Smart Parking Market Scope and Overview
The Smart Parking Market size was valued at USD 7.39 billion in 2023 and is projected to reach USD 44.9 billion by 2032, growing at a CAGR of 22.2% during the forecast period 2024-2032. The Internet of Things (IoT) is playing a transformative role in this market, with interconnected devices gathering real-time data on parking availability, usage patterns, and occupancy rates. Sensors strategically placed in parking spaces communicate with a central system, providing valuable insights for optimizing parking management. This results in reduced congestion, improved efficiency, and a more positive user experience. The global issue of wasted time searching for parking can be significantly reduced through the use of IoT technology.
For instance, a project at the University of Kansas demonstrates the power of IoT-based smart parking solutions. By implementing such systems, parking garages can display real-time availability at entrances, saving drivers the frustration of circling aimlessly. This advancement, along with countless others, highlights the immense potential of IoT to propel the smart parking market forward as cities and businesses strive to modernize their parking infrastructure.
Key Players Studied in this Report
- Amano McGann, Inc.
- Continental AG
- Dongyang Menics Co., Ltd.
- IEM SA
- IPS Group Inc.
- Klaus Multiparking Systems
- Robert Bosch GmbH
- Smart Parking Limited
- Flowbird
- Swarco AG
- Urbiotica
- SKIDATA AG
- Others
Segment Analysis of the Smart Parking Market
Engineering Services Segment
The engineering services segment will gain a share of more than 60% in 2023. The spread of autonomous and semi-autonomous cars, especially in developed countries, has boosted the growth of this segment. These vehicles require specially designed parking spaces and lots with custom-made instrumentation and robotics. Autonomous vehicle manufacturing hubs such as the US, India, Germany, and China are expected to register widespread adoption of smart parking systems during the forecast period. In November 2022, Robert Bosch GmbH and Mercedes-Benz developed an automatic parking system for Stuttgart Airport with the possibility of advance booking. Additionally, the mobile app parking services segment is expected to grow significantly in the coming years.
Sensor Technology
Ultrasonic sensor technology is anticipated to hold the leading position within the Smart Parking Market for passenger cars. Ultrasonic sensors excel in short-range obstacle detection within parking zones, aiding drivers in identifying suitable parking spaces. Their affordability makes them a more attractive option compared to image or radar sensors. A typical car equipped with intelligent parking assistance uses 4-10 ultrasonic sensors. Several automotive component manufacturers, including Continental AG (Germany) and Robert Bosch GmbH (Germany), are major players in the production of ultrasonic sensors for various driver assistance functionalities in passenger cars.
End-User Segment
Based on end-user, the commercial segment dominated in 2023, contributing more than 42% of the revenue share in the Smart Parking Market. The increasing adoption of smart parking systems in corporate buildings, theaters, sports centers, shopping malls, and other public places is expected to accelerate the growth of the commercial segment by 2032. In addition, the spread of flexible mobile payment services and a significant level of parking convenience is expected to expand the growth of this segment during the forecast period 2024-2032.
Smart Parking Market Segmentation and Sub-Segmentation
By Type
- Off-street
- On-street
By Technology
- IoT
- Ultrasonic
- RFID
By Service
- Consulting Service
- Engineering Service
- Mobile App Parking Service
By Application
- Security & Surveillance
- Smart Payment System
- E-parking
- License Plate Recognition
By End-User
- Commercial
- Government
Regional Analysis
North America is taking the lead in Smart Parking adoption, driven by high smartphone penetration and a growing appetite for mobile solutions. Consumers readily embrace apps for reserving, paying, and checking parking availability. Furthermore, the rise of data analytics is driving the development of even more sophisticated parking solutions. A recent example is the collaboration between Canadian IoT company Eleven-x and Arlington County, Virginia, for one of the largest municipal smart parking installations in North America. This project leverages wireless technology to monitor parking spaces and provide real-time data on availability, translating to quicker spot identification for drivers, reduced circling time, and optimized parking enforcement, ultimately leading to less congestion.
While global factors like rising parking concerns, surging IoT adoption, and increasing vehicle numbers contribute to market growth, challenges remain. High implementation costs, configuration complexities, and limited internet access in developing regions act as roadblocks. However, exciting opportunities lie ahead with growing investments in driverless cars and smart city initiatives. These advancements are poised to propel the smart parking market forward during the forecast period 2024-2032.
Recent Announcements in the Smart Parking Market
- May 2023: Siemens and AUTOParkit announced a collaboration to enhance the efficiency and functionality of fully-automated parking garage systems. The collaboration leverages advanced automation hardware, electrification, and digital tools to optimize parking space utilization and improve the overall parking experience.
- April 2023: Cubic Corporation partnered with Parkopedia, a global parking service provider. The partnership aims to integrate Parkopedia’s parking data and payment services into Cubic’s smart parking platform, offering a more comprehensive solution to drivers and parking operators.
Key Highlights from the Smart Parking Market
- Advancements in connected car technology and smart city initiatives are paving the way for seamless parking experiences.
- Smart parking systems can reduce congestion and fuel consumption by minimizing the time spent searching for parking.
- Real-time data collected from sensors and user interactions empower parking authorities and businesses to make informed decisions on pricing strategies, resource allocation, and infrastructure development.
- The growing preference for contactless transactions due to hygiene concerns is accelerating the adoption of cashless payment options within smart parking systems.
Table of Contents
- Introduction
- Industry Flowchart
- Research Methodology
- Market Dynamics
- Impact Analysis
- Impact of Ukraine-Russia war
- Impact of Economic Slowdown on Major Economies
- Value Chain Analysis
- Porter’s 5 Forces Model
- PEST Analysis
- Smart Parking Market Segmentation, By Type
- Smart Parking Market Segmentation, By Technology
- Smart Parking Market Segmentation, By Service
- Smart Parking Market Segmentation, By Application
- Smart Parking Market Segmentation, By End-User
- Regional Analysis
- Company Profile
- Competitive Landscape
- USE Cases and Best Practices
- Conclusion
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