The global smart parking market is valued at USD 6,901.1 million in 2024. The industry was seen to have USD 6,284.2 million in 2023. The industry is projected to show a CAGR of 10.8% from 2024 to 2034. The business is set to surpass USD 19,212.2 million by the end of 2034.
The rising demand for parking management solutions in fast developing regions is creating lucrative opportunities for leading giants in the smart parking industry. The growing need for efficient space utilization and real-time monitoring in both commercial and residential areas is propelling the market growth.
Global Smart Parking Market Assessment
| Attributes | Description |
|---|---|
| Historical Size, 2023 | USD 6,284.2 million |
| Estimated Size, 2024 | USD 6,901.1 million |
| Projected Size, 2034 | USD 19,212.2 million |
The shift toward eco-friendly solutions, urban expansion and technological advancement boosting the adoption of smart parking systems. Investments in smart city initiatives and infrastructure development in emerging markets are providing lucrative projections for the advancement of smart parking technologies.
The growth in small and medium-sized enterprises globally is influencing the smart parking market. The growing need for optimized parking solutions across different sectors such as retail, healthcare and transportation is accelerating the global adoption.
North America has strong market presence and focused on rapid integration of advanced parking technologies due to technological advancements and infrastructure improvements.
In East Asia, the countries such as China, Japan are undergoing significant growth propelled by economic development, smart city projects and significant investments in digital infrastructure.
European nations are focused on expansion of their smart parking initiatives by focused on incorporating innovative solutions that help to align with sustainability objectives and energy efficiency strategies.
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The below table presents the expected CAGR for the global Smart Parking market over several semi-annual periods spanning from 2024 to 2034. This assessment outlines changes in the Smart Parking industry and identify revenue trends, offering key decision makers an understanding about market performance throughout the year.
H1 represents first half of the year from January to June, H2 spans from July to December, which is the second half. In the first half (H1) of the year from 2023 to 2033, the business is predicted to surge at a CAGR of 10.7%, followed by a slightly higher growth rate of 11.2% in the second half (H2) of the same decade.
| Particular | Value CAGR |
|---|---|
| H1 | 10.7% (2023 to 2033) |
| H2 | 11.2% (2023 to 2033) |
| H1 | 10.3% (2024 to 2034) |
| H2 | 11.5% (2024 to 2034) |
Moving into the subsequent period, from H1 2024 to H2 2034, the CAGR is projected to decrease slightly to 10.3% in the first half and remain higher at 11.5% in the second half. In the first half (H1) the market witnessed a decrease of 40 BPS while in the second half (H2), the market witnessed an increase of 30 BPS.
Increased use of RFID for contactless parking management and payment solutions
The rising demand for seamless, contactless parking management and payment solutions. Governments are focused investment towards smart infrastructure to enhance urban mobility and reduce traffic congestion. In San Francisco and New York implemented RFID-based systems to streamline parking enforcement and payment processes, reducing transaction times by 50%.
According to European Union Horizon program focused on innovative smart city projects including RFID-enabled parking solutions and it has invested around $80 million. In 2023, Park Mobile collaborated with SKIDATA for integration of RFID technology into parking management solutions and offers improved user convenience and operational efficiency.
Growth in deployment of ANPR cameras in smart parking for enhanced enforcement and access control
According to government of UK focused on investment and the government allocated $25 million in smart parking solutions for improving traffic management and reduce illegal parking. The investment will support projects such as London smart parking pilot and this uses ANPR cameras for monitoring parking compliance and optimize space usage and it leads to 30% reduction in parking violations within the first year of implementation.
In 2023, Parkeon partnered with Genetec for integration of ANPR technology into parking management solutions. This development showcases the growing importance for leveraging ANPR technology to modernize parking infrastructure and help to enhance urban mobility.
Growing demand for real-time parking space information and guidance
Governments are focused on investments for intelligent transportation systems to ease urban congestion. In 2022, the government of Singapore allocated $25 million for expansion of its smart parking infrastructure help to incorporate advanced digital guidance signage in the city.
The systems will provide drivers with real-time data on available parking spaces, reducing the time spent for searching the spots up to 40%. In 2024, Siemens Mobility collaborated with European cities and integrated the new generation of digital signage with IoT sensors.
Lack of awareness about the benefits of smart parking systems will hinder the market growth
Smart parking systems have clear advantages such as reduced congestion, improved user convenience and help to enhance revenue management. The potential users include consumers and municipal authorities remain unaware of these systems.
This lack of understanding will result in slow down to invest in or adopt smart parking technologies especially in regions where traditional parking methods are still prevalent. In smaller cities or less developed areas there will be limited exposure to the advanced features of smart parking such as real-time space availability and automated payment systems.
Without adequate information or demonstration of the system effectiveness the stakeholders perceive smart parking as unnecessary or too complex, preferring to stick with familiar, though less efficient, methods. The complexity of systems deter adoption, particularly among older populations or those less comfortable with technology.
Principal Consultant
The global smart parking market experiencing steady growth propel due to increasing urbanization and the adoption of smart city initiatives. During this period from 2019 to 2023, the sales of smart parking solutions grows around 8.7%.
North America and Europe is leading the market. By the end of 2023, the global smart parking sales in 2023 is 6,284.2 Million and it is reflecting the rising demand for efficient parking management systems.
Looking forward from the period 2024 to 2034, the demand for smart parking solutions is anticipated to accelerate the indicating a significant expansion of the market. The integration of advanced technologies such as IoT, AI and automated vehicle detection systems is expected to propel at a CAGR 10.8%.
The global market is anticipated to reach 19,212.2 Million in sales by 20234 due to the cities are focused on implementing smart parking systems to address the urban mobility challenges.
Tier 1 vendors dominating the market and caters around 35%-40% of the total market. Tier 1 vendors are global leaders such as Siemens Mobility, Cisco Systems and IBM provide broad smart parking solutions that help to integrate solution.
Tier 1 vendors have wide global reach, advanced technology offerings and strong partnerships with governments and municipalities position them at the forefront of the industry.
Tier 2 vendors caters around 15%-20% of the market. Tier 2 vendors such as Parkeon, T2 Systems and Street line have a substantial presence in specific regions.
Tier 2 vendors offer specialized solutions for excelling in particular aspects of smart parking such as digital guidance signage or ANPR software. They not have the global reach of Tier 1 vendors as they are highly competitive in their niche markets and regions.
Tier 3 vendors caters around 45%-50% of the market. These include small player, and some are regional vendors such as Smart Parking Ltd, Parquery and Nedap Identification Systems. Tier 3 vendors focus on specific components or services within the smart parking ecosystem such as parking sensors or integration services.
Tier 3 market share is smaller but they play a vital role in providing tailored solutions to local markets and contribute to the diversity and innovation in the smart parking industry.
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The section highlights the CAGRs of countries experiencing growth in the Smart Parking market, along with the latest advancements contributing to overall market development. Based on current estimates, India, USA and Japan are expected to see steady growth during the forecast period.
| Countries | CAGR from 2024 to 2034 |
|---|---|
| India | 15.4% |
| China | 15.4% |
| Germany | 11.0% |
| Japan | 12.2% |
| United States | 8.8% |
The cities in China focused on expansion and the population is rising so the need for effective parking solutions becomes more critical. In 2022, China allocated USD 7.8 billion for smart city development the portion of this will help to improve urban mobility.
In 2023, Alibaba Cloud division collaborated with various municipalities to launch a smart parking solution and in that AI algorithms helps to predict parking space availability and to optimize traffic flow.
The platform has successfully implemented in Hangzhou China for reducing parking search times by 20% and it will help to improve traffic efficiency. China smart parking market is anticipated to witness substantial at a CAGR 15.4% from 2024 to 2034.
The rising adoption of automatic number plate recognition software plays a vital role for enhancing traffic enforcement and parking compliance in smart cities. The government of India is focused and shifting towards digitization and smart urban infrastructure and it will lead to increased investment in technologies. According to Smart Cities Mission the government of India allocated USD 25 billion for urban development projects.
In Delhi and Pune cities the local authorities had implemented ANPR software for automating the detection of parking violations and help to streamline traffic enforcement. In 2023, Pune municipality partnered with Wipro for integration of ANPR systems across various areas of the city and it leads to 15% increase in parking compliance within the first six months. India Smart Parking market is anticipated to grow from 289.2 Million in 2024 to 1,210.1 Million by 2034
Germany is at the front for integrating cutting-edge technologies into its urban infrastructure. According to government of Germany they are supporting this growth through initiatives such as High-Tech Strategy 2025 which includes substantial funding for digital infrastructure and smart city solutions.
In 2023, the Ministry of Transport and Digital Infrastructure allocated $1.7 billion to enhance digital mobility in Germany and focused on smart parking systems in major cities such as Berlin and Munich.
This funding helps to accelerate the deployment of advanced parking solutions that require ongoing support and maintenance and it will create a successful market for service providers. Germany is anticipated to see substantial growth at a CAGR 11.0% from 2024 to 2034 in the Smart Parking market.
The section contains information about the leading segments in the industry. By system type, the smart park assist system segment is estimated to grow at a CAGR of 13.2% throughout 2034. Additionally, the government segment is foreseen to expand at 11.3% until 2034.
| System Type | Guided Park Assist System |
|---|---|
| Value Share (2024) | 62.4% |
The guided park assist system segment accounts for almost 62.4% of the share in 2024. Governments are focused on increasing investment in smart parking infrastructure to address urban congestion and help to improve traffic management.
According to government of UK allocated $600 million for smart mobility projects. The systems use combination of sensors, cameras and software to guide drivers for availability of parking spaces helps for reducing the time spent searching for parking and lowering emissions from idling vehicles.
In 2023, BMW partnered with local municipalities and led for integration of guided park assist systems in several multi-level parking facilities and helps for enhancing user experience and operational efficiency.
| Industry | Government |
|---|---|
| CAGR (2024-2034) | 11.3% |
The rising focus on smart city initiatives will led to significant investments in smart parking technologies. In 2023, One of the city in Los Angeles allocated USD 100 million for enhancing its smart parking infrastructure as a part of its initiative such as Mobility Plan 2035.
The initiative contains the installation of sensor-based parking meters and real-time data analytics systems and help to improve parking efficiency and decrease traffic congestion.
The government of Singapore initiative known as smart parking management program and allocated USD 30 million for integration of smart parking solutions across the city-state. The government industry segment grows at a CAGR 11.3% from 2024 to 2034.
The smart parking market is focused on significant growth with key players expanding their presence and forming strategic partnerships. Vendors are enhancing their solutions through collaborations and new technology launches helps to improve parking management, user experience and operational efficiency.
The rising adoption of smart parking solutions in various regions reflects a competitive landscape propel by technological advancements and market demand. Major industry giants are focused on investment for innovative systems to stay ahead in the market.
Industry Update
In terms of component, the segment is divided into hardware, software and services.
In terms of system type, the segment is segregated into s guided park assist system and smart park assist system.
In terms of application, the industry is segregated into commercial, government and corporates and others.
A regional analysis has been carried out in key countries of North America, Latin America, East Asia, South Asia & Pacific, Western Europe, Eastern Europe and Middle East & Africa.
The Global Smart Parking industry is projected to witness CAGR of 10.8% between 2024 and 2034.
The Global Smart Parking industry stood at USD 6,901.1 million in 2024.
The Global Smart Parking industry is anticipated to reach USD 19,212.2 million by 2034 end.
East Asia is set to record the highest CAGR of 13.8% in the assessment period.
The key players operating in the Global Smart Parking industry Valeo, Siemens AG, Conduent, Inc, Swarco, Flowbird, Microsoft and Xerox.
1. Executive Summary 2. Market Introduction, including Taxonomy and Market Definition 3. Market Trends and Success Factors, including Macro-Economic Factors, Market Dynamics, and Recent Application Developments 4. Pricing Analysis, By Vendors 5. Global Market Demand Analysis 2019 to 2023 and Forecast 2024 to 2034, including Historical Analysis and Future Projections 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Component 6.1. Hardware 6.2. Software 6.3. Services 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By System Type 7.1. Guided Park Assist System 7.2. Smart Park Assist System 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Application 8.1. Commercial 8.2. Government 8.3. Corporates 8.4. Others 9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region 9.1. North America 9.2. Latin America 9.3. East Asia 9.4. South Asia Pacific 9.5. Western Europe 9.6. Eastern Europe 9.7. Middle East and Africa 10. North America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 11. Latin America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 12. East Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 13. South Asia & Pacific Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 14. Western Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 15. Eastern Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 16. Middle East and Africa Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 17. Sales Forecast 2024 to 2034 by Component, System Type, Application for 30 Countries 18. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard 19. Company Profile 19.1. Valeo 19.2. Siemens AG 19.3. Conduent, Inc 19.4. Swarco 19.5. Flowbird 19.6. Microsoft 19.7. Xerox 19.8. Huawei Technologies 19.9. FlashParking 19.10. ABB 19.11. Ericsson 19.12. IBM 19.13. Velodyne Lidar 19.14. NXP Semiconductors 19.15. Schneider Electric
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