Global Smart Parking Market Edition 2025: Industry Size to Reach USD 14.1 Billion by 2033, CAGR of 35.0%.

Market Overview

The global Smart Parking Market size was valued at USD 5.7 Billion in 2024 and is projected to reach USD 14.1 Billion by 2033, growing at a CAGR of 10.47% during the forecast period 2025-2033. The market growth is driven by urbanization, rising vehicle numbers, government initiatives, environmental concerns, and enhanced user convenience through technology adoption like IoT and AI.

Study Assumption Years

• Base Year: 2024
• Historical Year/Period: 2019-2024
• Forecast Year/Period: 2025-2033

Smart Parking Market Key Takeaways

• The global smart parking market size was USD 5.7 Billion in 2024.
• The market is expected to grow at a CAGR of 10.47% during 2025-2033.
• The forecasted market size is USD 14.1 Billion by 2033.
• North America leads the market with over 35.0% share in 2024, driven by rapid urbanization and government initiatives.
• Automotive manufacturers integrate guided park assist systems with around 62.9% market share in 2024.
• Ultrasonic technology holds the largest share due to reliability and affordability.
• Commercial institutions dominate the market vertical with around 42.6% share.

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Market Growth Factors

The smart parking market mainly driven by rapid urbanization and increasing car numbers. The cities of the world have to deal with the problem of accommodating more and more cars which leads to traffic jams and shortage of parking. The smart parking systems provide the best possible arrangement of available spaces by using various techniques like sensor technology, digital signage, and real-time analytics, thus they make it easier for the drivers to find a parking spot quicker and so prevent traffic congestion. In 2022, SUVs made up nearly half of the global car market (46%), thus the need for smart parking grew in urban areas since it can take up a variety of vehicle sizes.

On the other hand, recent technological innovations that include IoT integration allow real-time parking monitoring and control. For example, in July 2021, Westfalia Parking unveiled an application that is being used to provide vehicle tracking and contactless parking features. Furthermore, AI and ML algorithms are predicting parking patterns for the best management. Automated robotic parking systems are taking full control of space and eliminating human intervention. All these technologies together are making the system more user-friendly, precise, and compatible with the smart city's infrastructure.

Smart city projects, such as those related to smart parking, are being promoted heavily by governments as a means of mitigating congestion, pollution, and poor urban space utilization. The EU has set a target of cutting greenhouse gas emissions by at least 55% by 2030, a target that is aligned with the concept of sustainable urban development, which, of course, includes smart parking. The public sector's provision of funding, policies, and regulations has taken the smart parking adoption rate to a level where it is now aligned with sustainability and urban planning objectives. By engaging the public, the authorities ensure that the technology is in line with the larger city development goals.
Market Segmentation

Analysis by System:

• Guided Park Assist System: Leads market with around 62.9% share in 2024. Employs cameras, sensors, and ML algorithms to ease parking by providing real-time feedback, reducing collisions and saving user time.
• Smart Park Assist System: Not explicitly detailed beyond the category.

Analysis by Technology:

• Ultrasonic: Largest market share for reliability, affordability, and real-time object detection, widely integrated in vehicles and parking systems.
• RFID: Not further detailed.
• IoT: Enables sensor integration for real-time space monitoring.

Analysis by Component:

• Hardware: Dominates market due to sensors, cameras, parking meters, and control systems crucial for data collection and management.
• Software: Not explicitly detailed individually.
• Services: Not explicitly detailed individually.

Analysis by Solution:

• Security and Surveillance: Market leader for addressing safety, theft, and traffic management with advanced cameras and AI analytics.
• Valet and Parking Reservation: Included but not detailed.
• License Plate Recognition: Included but not detailed.

Analysis by Vertical Type:

• Government and Municipalities: Included but not detailed.
• Commercial Institutions: Leads market with around 42.6% share in 2024. High traffic venues requiring efficient parking.
• Transport Facilities: Included but not detailed.

Analysis by Parking Site:

• Off-Street Parking: Leads market with around 73.3% share in 2024. Preferable for technology adoption and revenue maximization.
• On-Street Parking: Included but not detailed.

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Regional Insights

North America dominates the smart parking market with over 35.0% market share in 2024. The region's strong smart city initiatives coupled with advanced technology adoption in urban centers like New York, Los Angeles, and Toronto drive this leadership. The United States holds 85% market share within North America, bolstered by rising passenger vehicle sales, urban mobility solutions, and government efforts to reduce emissions.

Recent Developments & News

In December 2024, Detroit Metropolitan Airport announced installation of a smart parking system using sensors and real-time data to enhance efficiency and passenger experience, expected to complete by 2026. In June 2024, DESIGNA India introduced a smart parking system at Puri's Shri Jagannath Temple to streamline visitor parking. Additionally, in January 2024, Skidata AG partnered with Kopernikus Automotive to launch advanced smart parking solutions aimed at improving infrastructure and user convenience.

Key Players

• Aisin Corporation
• Amano Corporation
• ParkHelp Technologies
• ParkMobile, LLC (EasyPark Group)
• Robert Bosch GmbH
• Siemens AG
• Skidata GmbH (Assa Abloy AB)
• Smart Parking Limited
• Urbiotica
• Valeo SA (Valeo Group)

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