Global Smart Parking Market to Reach US$ 9.6 Billion by 2028, Impelled by Increasing Traffic Congestion

April 04, 2023 | Automotive Industry

According to the latest report by IMARC Group, titled "Smart Parking Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global smart parking market size reached US$ 4.6 Billion in 2022. Smart parking is a computer-operated technology that is widely adopted to manage parking systems efficiently. This parking strategy combines human innovation and technology to achieve easier, faster and denser parking of vehicles. It provides local turn-by-turn guidance and real-time data while aiding in reducing traffic and vehicle emissions. It is widely used across the globe due to its several advantages, such as simplifying the flow of urban traffic, enhancing operational efficiency, guiding residents and visitors to available parking and offering drivers a more enjoyable and time-saving experience. It is gaining widespread prominence among the masses as it helps to simplify the parking experience and adds value for parking stakeholders, such as merchants and drivers.

Global Smart Parking Market Trends:

The global market is primarily driven by the increasing traffic congestion. This can be attributed to rapid urbanization and the growing population rate across several countries. Coupled with the rising adoption of personal vehicles on account of inflating disposable income levels of the masses, this is creating a positive market outlook. Apart from this, continual technological advancements and the introduction of the internet of things (IoT), sensors, machine learning and artificial intelligence (AI) are significantly supporting the demand for smart parking systems across the globe. Along with this, the growing need to manage the carbon footprint level and rising environmental concerns among individuals have encouraged the uptake of smart parking solutions on the global level. Moreover, the increasing investments by private and public agencies in smart city projects are considered to be a growth-inducing factor. Other factors, including the penetration of high-speed internet connectivity, rapid digitization and extensive research and development (R&D) activities conducted by key players, are also positively influencing the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 9.6 Billion by 2028, exhibiting a CAGR of 12.9% during 2023-2028.

Market Summary:

On the basis of the system, the market has been categorized into guided and smart park assist systems.
Based on the technology, the market has been segmented into ultrasonic, RFID and IoT. Among these, ultrasonic account for the largest market share.
On the basis of the component, the market has been bifurcated into hardware, software and services. Presently, the hardware segment currently holds the majority of the market share.
Based on the solution, the market has been classified into security and surveillance, valet and parking reservation and license plate recognition. Currently, security and surveillance represent the leading category holding the largest share.
On the basis of the vertical type, the market has been segregated into government and municipalities, commercial institutions and transport facilities. Amongst these, commercial institutions represent the leading segment.
Based on the parking site, the market has been bifurcated into off- and on-street parking. Off-street parking presently accounts for the highest market share.
On the basis of the region, the market has been divided into North America, Europe, Asia Pacific, the Middle East and Africa and Latin America. Among these, North America holds the leading position in the total market share.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include Valeo S.A., Continental AG, Robert Bosch GmbH, Kapsch TrafficCom AG, Cubic Corporation, TKH Group, Cisco Systems Inc., ParkMe Inc., Urbiotica, Skidata AG, Amano McGann Inc., Swarco AG, Smart Parking Ltd, Nedap N.V., Delphi Automotive PLC, Aisin Corporation, Siemens AG and Xerox Corporation.

Report Scope:

Report Features	Details
Base Year of the Analysis	2022
Historical Period	2017-2022
Forecast Period	2023-2028
Units	US$ Billion
Segment Coverage	System, Technology, Component, Solution, Vertical Type, Parking Site, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Companies Covered	Valeo S.A., Continental AG, Robert Bosch GmbH, Kapsch TrafficCom AG, Cubic Corporation, TKH Group, Cisco Systems Inc., ParkMe Inc., Urbiotica, Skidata AG, Amano McGann Inc., Swarco AG, Smart Parking Ltd, Nedap N.V., Delphi Automotive PLC, Aisin Corporation, Siemens AG and Xerox Corporation
Customization Scope	10% Free Customization
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Global Smart Parking Market to Reach US$ 9.6 Billion by 2028, Impelled by Increasing Traffic Congestion

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