Newark, Sept. 05, 2024 (GLOBE NEWSWIRE) -- The global smart parking systems market is set to experience a remarkable surge in the coming years, the global smart parking systems market was valued at USD 8.13 billion in 2023 and grew at a CAGR of 17.5% from 2024 to 2033. The market is expected to reach USD 40.79 billion by 2033. This impressive growth is driven by the increasing government investments in smart city projects and concerted efforts to alleviate traffic congestion worldwide.
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Key Insights Smart Parking Systems Market
North America Leads the Way, U.S. Market to Grow with a 36.2% CAGR
North America emerged as the largest global smart parking systems market, with a 36.2% market revenue share in 2023. The region's growth is fuelled by the rising number of vehicles on the roads. Consumers in North American countries have readily embraced smartphones and devices supporting mobile applications, facilitating activities like reserving, paying, and checking parking slot availability. The use of analytics for developing parking solutions also contributes significantly to market growth in the region. The robust automotive industry, escalating demand for automotive sensors, and growing investments in infrastructure development are propelling the sales of smart parking solutions in the United States. Additionally, the presence of diverse technology firms, favourable government policies, and financial backing for startups through subsidies are anticipated to render the United States a lucrative market for smart parking solution providers.
Asia Pacific: Fastest Growing Market, Driven by Government Initiatives
Asia Pacific's smart parking systems market is projected to experience the fastest growth rate at a CAGR of 17.5% during the forecast period. This growth is attributed to the heightened focus of regional governments on enhancing parking management, reducing air pollution, and alleviating traffic congestion. Due to limited parking spaces in densely populated cities, there is a notable demand for efficient vehicle parking management solutions in China, especially within corporate premises. Huawei Technologies, a major vendor in China, collaborated with Nedap, a company specializing in vehicle identification and wireless parking systems, to develop NB-IoT-based smart parking sensors, aiming to expand its global reach. These factors are driving the increased demand for smart parking solutions in China.
Report Scope and Segmentation –
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Forecast CAGR | 17.5% |
| 2023 Value Projection | USD 8.13 Billion |
| Market Size in 2033 | USD 40.79 Billion |
| Historical Data | 2020-2022 |
| No. of Pages | 234 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | Type, Application and Component |
| Regions Covered | The regions analysed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analysed at the country level. |
| Smart Parking Systems Market Growth Drivers | The increasing demand for automobiles |
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Parking Guidance Systems Lead the Market, Analytics Solutions Poised for Growth
The parking guidance systems segment dominated the smart parking systems market with 76% of the market share in 2023. These systems are popular for aiding users in finding vacant parking spaces, offering guidance on parking, and displaying the number of available spaces and their duration of availability, thereby saving users' time. Industry participants are actively introducing advanced guidance systems to improve their presence in the global smart parking systems market. The analytics solutions segment is set to experience growth at a CAGR of 17.5% during the forecast period. This growth is linked to the capability of parking sensors strategically placed on structures like light poles to gather reliable data on occupied and vacant parking spaces systematically. This real-time information is transmitted to end-users through analytics solutions, ensuring emergency security and safety. The rise of technology-driven companies is anticipated to facilitate convenient parking processes, including booking and payment for slots at various parking sites, thereby driving the demand for analytics solutions.
Engineering Services Dominate the Market
The engineering service segment accounted for the largest share of 61% in 2023. The rise in the use of autonomous vehicles and the need for advanced parking infrastructure are driving the demand for engineering services in the smart parking systems market. Engineering services play a crucial role in designing, developing, and implementing smart parking systems that cater to the specific requirements of various end-users, such as government agencies, commercial entities, and transportation authorities. In conclusion, the smart parking systems market is poised for exponential growth in the coming years, driven by increasing government investments in smart city projects, rising vehicle ownership, and the growing demand for efficient parking management solutions. The market is expected to witness significant advancements in technology, with the integration of AI, IoT, and analytics solutions, further enhancing the user experience and optimizing parking operations.
Key Players:
• Aisin Corporation
• Amano McGann, Inc.
• Continental AG
• IEM SA
• IPS Group, Inc.
• Robert Bosch GmbH
• Smart Parking Ltd
• SWARCO
• TKH Group
• Urbiotica SL
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