Smart Parking Market By System Type (Guided Park Assist, Smart Park Assist), By Component (Parking Sensors, Display Unit), By Sensor Technology (Ultrasonic Sensor, Radar Sensor, Other), By Solution (Security and Surveillance, Parking Reservation Management, Other), By Vertical (Government, Commercial), By Region And Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, And Forecast 2023-2032

Report Overview

The Smart Parking Market size is expected to be worth around USD 30.3 Bn by 2032 from USD 6.3 Bn in 2022, growing at a CAGR of 17.5% during the forecast period from 2023 to 2032.

The significance of the smart parking market cannot be overstated, as it effectively tackles pressing concerns such as traffic congestion, air pollution, and the waste of time associated with searching for parking spaces. The smart parking market facilitates parking processes and reduces urban congestion by equipping drivers with current information on available parking spaces through mobile applications, sensors, and intelligent parking systems.

One of the primary advancements in the smart parking industry involves the utilization of sensors and Internet of Things (IoT) technology to ascertain the occupancy status of parking spaces. The sensors are strategically placed either within the ground or affixed to parking meters, enabling the provision of instantaneous updates regarding parking space availability. The implementation of this innovation has resulted in a notable improvement in the precision and dependability of data pertaining to the availability of parking spaces.

Significant investments have been made by both public and private entities in the smart parking market. Governments and municipalities worldwide have acknowledged the potential of smart parking as a solution to urban traffic issues, and have made substantial investments in its implementation. In recent times, technology companies and emerging enterprises have made significant strides in the development of intelligent parking solutions, attracting substantial financial backing from both venture capitalists and angel investors.

The adoption of smart parking solutions has been driven by the growth of the smart parking market across multiple industries. Smart parking solutions are being implemented in various settings, including urban areas, shopping malls, airports, universities, and hospitals. These implementations aim to enhance the efficiency of parking space utilization, improve traffic management capabilities, and enhance customer experiences in these industries.

The growth of the smart parking market can be attributed to several significant factors, such as the accelerated process of urbanization and the subsequent increase in population within cities. These factors have created a heightened need for parking solutions that are both effective and efficient. Moreover, the increasing adoption of connected vehicles and the advancements in Internet of Things (IoT) technology has facilitated the seamless integration of smart parking systems. The popularity of traffic signal optimization can be attributed to sustainability initiatives and the need to reduce carbon emissions.

Driving factors

Smart City Parking

Smart cities have gained popularity. Smart cities use digital technologies and data to enhance residents' quality of life, maximize resources, and improve efficiency. Smart city efforts include smart parking solutions to address urbanization and parking space shortages. These smart parking systems use sensor and IoT technologies to provide real-time information on available parking spaces, decreasing congestion and improving the parking experience.

Optimized Parking

Growing urbanization and limited parking space demand smart parking management. Due to drivers' difficulty finding parking spaces in busy regions, traditional parking systems sometimes result in time-consuming and irritating encounters. This wastes time and causes traffic and pollution. Smart parking solutions, on the other hand, use new technologies to streamline the parking experience by delivering real-time information on available parking spaces, guiding drivers to the closest unoccupied place, and offering quick payment alternatives.

Parking IoT

The smart parking market has been revolutionized by advancements in sensor and IoT technologies. These technologies collect and analyze real-time data to accurately monitor and manage parking spaces. The presence or absence of vehicles is detected by sensors in parking lots and on-street parking slots and sent to a central platform. Drivers can find available parking spaces with the use of this data, which can be accessed by mobile apps or displayed on digital signage.

Connected Cars Increase Parking

Another factor fueling the growth of the smart parking market is the use of connected and autonomous vehicles. Connected vehicles exchange data with other vehicles and infrastructure using modern communication technologies. Connectivity improves navigation and provides real-time parking availability. Self-driving and parking autonomous vehicles reduce the requirement for parking spaces. As connected and autonomous vehicles become more common, the demand for smart parking solutions will increase.

Smart Parking Growth

The smart parking market, which combines sensor and IoT technologies, has experienced substantial growth. To meet the increased demand for parking spaces, urbanization, and restricted parking space have prompted efficient parking management solutions. The growth of smart city projects has accelerated the implementation of smart parking systems, as cities aim to enhance residents' quality of life and maximize resource use. Advances in sensor and IoT technologies have revolutionized the way parking spaces are monitored and managed, giving drivers real-time information and creating a smart parking network.

Restraining Factors

Costly Installation and Maintenance

The concept of smart parking has evolved as a viable answer to the recurrent problem of obtaining a parking spot in the quickly changing world of technology. The smart parking market, which includes automated systems and innovative technologies, has grown rapidly. Despite its many benefits, its widespread adoption and implementation are hindered by several obstacles. The smart parking market faces significant installation and maintenance expenses for these complex systems.

Parking Infrastructure Compatibility Issues

Compatibility issues with existing parking infrastructure further limit the smart parking market. Many cities and parking facilities have existing parking systems that may not work with smart parking technologies. The integration of smart parking systems involves smooth connection and synchronization with existing infrastructure. This may include the difficult and time-consuming integration of several software platforms, hardware interfaces, and network protocols.

Privacy and Security Issues

The smart parking market relies on data collecting and processing due to connected devices and the IoT. However, this presents potential privacy and data security concerns that may limit its adoption. Smart parking systems track license plates, vehicle movements, and driver data. The collection and storage of sensitive data require strong security measures to prevent unwanted access and potential data breaches. Personal data use and storage raise privacy concerns.

Legal Restrictions

The smart parking market has regulatory and legal constraints that hinder adoption. The implementation of new technologies in public spaces typically involves compliance with local rules and regulations. Zoning and land use restrictions, permitting, construction code and safety compliance can be regulatory hurdles. Smart parking solutions may be hindered by local government restrictions on the types of technology and infrastructure that can be used.

Low Smart Parking Market Awareness and Adoption

Despite the many advantages and potential of smart parking systems, consumer awareness, and adoption are low. Smart parking and its benefits may be unfamiliar to many, especially in rural areas. Lack of education and promotion from industry participants may explain low customer awareness. Stakeholders must invest in awareness campaigns and educational programs to demonstrate the benefits of smart parking and dispel any misconceptions to increase adoption.

System Type Analysis

Multiple system types compete in the smart parking market. The guided park assists segment is a notable segment in this market. This device helps vehicles discover parking spaces using modern technologies.

The guided park assist segment's adoption is driven by emerging economies' economic growth. The demand for parking spaces rises as these economies grow and urbanize. This necessitates effective parking systems like guided park assist.

Market participants must understand consumer trends and behavior in the guided park assist Segment. In crowded cities, consumers want parking convenience. The guided park assist segment uses sensors, cameras, and other smart technologies to help people find parking spaces.

Sensor Technology Analysis

Sensor technology is important in smart parking systems. Segment ultrasonic sensor dominates the smart parking market. These sensors identify vehicles and parking spaces using sound waves.

The adoption of ultrasonic sensor systems is driven by growing economies. Demand for parking spaces grows tremendously as urbanization advances. ultrasonic sensor systems monitor parking availability reliably and affordably, making them popular in these economies.

Market competitors must understand customer patterns and behavior toward the ultrasonic sensor segment. Customers want real-time parking space availability information. This information is provided by ultrasonic sensor systems, allowing drivers to make informed judgments and save time and effort when looking for parking spaces.

Solution Analysis

Security and surveillance are key components of smart parking systems. The security and surveillance segment dominates the smart parking market by monitoring and protecting vehicles and parking facilities.

The adoption of security and surveillance systems is driven by growing economies. Security and safety are increasingly important as these economies expand. The importance of secure parking spaces is recognized by both parking operators and consumers, leading to a rise in the adoption of security and surveillance systems.

Consumer behavior in the security and surveillance segment shows rising safety and security concerns. Consumers choose parking spaces with advanced security systems to protect their vehicles from theft and vandalism. These systems discourage crime and monitor parking lots in real-time, benefiting parking operators.

Vertical Analysis

Smart parking systems serve many sectors, but the commercial segment dominates the market. Commercial spaces, such as office buildings, shopping malls, and airports, have considerable demand for efficient parking solutions.

The commercial segment's adoption of smart parking solutions is driven by emerging economies' economic growth. The demand for business spaces rises as these economies expand, leading to a shortage of parking spaces. Smart parking systems are efficient and user-friendly, attracting commercial property owners and operators.

Consumer patterns and behavior toward the commercial segment show the importance of convenience and accessibility. Easy access to commercial spaces and smooth parking are valued by consumers. Smart parking systems in the commercial segment optimize parking space use and provide real-time availability.

Key Market Segments

By System Type

• Guided Park Assist
• Smart Park Assist

By Component

• Parking Sensors
• Steering Angle Sensors
• ECU
• Display Unit

By Sensor Technology

• Ultrasonic Sensor
• Radar Sensor
• Image Sensor

By Solution

• Security and Surveillance
• Parking Reservation Management
• Valet Parking Management
• License Plate Recognition

By Vertical

• Government
• Commercial

Growth Opportunity

IoT-Integrated Smart Parking

Smart parking system integration with smart city infrastructure and transportation systems has huge growth potential in today's linked society. IoT connectivity can create a seamless network of sensors, cameras, and data analytics platforms for the smart parking market. This integration gives parking operators real-time data on space availability, occupancy rates, and vehicle movements, enabling more effective and automated parking management. The smart parking market can transform car parking by using smart cities' enormous infrastructure.

Emerging Market Smart Parking Potential

The smart parking market has grown in industrialized nations while emerging markets with fast urbanization have unexplored potential. Demand for efficient parking solutions grows tremendously as more people move to cities for greater possibilities. To accommodate this rising urban population and alleviate parking issues in densely populated locations, emerging markets offer lucrative opportunities for smart parking providers. In emerging markets, municipal governments, urban planners, and parking management firms can help introduce smart parking technologies.

Accelerating Smart Parking

Collaboration unlocks smart parking market possibilities. Smart parking solution providers can increase market penetration by cooperating with parking management firms and technology providers. These agreements enable seamless integration of smart parking technology into existing parking infrastructure, making it easier for governments, businesses, and individuals to adopt and benefit from these solutions. Smart parking solution providers can learn about parking operations, consumer behavior, and demand patterns by collaborating with parking management smart firms.

Mobile Payments & Reservations Easy Parking

Smartphones and mobile apps have changed parking. By offering drivers hassle-free, cashless payment alternatives and the ability to reserve parking spaces in advance, the smart parking market can capitalize on the opportunity given by smart parking systems. Mobile payment and reservation systems improve parking management operations and motorist convenience. The smart parking market can simplify transactions by letting consumers pay for parking with their mobile devices.

AI Transforming Parking Optimization

AI and machine learning-based parking optimization solutions are changing the smart parking market beyond the above development potential. This modern technology lets parking operators evaluate massive volumes of data, estimate demand, and improve parking resource distribution in real-time. The smart parking market can reduce congestion and improve drivers' parking experiences by using AI and machine learning techniques. Robust AI-powered algorithms can evaluate previous parking data, find patterns, and accurately estimate future demand and utilization.

Latest Trends

Sensor-Based Real-Time Parking Availability Systems

Sensor-based and real-time parking availability systems have seen rapid adoption in the smart parking market. This technology makes parking in busy cities easy, saving time, decreasing frustration, and enhancing traffic flow. Ultrasonic or electromagnetic sensors identify vehicles in parking places in sensor-based systems. These sensors give drivers real-time parking space availability data via mobile apps or parking advice systems.

License Plate Recognition and Parking Apps

LPR and mobile app-based parking solutions are also shaping the smart parking market. LPR cameras gather license plate photos to identify vehicles entering and leaving parking lots. However, smartphone apps for mobile app-based parking solutions make parking easy. These apps provide real-time parking space availability, booking, payment, and navigation to nearby parking facilities.

Smart Parking and Navigation Systems

Smart parking guiding and navigation systems have grown popular recently. These systems use real-time data and dynamic signage to direct drivers to parking spaces utilizing sensors, cameras, and AI algorithms. These clever systems help drivers easily navigate parking facilities, saving time. This minimizes congestion and improves urban traffic flow, making cities more sustainable and efficient.

Smart Parking with EV Charging Infrastructure

With the global adoption of electric vehicles (EVs), the smart parking industry has begun incorporating EV charging infrastructure into parking facilities. This integration allows EV owners to charge their vehicles while parked, meeting the requirement for simple and ubiquitous charging choices. Smart parking systems can display real-time EV charging station availability.

Sustainable Smart Parking Initiatives

These projects promote carpooling, green infrastructure like rainwater collecting systems, and the use of renewable energy to power parking facilities. Smart parking programs reduce pollutants and energy use and improve urban living. Sustainable smart parking systems may make cities cleaner, greener, and more livable.

Regional Analysis

In the fast-changing world of technology, the Asia-Pacific region is a leader in smart parking. The development of smart parking solutions is needed to manage limited parking spaces and rising traffic. The Asia Pacific region has emerged as the leading force in this evolving market thanks to its thriving economy and tech-savvy populace.

Smart parking systems combine sensors, AI, and data analytics to maximize parking utilization, minimize traffic, and improve user experience. Drivers and parking operators benefit from real-time monitoring, counseling, and payment solutions in these systems. Due to various variables, the Asia-Pacific region leads the global market for smart parking solutions.

First, urbanization and population density in countries like China and India have necessitated efficient parking management systems. These countries have acknowledged the importance of smart parking solutions to overcome the associated difficulties due to rising vehicle ownership and limited parking facilities. Therefore, they have substantially invested in the development and implementation of cutting-edge technology solutions to dominate the region's smart parking market.

Japan and South Korea, two of the world's most technologically proficient nations, are in the Asia-Pacific region. These countries have a history of technological innovation, and their proficiency in electronics and telecommunications has helped smart parking systems grow. Their enabling regulatory frameworks and government initiatives have helped rapidly adopt these solutions.

Key Regions and Countries

North America

• US
• Canada
• Mexico

Western Europe

• Germany
• France
• The UK
• Spain
• Italy
• Portugal
• Ireland
• Austria
• Switzerland
• Benelux
• Nordic
• Rest of Western Europe

Eastern Europe

• Russia
• Poland
• The Czech Republic
• Greece
• Rest of Eastern Europe

APAC

• China
• Japan
• South Korea
• India
• Australia & New Zealand
• Indonesia
• Malaysia
• Philippines
• Singapore
• Thailand
• Vietnam
• Rest of APAC

Latin America

• Brazil
• Colombia
• Chile
• Argentina
• Costa Rica
• Rest of Latin America

Middle East & Africa

• Algeria
• Egypt
• Israel
• Kuwait
• Nigeria
• Saudi Arabia
• South Africa
• Turkey
• United Arab Emirates
• Rest of MEA

Key Players Analysis

Robert Bosch GmbH leads the smart parking market with its automotive expertise. The company offers innovative solutions like intelligent parking guiding systems, parking sensors, and automated parking systems. Bosch's smart parking solutions give drivers real-time parking information to easily locate parking spaces.

Continental AG, a leading automobile technology company, has advanced smart parking. Continental provides convenient and safe parking solutions using its sensor technology expertise. The company's Smart Parking System employs ultrasonic sensors and intelligent algorithms to find acceptable parking places and give drivers real-time instructions, streamlining the parking procedure.

Valeo, a multinational automotive supplier, pioneered intelligent parking solutions. Valeo assists drivers with automated parking through Park4U®. This hands-free parking system uses ultrasonic sensors, cameras, and powerful algorithms. Valeo's Park2U® technology allows vehicles to park themselves.

Delphi Technologies, a UK company, develops smart vehicles and sophisticated propulsion systems. Delphi smart parking solutions improve motorist convenience and efficiency. Delphi's parking sensors and systems help drivers find parking, reduce traffic, and optimize parking management.

A leading Japanese company, AISIN SEIKI Co. Ltd., has advanced smart parking. Drivers can easily locate and park in available places with the help of the company's Smart Parking Assist System. AISIN SEIKI's solution simplifies parking and enhances safety by recognizing obstructions using powerful sensors and intelligent algorithms.

Siemens, an electronics and electrical engineering giant, now offers smart parking solutions. Siemens' Advanced Traffic Management System guides drivers' parking. The system uses real-time parking availability and pricing to give drivers the best parking options.

Top Key Players in Smart Parking Market

• Robert Bosch GmbH (Germany)
• Continental AG (Germany)
• Valeo (France)
• Delphi Technologies (UK)
• AISIN SEIKI Co. Ltd. (Japan)
• Siemens (Germany)
• Cubic Corporation (US)
• Amano Corporation (Japan)
• Kapsch TrafficCom AG (Austria)
• AppyParking (UK)
• Smart Parking (Australia)
• TKH GROUP (Netherlands)
• Nedap (Netherlands)
• Urbiotica (Spain)
• SWARCO (Austria)
• KLAUS MULTI PARTING SYSTEMS PVT. LTD (India)
• IPS Group Inc. (US)
• IEM SA (Switzerland)
• Dongyang Menics Co. (South Korea)
• Altiux Innovations (India)
• Parkmobile LLC (US)
• ParkMe, Inc. (US)

Recent Development

• In 2023, Continued growth of automated valet parking services 2023, with more trials in cities and business areas.
• In 2022, Widespread adoption of camera-based parking monitoring systems to enforce parking restrictions and prevent unauthorized parking.
• In 2021, smart parking systems will be expanded in major cities worldwide, with an increased focus on sustainability and decreasing emissions by directing drivers to accessible places promptly.
• In 2020, Accelerated growth in contactless payment systems for parking fees during the COVID-19 pandemic.
• In 2019, There will be a rise in the adoption of sensor-based smart parking solutions in urban areas to reduce traffic and improve parking management.

Report Scope: