period is a result of several factors including rising traffic congestion, surges in car ownership, scarcity of parking spaces, environmental considerations and the implementation of government policies.
How Will the Smart Parking Systems Market Size Evolve and Grow by 2029?
Anticipated to witness a substantial increase in the near future, the smart parking systems market size is projected to surge to $21.84 billion by 2029, registering a compound annual growth rate (CAGR) of 20.9%. This expansion during the prediction time span can be associated with factors such as the emergence of electric vehicles, the advancement of self-driving vehicle technology, the proliferation of smart city projects, improved connectivity infrastructure, and the transition towards shared mobility solutions. Notable trends anticipated during this forecast period comprise real-time data analysis, the introduction of contactless parking systems, cloud-based parking management solutions, AI-enabled predictive parking, and the implementation of blockchain for secure parking transactions.
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What Drivers Are Propelling the Growth of Smart Parking Systems Market Forward?
The surge in vehicle numbers anticipates driving the expansion of the smart parking systems market. A vehicle, typically utilised for commuting on roads or other flat surfaces, is a mechanised device. Vehicle owners can make significant gains from smart parking systems that conserve time and effort, lessen stress, economise expenditure, enhance safety, facilitate easier parking, as well as simplify reservations and pre-booking. For instance, the Government Digital Service, a UK-base public sector information website, reported in December 2022 that 1 million licensed plug-in vehicles existed in the UK by September 2022's end, a rise from 1 in 61 (1.6%) at September 2021's end to 1 in 40 (2.5%) of all licensed vehicles on the road. As of the end of September 2022, there were 40.8 million licensed vehicles in the UK, a growth of 0.7% from September 2021's end. Hence, the escalating vehicle numbers are fueling the smart parking systems market expansion.
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Which Emerging Trends Are Transforming the Smart Parking Systems Market in 2025?
Advancements in technology are becoming a significant trend in the smart parking systems industry. Major industry players are incorporating new technologies to maintain their competitive positioning. To illustrate, in August 2022, WM Motor Technology Co. Ltd., a company specializing in automobile technologies from China, introduced their 3.0 smart parking technology. This service typifies the 3.0 stage of WM Motor's smart parking technology by integrating data from mobile, field, and vehicle aspects into one platform. As the technology progresses, users can utilize it for enhanced vehicle parking capabilities.
What Are the Key Segments in the Smart Parking Systems Market?
The smart parking systemsmarket 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 Key Players Shaping the Smart Parking Systems Market's Competitive Landscape?
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.
What Geographic Markets Are Powering Growth 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.
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