Smart Parking Market Trends and Analysis by Region, Component, Type (Off-Street and On-Street), End User and Segment Forecast to 2030
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How is our ‘Smart Parking Market’ report different from other reports in the market?
- The report delivers comprehensive market sizing and forecasts on a segment level for more than 20 countries and encompasses detailed historical and forecast analysis spanning from 2020 to 2030.
- Thorough segmentation by component in terms of value – Hardware, Software, and Services
- Thorough sub-segmentation by hardware in terms of value – Cameras/LPR, Sensors, Parking gates, Meters, and Signage
- Market segmentation by type elaborated on off-street and on-street smart parking.
- By end-user, in-depth segmentation including commercial and institutional
- Detailed industry value chain analysis for businesses to identify areas that need improvement in terms of efficiency and effectiveness, cost reduction, and competitive advantage.
- The report highlights technology and regulatory trends, addressing trending and challenging factors influencing the smart parking market.
- The growth innovation matrix categorizes smart parking companies into four types: flagbearers, contenders, specialists, and experimenters. This provides competitive analysis based on volume growth and the R&D efforts of fellow competitors.
- Competitive profiling and benchmarking of key smart parking companies offering an extensive understanding of industry competition.
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- Smart Parking Solution Providers
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Smart Parking Market Report Overview
The smart parking market was estimated at $8.1 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of more than 13% during the forecast period. The following are some of the key highlights of the smart parking market:
- The global market is experiencing heightened demand for intelligent solutions, largely propelled by rapid urbanization and population growth.
- Urbanization trends are leading to a surge in vehicle ownership, thereby intensifying competition for parking spaces in densely populated metropolitan areas where land availability is limited.
- Asia Pacific accounted for the maximum revenue share of more than 40% in 2023.
- Commercial parking systems are the leading end-user segment of the smart parking market with a dominating revenue share in 2023.
- In 2023, hardware led the market with the maximum market share followed by software.
Smart Parking Market Outlook 2020-2030 ($ Billion)
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The implementation of a smart parking system proves invaluable in maximizing the utilization of existing parking facilities. This innovative approach to parking management effectively addresses the challenges of parking demand, traffic congestion, and the imperative for efficient urban infrastructure. By offering real-time updates on available parking spaces, it minimizes the time and resources expended in the search for parking spots. Additionally, automated parking systems and vehicle stacking technologies optimize land utilization, allowing for more efficient use of space while accommodating the same number of parked vehicles.
Technology plays a pivotal role in the development and up-staking of the smart parking market by providing productive benefits over traditional parking infrastructure. This includes less fuel consumption, cost & time saving, minimizing personal carbon footprints, as well as reducing parking stress and search traffic on streets.
The smart parking solutions are built on IoT sensors installed in parking spaces for real-time occupancy detection with the help of mobile apps or digital displays. Subsequently, users can get precise and up-to-date information about available parking spaces with the help of sophisticated, data-driven, and user-friendly platforms.
Modern smart parking solutions also provide a cashless payment facility with credit cards, debit cards, or mobile wallets. This eliminates the need for cash transactions simultaneously speeding up check-in and check-out periods. For instance, smart parking meters have replaced conventional meters with their ability to accept contactless payments. Additionally, these can also send notifications with an alarm when a user’s parking time is about to expire. These factors are anticipated to be key drivers fueling the growth of the smart parking market during the projected timeframe.
| Market Size (2023) | $8.1 Billion |
| CAGR (2023-2030) | >13% from 2023 to 2030 |
| Forecast Period | 2023-2030 |
| Historic Data | 2020-2022 |
| Report Scope & Coverage | Industry overview, value forecast, regional analysis, competitive landscape, company profiles, growth trends |
| Components Segment | Hardware, Software, and Services |
| Hardware Segment | Cameras/LPR, Sensors, Parking gates, Meters, and Signage |
| Type Segment | Off-Street and On-Street |
| End-user Segment | Commercial and Institutional |
| Regional Segment | North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa |
| Country Segment | US, Canada, Mexico, UK, Germany, France, Netherlands, Italy, Spain, Rest of Europe, China, India
Japan, South Korea, Singapore, Australia, Rest of APAC, Brazil, Argentina, Colombia, Rest of South & Central America, Saudi Arabia, South Africa, UAE, and Rest of Middle East & Africa |
| Key Companies | 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 Segmentation by Component
Based on components, the smart parking market is divided into hardware, software, and services. The hardware components are further segmented into meters, cameras/LPR, sensors, parking gates, and signage. These components are designed to work together to enhance the overall parking experience for its users by providing real-time data and streamlining operations.
The software segment followed the lead and emerged as the second-highest revenue-generating component of the smart parking market. Software plays an important role along with the hardware in enabling the smooth operations and management of smart parking systems. These software applications facilitate the amalgamation of various components to enable data analysis for making informed choices by vehicle drivers and facility providers. Furthermore, a well-designed user interface (mobile app or web portal) increases satisfaction and adoption among drivers by making easy process of locating, reserving, and paying for parking space.
Smart Parking Market Analysis by Component, 2023 (%)
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The services segment is anticipated to grow at the fastest CAGR of 14.8% from 2023 to 2030. This is owing to the increasing demand for consulting and engineering services, system integration and installation, parking management, and maintenance. The continuously rising number of smart city projects along with the focus on improving air quality and traffic congestion across the globe, are anticipated to support demand for relevant services to implement smart parking systems.
Smart Parking Market Segmentation by Type
The on-street parking system have the least share in the smart parking market in 2023. This segment includes general public use, motorbike spaces, reserved spaces (handicapped, police), and residents only. It uses sensors with different technologies, including ultrasonic sensors, infrared sensors, and magnetic sensors. These are installed in each parking space to detect the presence of vehicles and to identify if a parking space is full or empty.
Smart Parking Market Analysis by Type, 2023 (%)
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The fastest-growing smart parking system type is the off-street parking system which is projected to exhibit a CAGR of 13.3% over the forecast period from 2023 to 2030. This system refers to the management and optimization of parking spaces installed within private facilities including shopping centers, hotels, garages, private parking lots, cultural and leisure facilities, hospitals, and airports. The increasing number of these facilities in urban areas, coupled with growing footfall in such places is boosting demand for an off-street parking system.
Smart Parking Market Segmentation by End User
The commercial end-user segment is inclusive of leisure and hospitality buildings, office buildings, outdoor leisure facilities, and retail buildings. The rising demand in the end-use market is encouraging competitors to be involved in strategic collaborations and innovations to meet the customized requirements of end-users.
In Feb 2023, Cox Communications headquarters in the US announced a collaboration with Intel to design and deploy end-to-end managed private network solutions for public and private sector commercial customers. This will include several smart city solutions starting with a smart park pilot for high-resolution insights on parking space usage for the city of Las Vegas.
Smart Parking Market Analysis by End User, 2023 (%)
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Based on Institutional smart parking systems, the market is segmented across healthcare, religious, educational, and government buildings. This system is gaining momentum on account of the increasing investments in the development of institutional infrastructures with advanced technologies and more convenient daily usage solutions including parking. For instance, in Feb 2024, the Bipartisan Infrastructure Law directed $180 million to improve truck parking in Florida. This reflects the government’s commitment to address the issue of parking shortage. Moreover, this funding is part of a larger $5 billion allocation for various transportation projects, highlighting the focus on enhancing truck parking facilities.
Smart Parking Market Analysis by Region
The Asia-Pacific region is anticipated to lead the global smart packing market throughout the forecast timeframe with the fastest CAGR of 13.9% from 2023 to 2030. Some of the major factors contributing to this growth are rapid urbanization, a growing population, and an increasing number of vehicles. The increasing investments in smart city projects in developing economies such as China and India are further bolstering demand for smart parking systems.
North America’s smart parking solutions have become increasingly popular. This is especially due to the presence of high-end technology and a dense urban population. Smart parking is gaining popularity in the regional market owing to the high prevalence of advanced mobile apps, real-time data sharing, and smart parking guidance systems. In addition, the increasing investment in parking solutions by many cities and municipalities to reduce traffic congestion and enhance parking management further supports the regional market growth.
Smart Parking Market Analysis by Region, 2023 (%)
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Europe is the second leading region after Asia Pacific with regional revenues majorly contributed by Germany and the UK. The growing development of smart parking solutions in the region is primarily due to the European Union’s mission to promote sustainability and improved urban mobility. European countries such as Germany, the UK, and the Netherlands have deployed diverse smart parking initiatives incorporating technologies like sensors, analytics, and mobile apps.
Smart Parking Market – Competitive Insights
The smart parking market is highly competitive, and companies are offering different services as per the requirements of end-users. The market is dominated by many local and regional players that assist customers in addressing evolving business practices, security requirements, and technological advancements. The major companies are involved in strategic merger and acquisition practices to expand their presence worldwide.
Key companies in the smart parking market include:
- Aisin Corp
- BorgWarner Inc
- Continental AG
- Kapsch TrafficCom AG
- Nedap N.V.
- Robert Bosch GmbH
- Siemens AG
- Smart Parking Limited
- TKH Group NV
- Valeo SA
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Smart Parking Market Segments and Scope
GlobalData Plc has segmented the smart parking market report by component, type, end-user, and region:
Smart Parking Market by Component Outlook ($ Million, 2020-2030)
- Hardware
- Cameras/LPR
- Sensors
- Parking gates
- Meters
- Signage
- Software
- Services
Smart Parking Market by Type Outlook ($ Million, 2020-2030)
- On-Street
- Off-Street
Smart Parking Market by End-user Outlook ($ Million, 2020-2030)
- Commercial
- Institutional
Smart Parking Market Regional Outlook ($ Million, 2020-2030)
- North America
- US
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Netherlands
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Singapore
- Australia
- Rest of Asia Pacific
- South & Central America
- Brazil
- Argentina
- Colombia
- Rest of South & Central America
- Middle East & Africa
- Saudi Arabia
- South Africa
- UAE
- Rest of Middle East & Africa
Scope
This report provides an overview and service addressable market of smart parking market.
It identifies the key trends impacting the growth of the market over the next 12 to 24 months.
It includes global market forecasts for the smart parking industry and detailed competitor analysis.
Key Highlights
The smart parking market will be valued at $8.1 Billion in 2023 and is expected to grow at a CAGR of 13.2% over the forecast period (2023-2030). The smart parking market report provides an executive-level overview of the major components, types, and end-users, with detailed forecasts of key indicators up to 2030.
Reasons to Buy
This market intelligence report offers a thorough, forward-looking analysis of the global smart parking market and key opportunities in a concise format to help executives build proactive and profitable growth strategies.
Accompanying GlobalData’s Forecast products, the report examines the assumptions, drivers, deals, strategic initiatives, and trend analysis in smart parking market.
Detailed segmentation by component by value – Hardware, Software, and Services.
Detailed segmentation by hardware by value – Cameras/LPR, Sensors, Parking gates, Meters, and Signage.
Detailed segmentation by type – Off-Street and On-Street.
Detailed segmentation by end-user – Commercial, and Institutional.
The report includes 100+ charts providing in-depth analysis of the market size, forecast and supporting factors which are tailor-made for an executive-level audience, with enhanced presentation quality.
The report provides an easily digestible market assessment for decision-makers built around in-depth information gathered from local market players, which enables executives to quickly get up to speed with the current and emerging trends in the smart parking market.
The competitive section of the report helps in identifying the flagbearers, experimenters, contenders, and specialists based on their growth and innovation performance in the smart parking market which will help stakeholders analyze competition penetration.
Key Players
Aisin CorpBorgWarner Inc
Continental AG
Kapsch TrafficCom AG
Nedap N.V.
Robert Bosch GmbH
Siemens AG
Smart Parking Limited
TKH Group NV
Valeo SA
Table of Contents
Figures
Frequently asked questions
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What was the smart parking market size in 2023?
The smart parking market size was valued at $8.1 billion in 2023.
-
What will the smart parking market growth rate be during 2023-2030?
The smart parking market will grow at a CAGR of more than 13% over the forecast period.
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What are the key smart parking market drivers?
Population growth coupled with rapid urbanization, technological advancements, development of smart city projects, and concerns regarding air quality and traffic congestion are the major factors contributing to market growth.
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What was the leading component of the smart parking market in 2023?
Hardware components led the smart parking market in 2023.
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Which type dominated the smart parking market in 2023?
Off-street type dominated the smart parking market in 2023.
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Which was the leading end-user segment of the smart parking market in 2023?
The commercial end-user segment was leading the smart parking market in 2023.
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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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