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The global smart parking market was valued at US$ 3.97 Billion in 2021.
We expect the global smart parking market to exhibit a CAGR of 13.4% during 2022-2027.
The expanding tourism industry, along with the increasing demand for efficient control systems for
smooth parking operations in popular and congested tourist destinations, is currently driving the global
smart parking market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown
regulations across several nations resulting in temporary shutdown of numerous manufacturing units
pertaining to the components of smart parking systems.
Based on the technology, the global smart parking market can be segregated into ultrasonic sensors,
radar sensors, image sensors, IoT, and others. Among these, ultrasonic sensors currently hold the
majority of the total market share.
Based on the component, the global smart parking market has been categorized into hardware,
software, and services. Currently, hardware exhibits clear dominance in the market.
Based on the solution, the global smart parking market can be bifurcated into security and surveillance,
valet and parking reservation, and license plate recognition, where security and surveillance solution
currently accounts for the largest market share.
Based on the vertical type, the global smart parking market has been divided into government and
municipalities, commercial institutions, and transport facilities. Among these, commercial institutions
currently represent the largest market share.
Based on the parking site, the global smart parking market can be segmented into off-street parking and
on-street parking. Currently, off-street parking accounts for the majority of the total market share.
On a regional level, the market has been classified into North America, Europe, Asia Pacific, Middle East
and Africa, and Latin America, where North America currently dominates the global market.
Some of the major players in the global smart parking market include Valeo S.A., Continental AG, Robert
Bosch GmbH, Kapsch TrafficCom AG, Cubic Corporation, TKH Group-Park Assist., Streetline Inc., Cisco
Systems Inc., ParkMe Inc., Urbiotica, Skidata AG, Amano McGann Inc., Swarco AG, Smart Parking Ltd,
Nedap N.V., Delphi Automotive PLC, Aisin Seiki Co. Ltd, Siemens AG, Xerox Corporation, etc.
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