The smart parking market size is expected to reach $19.3 billion by 2030, according to a new report by GlobalData Plc. Population growth and urbanization, technological advancements, development of smart city projects, and air quality and traffic congestion are the factors contributing to the market growth.
Parking space problems are a common problem in metropolitan areas across several countries. In densely populated cities, where space is limited, the issue of inadequate parking is particularly acute. High population density, limited land availability, traditional urban designs, and increasing car ownership are all factors that contribute toward the deployment of smart parking systems.
Global Smart Parking Market Share, by Component, 2020 – 2030 (%)
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Smart Parking Market FAQs
- What was the global smart parking market size in 2023?
The smart parking market size globally will be valued at $8.1 billion in 2023.
- What is the smart parking market growth rate?
The global smart parking market is expected to grow at a CAGR of 13.2% over the forecast period.
- What are the key smart parking market drivers?
Population growth and urbanization, technological advancements, development of smart city projects, and air quality and traffic congestion are the factors contributing to the market growth.
- What are the key smart parking market segments?
Component Segments: Hardware, Software, and Services
Hardware Segments: Cameras/LPR, Sensors, Parking gates, Meters, and Signage
Type Segments: Off-Street, and On-Street
End-user Segments: Commercial, and Institutional
- Which are the leading smart parking market companies globally?
The leading smart parking market companies are Aisin Corp, BorgWarner Inc, Continental AG, Kapsch TrafficCom AG, Nedap N.V., Robert Bosch GmbH, Siemens AG, Smart Parking Limited, TKH Group NV, and Valeo SA.
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Smart Parking Market Dynamics
A crucial component of creating and implementing smart parking solutions is to integrate them with smart city projects. Used in conjunction with larger smart city frameworks, intelligent parking systems enable better quality of life, more effective urban management, and sustainable urban growth. With the help of traffic management systems, smart parking solutions can be used to dynamically change traffic signal timings based on the available parking space. In addition to minimizing travel times and congestion, this cooperation optimizes traffic flow near parking areas.
Smart parking solutions can include information about nearby transit options in parking apps, promoting the use of public transportation. Besides decreasing the number of private automobiles on the road, drivers are also encouraged to seek alternate forms of transportation with the help of seamless integration. Users can plan and carry out multimodal journeys more easily when smart parking is integrated with other transportation services, such as ridesharing, bike-sharing, and carpooling.
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Smart Parking Market Report Highlights
- The global smart parking market is projected to witness a CAGR of 13.2% from 2023 to 2030, reaching a value of $19.3 billion by 2030. Market growth during the forecast period is expected to be driven by demographic and urban trends, technological innovation, and the implementation of smart city initiatives.
- The hardware segment accounted for the highest market share in 2022 and is expected to retain its dominance in the future. The major hardware components used in smart parking are Meters, Cameras/LPR, Sensors, Parking gates, and Signage.
- The smart parking for the off-street segment is projected to exhibit the fastest growth over the forecast period. From smart sensors to mobile apps and digital signage, off-street smart parking uses a wide range of technologies and elements to improve the parking experience of the user, enhance operational efficiency for facility owners, and enhance overall urban mobility.
- The Asia Pacific region is expected to exhibit the fastest growth between 2023-2030. Parking is one of the most pressing issues in many Asian countries. Rapid urbanization, an increasing number of people living in cities, and an increasing number of cars are all factors that have contributed to the rise of parking issues. Some countries, including China and India, have invested heavily in smart city initiatives, leading to the emergence of smart parking solutions.
- Key companies in the smart parking market analyzed as part of this report are Aisin Corp, BorgWarner Inc, Continental AG, Kapsch TrafficCom AG, Nedap N.V., Robert Bosch GmbH, Siemens AG, Smart Parking Limited, TKH Group NV, and Valeo SA.
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Smart Parking Market Segment Outlook
GlobalData Plc has segmented the smart parking market report by component, hardware, type, end-user, and region:
Global Smart Parking Market By Component Outlook (Value, 2020-2030)
Global Smart Parking Market By Hardware Outlook (Value, 2020-2030)
- Parking gates
Global Smart Parking Market By Type Outlook (Value, 2020-2030)
Global Smart Parking Market By End-user Outlook (Value, 2020-2030)
Global Smart Parking Market Regional Outlook (Value, 2020-2030)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Central & South America
- Rest of Central & South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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