Smart Parking Market Size, Share, Trends & Report 2024-2032

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By georgebuttler

Smart Parking Market Outlook

The global smart parking market has been on a steady growth trajectory, driven by technological advancements and the increasing need for efficient parking solutions in urban areas. According to a report by Expert Market Research, the global smart parking market size was valued at USD 7.37 billion in 2023 and is expected to grow at a robust CAGR of 15.0% between 2024 and 2032, reaching a projected value of USD 25.98 billion by 2032.

Smart parking refers to the utilization of technology and data-driven solutions to optimize parking management. It encompasses a range of innovations such as sensor-based parking systems, mobile apps, and real-time data analytics to enhance the parking experience for both motorists and parking facility operators.

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Driving Factors

Several key factors are contributing to the growth of the global smart parking market:

  • Urbanization and Population Growth: The world’s population is becoming increasingly urbanized, leading to higher vehicle ownership rates and greater demand for parking spaces in cities. Smart parking systems offer a solution to the ongoing parking congestion issue.
  • Technological Advancements: The rapid advancement of sensor technology, Internet of Things (IoT), and artificial intelligence has enabled the development of more sophisticated and accurate smart parking solutions. These technologies provide real-time data on parking availability, reducing the time and frustration associated with finding a parking spot.
  • Environmental Concerns: Smart parking systems contribute to reducing carbon emissions by minimizing the time spent searching for parking spaces, thus reducing fuel consumption and air pollution.
  • Government Initiatives: Many governments and municipal authorities are promoting smart parking solutions to address urban traffic congestion and promote sustainable urban development. Incentives and subsidies are often offered to encourage the adoption of these technologies.
  • Consumer Convenience: Convenience is a driving force behind the adoption of smart parking. Mobile apps and GPS navigation systems integrated with smart parking information make it easier for drivers to locate and reserve parking spaces in advance.

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Smart Parking Market Segmentation

The market can be divided based on solution, system type, component, sensor technology, vertical, and region.

Market Breakup by Solution

  • Security and Surveillance
  • Parking Reservation Management
  • Valet Parking Management
  • License Plate Recognition

Market Breakup by System Type

  • Guided Park Assist
  • Smart Park Assist
  • On-Street
  • Off-Street

Market Breakup by Component

  • Parking Sensors
  • Steering Angle Sensors
  • ECU
  • Display Unit

Market Breakup by Sensor Technology

  • Ultrasonic Sensor
  • Radar Sensor
  • Image Sensor

Market Breakup by Vertical

  • Government
  • Commercial

Market Breakup by Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global smart parking companies. Some of the major key players explored in the report by Expert Market Research are as follows:

  • T2 Systems
  • Flowbird Group
  • Amano Corporation
  • IBM Corporation
  • Robotic Parking Systems, Inc.
  • Streetline
  • Continental AG
  • Valeo Park4U
  • Amano McGann, Inc.
  • Others

Smart Parking Market Trends

  • Real-Time Parking Availability: Smart parking systems provide users with real-time information about available parking spaces, reducing the time and frustration associated with searching for parking.
  • Mobile Payment and Booking: Mobile apps and payment solutions allow users to reserve parking spaces and make payments seamlessly, enhancing convenience.
  • Sustainability Initiatives: Smart parking systems support sustainability efforts by reducing congestion, emissions, and the overall environmental impact of urban transportation.
  • Integration with Smart Cities: Smart parking solutions are increasingly integrated into broader smart city initiatives, offering a holistic approach to urban mobility.

Market Challenges

Despite its growth potential, the global smart parking market faces certain challenges:

  • Infrastructure Investment: Implementing smart parking solutions often requires significant infrastructure investment, including the installation of sensors, cameras, and communication networks.
  • Data Privacy and Security: Collecting and managing parking data raises concerns about data privacy and security, requiring robust measures to protect user information.
  • Integration Complexities: Integrating smart parking systems with existing transportation and city infrastructure can be complex and time-consuming.

Media Contact:

Company Name: Claight Corporation
Contact Person: George buttler, Corporate Sales Specialist – U.S.A.
Toll Free Number: +1-415-325-5166 | +44-702-402-5790
Address: 30 North Gould Street, Sheridan, WY 82801, USA

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