Smart Parking Systems Market Will Reach USD 32,278.3 Million By 2030

The value of the smart parking systems market stood at USD 7,956.2 million in 2023, and this number is projected to reach USD 32,278.3 million by 2030, advancing at a CAGR of 22.3% during the projection period.

This is because of the augmented traffic jamming, as individuals like to travel alone in their vehicles and dodge shared mobility, which needs more parking lots and improvements in smart parking; augmented client knowledge and comfortability while using smart parking; and government backing for smart parking systems.

Parking places are of 2 kinds: on-street and off-street. Between the 2, the off-street parking system leads the industry, as single-slot parking is chosen by everybody and the increasing count of businesses that need enough parking and urbane detecting amenities.

While, on-street parking is typically utilized in metropolitan and urban areas, the smart meter division has the foremost market share. This is also due to the rising growth of smart cities, which fuels the requirement for effective and safe parking solutions.

Based on end users, the smart parking systems industry is divided into government, commercial, and others. To discover a vacant parking slot during peak hours is very tough, particularly near airports, shopping malls, convention centers, hospitals, universities, and schools.

This issue with parking is growing with the rising populace near residential and commercial areas. The commercial category is the more dominant in this segment. Thus, the multi-story smart parking system has given some relief in discovering an empty space, and because of the surge in commercial usage, the category leads the industry.

Worldwide, the North American region is dominating the smart parking systems market with a revenue share of more than 50%, in 2023. This is because of the increasing count of automobiles on the streets, the rising requirement to reduce traffic congestion, the growing worry for parking spaces, the rising count of smart city projects, and the rising government initiatives for parking systems in the continent.

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How is Rising Urban Road Congestion Driving Smart Parking Systems Market?

It is true that the advent of vehicles and numerous advancements in the automobile industry has had countless positive effects, but vehicles these days are also causing a number of problems. As the disposable income of people has increased in various countries, owing a car stopped being a luxury since more than a decade. This has resulted in an alarmingly high number of vehicles on the roads, which further causes road congestion. Unorganized and inadequate parking spaces are also among factors which cause road congestion. As per industry experts, about 30.0% of the traffic congestion is on account of search for parking spaces.

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People violating parking rules and parking their vehicles incorrectly further add to this problem. Because of all these factors, the demand for smart parking systems is growing rapidly. Smart parking basically refers to solutions such as smart parking sensors, counting sensors, or cameras, which are embedded into parking spots in order to detect whether a parking space is free or occupied. The data is collected in real-time and is transmitted to smart parking mobile application that lets the user know about the availability of the space in a parking area. 

The global smart parking systems market is predicted to generate a revenue of $9.1 billion in 2024, from $3.4 billion in 2018, registering a 16.1% CAGR during the forecast period (2019–2024). Smart parking systems help to park a car on both on-street and off-street parking sites. Off-street smart parking systems help in facilitating an easy pay-and-park process for both long and short durations, due to which off-street parking is more in demand. Hardware, service, and software technologies are offered under smart parking solutions.

As smart cities are integrated with all kinds of connected technologies to make things more convenient for people, smart parking systems are bound to be a part of these cities. The major focus of smart cities is to offer managed operations to the residents and connected and advanced transportation facilities are a key component for accomplishing that. Smart parking solutions allow drivers to access real-time information regarding the availability of parking spots, before they set off on their journey. Considering these advantages, the smart parking systems market is expected to grow significantly in the coming years along with the development of smart cities.

Hence, smart parking systems are gaining popularity as they have the ability to tackle the problem of growing traffic on roads.

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