Smart Parking System Market

Smart Parking System Market Size Survey Report – In a Glance

As per the survey report on global Smart Parking System Market, the market is projected to foresee a CAGR of 22.1% between 2024-2033, and further generate a market size of USD 55.7 billion revenue by the end of 2033. In the year 2024, the market size was valued at USD 8.2 billion revenue.

• The global Smart Parking System market is projected to grow on account of growing shortage of parking areas.
• In Japan, the traffic congestion can be attributed to the increased innovation in the Smart Parking System market.
• KDMI analyst’s growth analysis foresees data privacy to challenge the market growth.
• North America, having the highest market share in the Smart Parking System Market, is projected to dominate the global market.

Smart Parking System Market Analysis

Smart parking solutions, a parking approach combining human innovation and technology, notice parking space availability in less time, assisting to maximize on-street parking in surfaces, garages or cities. It is an effort to apply as few resources as possible, such as time, space and fuel, to attain easier, faster and denser vehicle parking for those who stay idle for most of the time. 30% of the vehicles waste time by having to voyage for parking spaces, and in some areas or cities, searching a parking space takes around 8 minutes, ensuing 95,000 hours of wasted time/year. There is a dearth of effective parking space management and open system podiums. The growing shortage of parking space bodes well for the growth of the smart parking system market. Bosch, Siemens and 3M are significant players in the worldwide market for Water Treatment.

Analyst’s Observation on Japan Smart Parking System Market Survey

The system of smart parking guides the driver smartly to their anticipated parking destination, and the driver parks at the reserved area without searching. The drivers receive assistance to save time while controlling traffic congestion and preventing accidents due to traffic delays. Tokyo, in Japan, has high traffic congestion because of the constant growth of residential areas towards the suburbs and the high office concentration in central Tokyo. Total losses because of traffic congestion are approximately 5 billion persons every hour, which is equal to the manpower of approximately 2.8 million people. The increasing traffic congestion predicts the growth of the smart parking system. Aisin Seiki is one of the significant players in the Japanese Smart Parking System market.

Smart Parking System Market Growth Driver

Government initiative for smart cities:

The aim of the smart city mission is to encourage cities that offer central infrastructure and provide a decent standard of life to its residents, a sustainable and clean ambience with the application of smart solutions. The G20 Global Smart Cities Alliance is founding worldwide policy norms for information collection and application, transparency and public faith & best practices in smart cities. As of May 2022, the alliance is leading smart city governance initiatives in more than 36 cities around the world. Initiated by the World Economic Forum, the G20 Global Smart Cities Alliance on Technology Governance is the prime worldwide program targeted at guaranteeing the ethical and responsible application of smart city technologies. The commencement of smart city missions will drive the market size of smart parking systems.

Market Restraint

Data Privacy

Assembling and processing parking information raises cybersecurity and privacy concerns, which can restrain market growth because users desire efficient data security measures.

Smart Parking System Market Segmentation

Our experts at KD Market Insights have segmented the global Smart Parking System Market research report as:

Smart Parking System Market Regional Synopsis

North America is expected to dominate the smart parking system market due to the incorporation of technologies such as artificial intelligence, IoT and machine learning, which are transforming the mechanism of smart parking systems in the United States. As of 2017, the FPS patrols the DOT HQ parking garage, and its assistance has helped to nurture safe practices of driving in the garage. The high demand for vehicles is another growth driver of smart parking systems in the region. The upsurged dependency on transportation systems has considerably increased lately, and around 283 vehicles were registered in the United States as of 2022, leading to the increase in the smart parking system market. Cities such as San Francisco use smart parking system technology in a way that adapts prices on demand, making sure of the availability of parking spots. Further, the parking system in San Francisco uses smart meters and state-of-the-art sensors in parking lots. The reason behind demand-responsive pricing is that pricing will not be the factor responsible for restricting parking supply resulting in the balance between demand and parking supply.

Asia Pacific is expected to be the fastest-growing region due to increasing vehicle ownership in regions such as Beijing in Asia and Mumbai in India. The vehicle fleet in Beijing currently totals around 5.4 million, leading it to the top in motorization of the Chinese city. As of 2023, there were around 5455 units of motor vehicles in Beijing. The total vehicle registration in Mumbai increased to 136231 as of 2024, increasing from 118097 as of 2023, a surge of 15%. China is anticipated to have the 2nd largest number of IoT devices and it is further predicted to reach USD 847 billion by 2025. This growth of IoT devices and sensor manufacturing will boost the smart parking system market size in the region. Further, the car-sharing services in India are another growth driver of the smart parking system market of the region. The car-sharing market in India reached USD 79 million and by 2029, the market volume is expected to be USD 115.20 million with a CAGR of 7.81%.

Regional Company Names

• Xerox Corporation
• Cubic Corporation

Smart Parking System Market Competitive Landscape

Some of the key players who top the global Smart Parking System Market share:

• Altiux Innovations
• Amano McGann, Inc.
• Amco S.A.
• BMW AG (ParkNow GmbH, Parkmobile LLC)
• Cisco Systems, Inc.
• CivicSmart, Inc.
• Deteq Solutions
• Flowbird
• gtechna
• INDECT Electronics & Distribution GmbH
• Kapsch TrafficCom
• Libelium Comunicaciones Distribuidas S.L.
• Meter Feeder, Inc.
• Mindteck
• Municipal Parking Services, Inc.
• Nedap N.V.
• Park Assist
• ParkHelp Technologies
• ParkJockey
• ParkMe Inc.
• Robert Bosch GmbH
• Siemens AG

1. Executive Summary
   1. Market Overview
   2. Key Findings
   3. Market Trends
   4. Market Outlook
2. Introduction
   1. Scope of the Report
   2. Research Methodology
   3. Definitions and Assumptions
   4. Acronyms and Abbreviations
3. Market Dynamics
   1. Drivers
   2. Restraints
   3. Opportunities
   4. Challenges
4. Global Smart Parking System Market
   1. Market Overview
   2. Market Size and Forecast
   3. Market Segmentation
      1. By Technology
      2. By Solution Type
      3.  By Applications
      4. By Region
5. Market Segmentation by Technology
   1. Sensing Technology
   2. Data Analytics and Cloud-based Platforms
   3. Mobile Applications and IoT Connectivity
   4. Others
6. Market Segmentation by Solution Type
   1. Hardware Solutions
   2. Software Solutions
   3. Services
   4. Others
7. Market Segmentation by Applications
   1. Commercial Parking
   2. Government and Municipal Parking
   3. Residential Parking
   4. Others
8. Regional Analysis
   1. North America
      1. United States
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Technology, Solution Type and Applications
      2. Canada
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Technology, Solution Type and Applications   
      3. Mexico
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Technology, Solution Type and Applications   
   2. Europe
      1. United Kingdom
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Technology, Solution Type and Applications   
      2. Germany
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Technology, Solution Type and Applications   
      3. France
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Technology, Solution Type and Applications   
      4. Italy
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Technology, Solution Type and Applications   
      5. Spain
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Technology, Solution Type and Applications   
      6. Rest of Europe
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Technology, Solution Type and Applications   
   3. Asia Pacific
      1. China
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Technology, Solution Type and Applications   
      2. Japan
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Technology, Solution Type and Applications   
      3. India
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Technology, Solution Type and Applications   
      4. Australia
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Technology, Solution Type and Applications   
      5. South Korea
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Technology, Solution Type and Applications   
      6. Rest of Asia Pacific
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Technology, Solution Type and Applications   
   4. Latin America
      1. Brazil
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Technology, Solution Type and Applications   
      2. Argentina
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Technology, Solution Type and Applications   
      3. Colombia
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Technology, Solution Type and Applications   
      4. Rest of Latin America
         1. Market Size and Forecast
         2. Key Trends and Developments
         3.               Market Analysis by Technology, Solution Type and Applications   
   5. Middle East & Africa
      1. South Africa
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Technology, Solution Type and Applications   
      2. Saudi Arabia
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Technology, Solution Type and Applications   
      3. UAE
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Technology, Solution Type and Applications   
      4. Rest of Middle East & Africa
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Technology, Solution Type and Applications   
9. Competitive Landscape
   1. Market Share Analysis
   2. Company Profiles
      1. Bosch
      2. Siemens
      3. 3M
      4. Amano Corporation
      5. Cubic Corporation
      6. Kapsch TrafficCom AG
      7. Smart Parking Limited
      8. T2 Systems, Inc.
      9.  Swarco AG
      10. ParkHelp
      11. Others
10. Strategic Recommendations
11. Appendix
    1. List of Tables
    2. List of Figures
12. References