Wilmington, New Castle, Delaware , Feb. 05, 2025 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Smart Parking Market by Components (Hardware, Software), by Type (Off-street, On-street), by System Type (Ground Sensor Technology, Counter Technology, Camera-based Technology), by Technology (Internet of Things (IoT), Ultrasonic, RFID), by Application (Security and Surveillance, Smart Payment Systems, E-parking, License Plate Recognition), by End-User (Commercial, Government): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the "smart parking market" was valued at $8.5 billion in 2023, and is estimated to reach $48.3 billion by 2033, growing at a CAGR of 19.3% from 2024 to 2033.
Prime Determinants of Growth
The growth of the smart parking market is driven by increasing urbanization, rising vehicle ownership, and the demand for efficient parking management solutions. Advancements in IoT, AI, and sensor technologies have enhanced the accuracy and efficiency of parking systems, improving user convenience. Government initiatives to reduce urban traffic congestion and emissions further boost market demand. In addition, the adoption of cashless payment systems and mobile app integration has streamlined the parking experience. High installation costs and maintenance challenges in developing regions act as restraints. Despite this, growing investments in smart city projects and autonomous vehicle technology present significant growth opportunities.
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Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $8.5 billion |
| Market Size in 2033 | $48.3 billion |
| CAGR | 19.30% |
| No. of Pages in Report | 453 |
| Segments covered | Components, Type, System Type, Technology, Application, End Users, and Region. |
| Drivers | Growth in Demand for Contactless Payment Systems. |
| Rise in Demand for Internet of Things (IoT)-Based Technology. | |
| Increase in the Number of Vehicles. | |
| Opportunity | Surge in Investment in Building Driverless Vehicles. |
| Restraints | High Implementation Cost and Configuration Complexity. |
| Low Rate of Internet Penetration in Developing Regions. |
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Impact of Russia-Ukraine War Scenario
• On February 24, 2022, the Russia-Ukraine war has had notable implications for the smart parking market, primarily due to disruptions in global supply chains and economic instability. The conflict has led to increased prices for raw materials and electronic components, delaying the production and deployment of smart parking systems. Geopolitical tensions have reduced foreign investments in affected regions, slowing the adoption of advanced infrastructure technologies like smart parking. In Eastern Europe, where the war has intensified, urban development projects, including smart city initiatives, have been delayed or reprioritized.
• In addition, the demand for efficient parking solutions in safer regions has slightly offset these challenges, as countries focus on improving urban mobility and reducing traffic congestion. Rising fuel prices due to the conflict have pushed governments to promote energy-efficient and sustainable transport systems, indirectly encouraging investments in smart parking technology to optimize urban transport networks amidst economic uncertainty.
The hardware segment to maintain its leadership status throughout the forecast period
On the basis of components, the hardware segment held the highest market share in 2023, accounting for more than three-fifths of the global smart parking market revenue. This is due to the essential role of sensors, cameras, and parking meters in enabling automated parking systems. These components are crucial for detecting vehicle presence, managing parking spaces, and providing real-time data to users and operators. Advancements in hardware technology, such as ultrasonic sensors and license plate recognition cameras, have further boosted adoption by improving accuracy and reliability. However, the software segment is projected to manifest the fastest CAGR of 20.9% from 2023 to 2033. This is due to the rising demand for real-time parking solutions and advanced analytics. Software platforms enable seamless integration of IoT devices, mobile applications, and cloud-based services, enhancing user experience and operational efficiency. Features like dynamic pricing, parking reservations, and data-driven insights attract businesses and municipalities. Additionally, the shift toward digital transformation and smart city initiatives has accelerated investments in software solutions, driving their rapid growth in the smart parking market.
The Off-street segment is likely to lead the market throughout the forecast period
On the basis of type, the off-street segment held the highest market share in 2023, accounting for around three-fifths of the global smart parking market revenue. This is due to its ability to offer organized and efficient parking solutions in multi-level facilities and parking lots. Off-street parking systems utilize advanced technologies such as automated ticketing, real-time occupancy monitoring, and navigation aids, enhancing convenience for users. Increased urbanization and rising vehicle ownership have further driven the demand for off-street smart parking solutions globally. However, the on-street segment is projected to manifest the fastest CAGR of 16.73% from 2023 to 2033. This is due to the increasing demand for urban space optimization and efficient parking management in congested city areas. With real-time tracking, improved accessibility, and reduced traffic congestion, on-street smart parking solutions enhance convenience for drivers and cities.
The ultrasonic segment to maintain its leadership status throughout the forecast period
On the basis of technology, the ultrasonic segment held the highest market share in 2023, accounting for more than two-fifths of the global smart parking market revenue. This is due to its reliable and accurate detection of vehicle presence, ensuring efficient parking space utilization. Ultrasonic sensors are widely adopted for their cost-effectiveness, ease of installation, and ability to function in varying weather conditions. However, the internet of things segment are projected to manifest the fastest CAGR of 18.61% from 2023 to 2033. This is due to its ability to connect parking systems, sensors, and mobile applications, providing real-time data and seamless communication. IoT-enabled solutions improve user experience, enable remote monitoring, and optimize parking space usage, driving rapid adoption.
The security and surveillance segment to maintain its leadership status throughout the forecast period
On the basis of application, the security and surveillance segment held the highest market share in 2023, accounting for more than one-third of the global smart parking market revenue. This is due to the growing concern for safety and the increasing need for surveillance systems to monitor parking areas. Security features such as cameras, alarms, and license plate recognition ensure protection for both vehicles and users. However, the smart payment system segment is projected to manifest the fastest CAGR of 19.39% from 2023 to 2033. This is due to its convenience and seamless transaction experience. Digital payment solutions, including mobile apps and contactless payments, reduce wait times and enhance customer satisfaction, driving rapid adoption and transforming traditional parking systems.
The commercial segment to maintain its leadership status throughout the forecast period
On the basis of end user, the commercial segment held the highest market share in 2023, accounting for more than half of the global smart parking market revenue. This is due to the increasing demand from businesses, retail centers, and private property owners who need to manage parking efficiently. Smart parking solutions help maximize space, reduce congestion, and improve customer experience, making them an attractive investment for commercial establishments looking to optimize their parking management and increase profitability. However, the commercial segment is projected to manifest the fastest CAGR of 17.96% from 2023 to 2033. This is due to increasing demand from businesses, shopping malls, and private property owners seeking to improve parking efficiency. Smart parking solutions help optimize space utilization, reduce congestion, and enhance customer experience, making them an essential tool for commercial establishments. As businesses recognize the benefits of smart parking in terms of cost savings, customer satisfaction, and operational efficiency, the adoption of these systems has accelerated rapidly in the commercial sector.
North America to maintain its dominance by 2032
On the basis of region, North America held the highest market share in terms of revenue in 2023, accounting more than one-third of the global smart parking market revenue. This is due to the region's advanced infrastructure, high adoption of smart technologies, and supportive government initiatives. With a large number of urban areas and significant investments in transportation innovation, North America has become a leader in the adoption of smart parking solutions, driving widespread market growth.
However, Asia-Pacific is expected to witness the fastest CAGR of 19.01% from 2023 to 2033. This is due to rapid urbanization, increasing vehicle ownership, and rising traffic congestion in key cities. Countries such as China and India are investing in smart city projects and intelligent transportation systems, fueling the demand for smart parking solutions to improve efficiency and reduce traffic issues, thus accelerating market growth in the region.
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Leading Market Players: -
- Amano McGann, Inc.
- IPS Group, Inc.
- TKH Group
- SWARCO
- Robert Bosch GmbH
- Smart Parking Ltd
- Urbiotica, S.L.
- Continental AG
- Aisin Corporation
- IEM SA.
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The report provides a detailed analysis of these key players of the global smart parking market. These players have adopted different strategies such as expansion and product launch to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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