Global Smart Parking Market Report and Forecast 2024-2032

Global Smart Parking Market Size

The global smart parking market reached approximately USD 7.37 billion in 2023. The market is projected to grow at a CAGR of 15.0% between 2024 and 2032, reaching a value of around USD 25.98 billion by 2032.

Key Trends in the Market

Smart parking systems are advanced traffic management solutions that are integrated with sensors, cameras, and advanced technologies, such as artificial intelligence and machine learning, that enable better management of traffic. They also integrate ground sensor technology where sensors, cameras, and other components are embedded into the parking spots.

• One of the primary factors fuelling the smart parking market growth is technological advancements, which are propelling the adoption of automated parking solutions. Technologies such as data analytics, smart parking meters, and machine-to-machine communication are increasingly being implemented in parking management systems to determine the number of empty and occupied parking slots.

• The robust growth of the automotive sector has increased the number of vehicles present on the roads. This creates a substantial growth of the smart parking market demand as advanced systems are increasingly installed in more locations to enhance parking services.

• The increasing focus on developing smart cities is one of the major factors propelling the expansion of the market. Smart city plans are increasingly being launched by countries around the world to manage the increasing urban traffic. Smart parking systems allow the administrative body of the city to manage the dispersion of traffic to tackle the problem of congestion.

• Moreover, the rising levels of environmental pollution act as another smart parking market trend. It has compelled various regulatory bodies to implement better management systems, which include smart parking systems.

Market Analysis

Based on the solution, the market is segmented into security and surveillance, parking reservation management, valet parking management, and license plate recognition. The global smart parking industry segmentation, based on system type, includes guided park assist, smart park assist, on-street, and off-street. Based on components, the market can be categorised into parking sensors, steering angle sensors, ECU, and display units.

The market, based on sensor technology, is segmented into ultrasonic sensor, radar sensor, and image sensor. The market, on the basis of vertical, is bifurcated into government and commercial. The major regional markets for smart parking are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global smart parking market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments and expansion plans.

• T2 Systems

• Flowbird Group

• Amano Corporation

• IBM Corporation

• Robotic Parking Systems, Inc.

• SKIDATA GmbH

• Streetline

• Continental AG

• Valeo Park4U

• Amano McGann, Inc

• Others

Market Share by System Type

Off-street parking is expected to hold a major portion of the smart parking market share in the coming years. Its growth can be attributed to the implementation of sensor-based vehicle detection technology to address parking challenges in smart cities and the surging road development initiatives. Moreover, companies are offering parking space applications for individual slots, further propelling the development of the segment.

Market Share by Technology

Ultrasonic sensors are poised to register significant growth, aiding in the expansion of the smart parking market. These sensors play a pivotal role in assisting drivers by identifying suitable parking spaces and detecting obstacles within proximity. The widespread adoption of ultrasonic sensors can be attributed to their cost-effectiveness, which outperforms image and radar sensors in terms of affordability.

Competitive Landscape

T2 Systems is a parking technology company holding a leading position in the market. The company was established in the year 1994 and has developed extensive experience in the field of parking technologies. Operating from its headquarters in Indiana, United States, its speciality lies in parking software development, pay stations, citation control, and permit management, among others.

Flowbird Group is a prominent company that specialises in providing intelligent urban mobility solutions. Since its establishment in 2002, the company has focused on designing and developing innovative products and services to enhance urban transportation systems. Flowbird Group offers a wide range of solutions, including parking management systems, ticketing systems for public transport, and mobility services.

Amano Corporation is a well-established company that operates in the field of time and attendance management, parking solutions, and security systems. With a rich history and global presence, Amano Corporation has built a reputation for delivering innovative and reliable products and services. The company offers a range of solutions for employee time tracking, including time clocks, biometric systems, and software applications.

Other smart parking market players include IBM Corporation, Robotic Parking Systems, Inc., SKIDATA GmbH, Streetline, Continental AG, Valeo Park4U, and Amano McGann, Inc, among others.

Key Highlights of the Report

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