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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- Identify promising areas, growth trends, segments, and markets to expand your product portfolio or successful investment.
- Anticipate expected changes in demand and adjust your business development strategies.
- Identify potential areas of disruption.
How is our ‘Smart Parking Market’ report different from other reports in the market?
- The report presents in-depth market sizing and forecasts at a segment level for more than 20 countries, including historical and forecast analysis for the period 2020-2030, for market assessment.
- 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
- Detailed value chain analysis helps businesses identify areas where they can improve their efficiency and effectiveness, reduce costs, and enhance their competitive advantage.
- The report offers technology and regulatory trends, along with challenging factors impacting the smart parking market.
- The growth innovation matrix included in the report, divides the companies into four categories i.e., flagbearers, contenders, specialists, and experimenters, which will help value chain participants in understanding how the competition is performing based on their volume growth and their R&D efforts.
- Competitive profiling and benchmarking of key companies in the market provide a deeper understanding of industry competition.
We recommend this valuable source of information to anyone involved in:
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- Smart Parking Solution Providers
- Intelligent Transportation Systems Companies
- Technology and Automation Companies
- Telecom and Networking Companies
- Hardware, and Semiconductor Companies
- Turnkey Contractors
- Venture Finance Companies
Smart Parking Market Overview
The global smart parking market will be valued at $8.1 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 13.2% over the forecast period. Urbanization and population growth are the major drivers of the smart parking market as they have a significant impact on parking demand, traffic congestion, and the need for efficient urban infrastructure.
The need for parking spots increases as cities grow more densely inhabited. Urbanization increases vehicle ownership rates and hence the number of vehicles competing for limited parking spaces. Smart parking systems assist in optimizing the use of current parking facilities by providing real-time information on available spaces and decreasing the time and effort spent looking for parking.
With limited available land in metropolitan areas, efficient land use is critical. Traditional parking buildings can take up a lot of valuable real estate. Automated parking systems and automobile stacking technologies optimize land usage by requiring less space for the same number of parked vehicles.
Smart Parking Market Outlook, 2020-2030 ($ Billion)
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Technology is a key factor in the development and uptake of smart parking systems. Traditional parking systems have been upgraded into sophisticated, data-driven, and user-friendly platforms. Smart parking solutions are built on IoT sensors installed in parking spaces for real-time occupancy detection. Through mobile apps or digital displays, users can get precise and up-to-date information about available parking spaces from the data uploaded to a central system.
Modern smart parking solutions provide alternatives for cashless payments. Mobile apps, credit cards, or electronic wallets can be used by users to pay for parking, eliminating the need for cash transactions and speeding up check-in and check-out periods.
Smart parking meters have replaced conventional meters and now accept payments via credit cards, mobile apps, and contactless technology. When a user’s parking time is about to expire, certain smart meters also have the ability to send notifications with an alarm.
Market Size (2023) | $8.1 billion |
CAGR (2023-2030) | 13.2% |
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 |
Smart Parking Market Segmentation by Component
Smart parking systems use a number of different elements to effectively manage and improve parking. These elements work together to deliver real-time data, streamline operations, and improve the parking experience.
The major hardware components used in smart parking are meters, cameras/LPR, sensors, parking gates, and signage. Smart parking systems use a number of different elements to effectively manage and improve parking. These elements work together to deliver real-time data, streamline operations, and improve the parking experience.
Software plays a vital role in enabling the operation and management of smart parking systems. It facilitates the seamless integration of various components, enables data analysis and informed choices, provides user interfaces, and serves as the intermediary between drivers and parking facilities. Whether it’s a mobile app or a web portal, user-friendly interfaces make it easy for drivers to locate, reserve, and pay for a parking space. A well-designed interface increases user satisfaction and adoption.
Smart Parking Market Share by Component, 2023 (%)
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Smart parking system gives real-time information about the availability of parking spaces so that drivers can make better decisions about where to park. Real-time information reduces frustration, reduces circling, and helps reduce traffic congestion around parking lots. A smart parking system optimizes the allocation of parking spaces, reducing underutilization and increasing revenue for parking owners. The system uses data analytics to identify usage trends and peak hours, enabling parking facilities to plan staff and resources accordingly.
Smart Parking Market Segmentation by Type
The on-street parking system includes general public use, motorbike spaces, reserved spaces (handicapped, police), and residents only. On-street smart parking systems use sensors installed in each parking space to detect the presence of vehicles. The sensors can use different technologies, including ultrasonic sensors, infrared sensors, and magnetic sensors, to identify if a parking space is full or empty.
Smart Parking Market Share by Type, 2023 (%)
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Off-street parking system includes shopping centers, hotels, private parking lots, cultural and leisure facilities, hospitals, and airports. Off-street smart parking refers to the management and optimization of parking spaces within private parking facilities, including garages, lots, and airports. Off-street smart parking uses a variety of technologies and components such as smart sensors, mobile apps, and digital signage to enhance the parking experience for the user, improve operational efficiency for the facility owner, and improve overall urban mobility.
Smart Parking Market Segmentation by End-User
Commercial parking systems include leisure and hospitality buildings, office buildings, outdoor leisure facilities, and retail buildings. Commercial smart parking systems use real-time parking location information to direct drivers to available parking locations using mobile applications, digital signage, and LED indicators to reduce traffic and improve the user experience.
Smart Parking Market Share by End-User, 2023 (%)
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Institutional parking systems include educational, healthcare, religious, and government buildings. Institutional smart parking manages student, staff, visitor, and other authorized parking permits and access privileges. This helps keep parking organized and control unauthorized parking.
Smart Parking Market Analysis by Region
Smart parking solutions have become increasingly popular in North America, especially the US, due to the presence of high-end technology and dense urban population. Many cities and municipalities are investing in smart parking solutions to reduce traffic congestion and enhance parking management. Smart parking systems in North America are increasingly popular due to the prevalence of advanced mobile apps, data sharing in real-time, and smart parking guidance systems. The growth of EV infrastructure has also increased the number of smart parking systems that include integrated EV charging.
Smart Parking Market Share by Region, 2023 (%)
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Due to the rapid urbanization, the growing population, and the growing number of vehicles, parking has become a major issue in many Asian nations. In some countries, such as China and India, there has been a significant investment in smart city projects, which has led to the development of smart parking systems. Smart parking solutions are integrated with mobile payment platforms and digital wallets, as well as navigation apps.
Smart city technologies, such as smart parking solutions, have been in use in many European countries for some time. The European Union’s mission to promote sustainability and improve urban mobility has stimulated the development of smart parking solutions that integrate with public transport and multi-modal transportation. Countries such as Germany, the UK, and the Netherlands have implemented a variety of smart parking projects using technologies such as sensors, analytics, and mobile apps.
Smart Parking Market – Competitive Landscape
The global smart parking is highly competitive, with a range of companies offering different services. There are no clear leaders in the smart parking market. The market is dominated by a large number of local and regional rivals that face pressure to present cutting-edge products that assist customers in addressing evolving business practices, security requirements, and technological advancements. The major firms are pursuing a merger and acquisition strategy to expand their presence globally.
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, hardware, type, end-user, and region:
Smart Parking Market by Component Outlook (Value, 2020-2030)
- Hardware
- Software
- Services
Smart Parking Market by Hardware Outlook (Value, 2020-2030)
- Cameras/LPR
- Sensors
- Parking gates
- Meters
- Signage
Smart Parking Market by Type Outlook (Value, 2020-2030)
- On-Street
- Off-Street
Smart Parking Market by End-user Outlook (Value, 2020-2030)
- Commercial
- Institutional
Smart Parking Market Regional Outlook (Value, 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 the 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 global smart parking market size in 2023?
The smart parking market size globally will be valued at $8.1 billion in 2023.
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What is the smart parking market growth rate?
The smart parking market is expected to grow at a CAGR of 13.2% over the forecast period 2023-2030.
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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.
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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
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Which are the leading smart parking market companies globally?
The leading smart parking 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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