Fort Collins, Colorado, April 05, 2024 (GLOBE NEWSWIRE) -- The Smart Parking System Market size was valued at USD 29.8 Billion in 2023 and is expected to reach USD 161.0 Billion by 2032 at a CAGR of 20.6%.
The rapid pace of urbanization and the consequent increase in population density within urban areas have heightened the strain on existing parking infrastructure. Smart parking systems present a viable solution by optimizing parking space utilization, alleviating congestion, and improving overall traffic flow. This is particularly evident in cities like New York and Tokyo, where parking space is at a premium. Moreover, governments worldwide acknowledge the significance of smart urban infrastructure in tackling traffic congestion, reducing emissions, and enhancing citizens' overall quality of life. Consequently, many municipalities are implementing policies and initiatives to encourage the adoption of innovative parking solutions. For instance, cities may offer tax incentives or subsidies to businesses that invest in smart parking systems, thereby stimulating growth in the market.
In an era marked by the widespread availability of on-demand services and seamless digital experiences, consumers increasingly demand convenience in all aspects of their lives, including parking. Smart parking systems cater to these expectations by offering features such as mobile apps for reservation and payment, automation of valet parking, and predictive notifications regarding parking availability. For example, platforms like ParkMobile and SpotHero have garnered popularity by providing users with convenient parking solutions tailored to their preferences.
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Segmentation Overview:
The global smart parking system market has been segmented into type, component, application, and region. Based on type, the market is bifurcated into on-street and off-street. The off-street type segment accounted for a larger share in 2022. Off-street parking is becoming more common because more companies offer apps for renting single parking spots. Also, many smart cities and road projects need better parking with sensors to control parking problems.
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Smart Parking System Market Report Highlights:
- The global smart parking system market growth is anticipated at a CAGR of 20.6% by 2032.
- Smart parking systems offer a solution by optimizing parking space utilization, reducing congestion, and enhancing overall traffic flow.
- North America is a prominent region in the smart parking systems market owing to advanced technological infrastructure and widespread adoption of smart solutions.
- Some prominent players in the smart parking system market report include Smart Parking Ltd, IPS Group, Inc., Amano McGann, Inc., TKH Group, Continental AG, BMW AG (ParkNow GmbH, Parkmobile LLC), Cisco Systems, Inc., Siemens AG, SWARCO, IEM SA, Urbiotica, S.L., Aisin Corporation, and Robert Bosch GmbH.
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Smart Parking System Market Segmentation:
By Type: On-street, off-street.
By Component: Hardware, software, services.
By Application: Commercial, government, transport transit.
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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