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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
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.
Smart Parking Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 7.37 billion.
The market is projected to grow at a CAGR of 15.0% between 2024 and 2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach a value of around USD 25.98 billion by 2032.
The major market drivers are the rapidly increasing urban population and the growth of the automotive sector.
The major factors propelling the growth of the market include the increasing implementation of advanced technologies and the launch of numerous smart city projects around the world.
The regional markets for smart packaging include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The major system types in the market are guided park assist, smart park assists, on-street, and off-street.
The key players in the market are T2 Systems, Flowbird Group, Amano Corporation, IBM Corporation, Robotic Parking Systems, Inc., SKIDATA GmbH, Streetline, Continental AG, Valeo Park4U, and Amano McGann, Inc, among others.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124