Mexico Smart Parking Market Share, Size, In-Depth Insights, Trends and Forecast 2025-2033

IMARC Group has recently released a new research study titled "Mexico Smart Parking Market Size, Share, Trends and Forecast by System, Technology, Component, Solution, Vertical Type, Parking Site, and Region, 2025-2033", offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.

Market Overview

The Mexico smart parking market size reached USD 68.4 Million in 2024. It is expected to grow to USD 187.3 Million by 2033, demonstrating a CAGR of 10.60% during the forecast period of 2025-2033. Growth is driven by urban traffic congestion, smartphone penetration, government smart city initiatives, increasing EV adoption, and IoT investments.

Study Assumption Years

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

Mexico Smart Parking Market Key Takeaways

• Current Market Size: USD 68.4 Million (2024)
• CAGR: 10.60%
• Forecast Period: 2025-2033
• Traffic congestion in metropolitan areas like Mexico City, Monterrey, and Guadalajara is a primary market driver as traditional parking fails to meet demand.
• Government-led smart city projects support market growth through urban infrastructure digitalization and policy incentives.
• Rising smartphone usage and app-based parking solutions, including partnerships like ParkMobile and Flash, enhance user convenience.
• Smart parking systems improve space utilization, reduce emissions, and optimize traffic flow.
• Integration of digital payments and IoT infrastructure boosts smart parking adoption.

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Mexico Smart Parking Market Growth Factors

Urban traffic congestion is rapidly increasing in major Mexican cities such as Mexico City, Monterrey, and Guadalajara, driven by fast-growing populations and rising automobile ownership. Conventional parking facilities are unable to cope with demand, leading to the rising adoption of smart parking systems that offer features like automatic space detection, dynamic pricing, and optimized navigation. These systems improve traffic flow, reduce search times for parking, and decrease vehicle emissions from idling. Municipal governments prioritize smart mobility investments to tackle congestion, further boosting market growth.

Government support plays a pivotal role in market expansion. National and local authorities collaborate with technology providers to integrate smart parking within broader smart city frameworks, including real-time traffic management and smart lighting. Initiatives like the National Digital Strategy encourage digitalization in public services. Regulatory updates favoring digital payment systems and sensor-based monitoring incentivize private investment, accelerating market development.

Smartphone penetration in Mexico has surged, enhancing the popularity of app-based parking solutions that enable real-time space location, booking, and payment. The 2024 collaboration between ParkMobile and Flash simplifies user experience, offering digital wallet integration across parking venues including garages and on-street spots. These apps reduce waiting times and manual ticketing while providing real-time availability updates. Growing app adoption in urban and semi-urban areas, supported by partnerships with property managers and municipalities, significantly contributes to market growth.

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Mexico Smart Parking Market Segmentation

Breakup By System:

• Guided Park Assist System: Provides automated assistance to drivers for parking guidance.
• Smart Park Assist System: Incorporates advanced smart features for parking management and control.

Breakup By Technology:

• Ultrasonic: Uses ultrasonic sensors for parking space detection and management.
• RFID: Employs radio-frequency identification for vehicle identification and access.
• IoT: Integrates Internet of Things technologies for real-time monitoring and data exchange.

Breakup By Component:

• Hardware: Physical devices and equipment used in smart parking systems.
• Software: Applications and platforms managing parking operations.
• Services: Support and maintenance services associated with smart parking.

Breakup By Solution:

• Security and Surveillance: Systems focused on safety and monitoring of parking areas.
• Valet and Parking Reservation: Solutions enabling booking and valet management.
• License Plate Recognition: Technology for automated vehicle identification via plate scanning.

Breakup By Vertical Type:

• Government and Municipalities: Public sector adoption of smart parking solutions.
• Commercial Institutions: Application in commercial properties and businesses.
• Transport Facilities: Deployment in transit hubs and transportation infrastructures.

Breakup By Parking Site:

• Off-Street Parking: Parking facilities located away from roadways, such as garages.
• On-Street Parking: Parking spaces along public streets and roads.

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Recent Developments & News

In 2024, CorePark announced its valet parking management software's availability on the Oracle Cloud Marketplace, enabling deployment on Oracle Cloud Infrastructure and integration with OPERA Cloud via the Oracle Hospitality Integration Platform. Also, in 2024, Taos introduced smart parking meters in key downtown areas, supporting card and app payments to replace coin-operated systems, aiming to enhance traffic flow, user convenience, and municipal data accuracy.

Key Players

• CorePark
• Taos

Competitive Landscape

The market research report covers a comprehensive competitive landscape analysis including market structure, key player positioning, winning strategies, competitive dashboards, and company evaluation quadrants. Detailed profiles of all major companies have been provided.

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

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This release was published on openPR.