Smart Parking Market is estimated to grow at a CAGR of 18.0% to reach ~US$ 28,757.0 Mn in 2029

The global smart parking market’s sales revenue was approximately US$ 7,670.9 Mn in 2021 and is projected to grow at a CAGR of 18.0% to reach an estimated value of US$ 28,757.0 Mn by 2029. The market for parking management systems is over 70% smaller than that of smart parking.

The ongoing advancements in parking technology will cause the expansion of the smart parking industry to pick up speed. The development of fully automated parking systems (APS), an increase in traffic congestion, ongoing improvements in machine-to-machine communication technology, and rising demand for smart parking sensors for parking management are some of the factors that are propelling the growth of the smart parking market.

Key Takeaways of Smart Parking Market Study

• Proliferation of smartphones to enable drivers to track vacant parking slots and increasingly used outsourced parking services by hospitals, universities, and municipalities are expected to boost the smart parking market.
• North America dominated the smart parking market in 2018 in terms of revenue, owing to increasing smart parking initiatives in the U.S. and Canada.
• The parking management platforms segment is expected to gain significant traction during the forecast period, owing to increasing adoption of smart parking applications in emerging countries such as Brazil, China, Chile, India, and Indonesia.
• Demand for smart parking solutions in the corporate sector is expected to increase at a striking CAGR during the forecast period, owing to high demand for efficient vehicle parking management solutions and parking spaces within corporate premises.
• Limited parking spaces in highly populated cities and increasing security & privacy issues in the automotive industry are some of the factors hindering the growth of the smart parking market.

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“Increasing vehicle ownership, growing smart city initiatives, and the emergence of fully-automated parking systems for efficient smart parking management will create numerous growth opportunities for the smart parking market in the coming years.”

Increasing Focus of Key Players on Product Innovation

Companies in the smart parking market have started investing more in speeding up the process of product development and innovation. Leading players are adopting business expansion, acquisition, and collaboration strategies in a bid to capture a significant share of the global market.

• For instance, in July 2019, Cleverciti Systems, a prominent vendor of high-tech solutions for smart parking, announced the addition of the ClevercitiCard into its outdoor and indoor parking guidance system, including single-space occupancy detection, into a credit card-sized smart card.

Some of the key players in the smart parking market are:

• Siemens
• Huawei Technologies Co.
• Delphi Technologies
• Intercomp S.p.A.
• Comarch SA
• Matrix Comsec
• Urbiotica
• Cisco Systems
• Nwave
• BioEnable
• Trafiksol
• Amano McGann
• Amco Advanced Technologies
• CivicSmart
• gtechna
• Conduent
• Kapsch TrafficCom

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Smart Parking Market Outlook by Category

By Component :

• Hardware
  • Sensors
  • Cameras
  • Parking Meters
  • Digital Guidance Signage
  • Others
• Software
  • Parking Management Platforms
  • SDK/API
• Services
  • Consulting
  • Integration & Support Services
  • Device Management Services

By System Type :

• Guided Park Assist Systems
• Smart Park Assist Systems

By Sensor Technology :

• Ultrasonic Sensors
• RFID
• Image Sensors
• Others

By Application Area :

• Commercial
• Government
• Corporate

By Region :

• North America
• Latin America
• Western Europe
• Eastern Europe
• Asia Pacific excluding Japan
• Japan
• Middle East & Africa

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