Smart Parking Industry Size, Share of Key Players, SWOT Analysis, and Report

Smart Parking Market Size:

The global smart parking market size reached US$ 5.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 13.8 Billion by 2032, exhibiting a growth rate (CAGR) of 11.3% during 2024-2032. The market is growing rapidly driven by rapid urbanization and increasing number of vehicles, recent technological advancements, imposition of various government initiatives, rising environmental concerns, and increasing focus on consumer convenience and time savings.

Smart Parking Market Analysis:

• Market Growth and Size: The market is witnessing stable growth, driven by increasing urbanization and the need for efficient urban mobility solutions. Furthermore, rapid technological advancements and growing environmental consciousness are supporting the market growth.
• Major Market Drivers: Key drivers influencing the market growth include urbanization, technological advancements, government initiatives, environmental concerns, and consumer demand for convenience. Furthermore, the increasing number of vehicles and limited parking spaces in urban areas are significantly contributing to the market growth.
• Technological Advancements: Recent innovations in the Internet of Things (IoT), artificial intelligence (AI), and machine learning (ML) are revolutionizing smart parking solutions, making them more efficient and user-friendly. Besides this, advancements in sensor technology, automated systems, and data analytics that are enhancing the capabilities and applications of smart parking systems are supporting the market growth.
• Industry Applications: The market is experiencing high demand for smart parking solutions across various sectors including government and municipalities, commercial institutions, and transport facilities.
• Key Market Trends: The key market trends involve the ongoing shift towards integrating smart parking with broader smart city initiatives, focusing on sustainability and efficient space management. Additionally, the adoption of advanced technologies like IoT-based solutions, indicating a shift towards more sophisticated parking management systems, is driving the market growth.
• Geographical Trends: North America leads the market due to high vehicle ownership rates, significant technological adoption, and substantial investments in smart city initiatives. Other regions are also showing significant growth, fueled by urbanization and modernization efforts.
• Competitive Landscape: The market is characterized by a mix of established players and emerging startups, all focusing on innovation and technological integration. Furthermore, companies are engaging in strategic partnerships, mergers, and acquisitions to enhance their market presence and technological capabilities.
• Challenges and Opportunities: The market faces various challenges, such as high initial investment costs and managing privacy and data security concerns. However, continuous evolution in technology, expanding urbanization, and the growing emphasis on sustainable and smart urban development are creating new opportunities for the market growth.
   

Smart Parking Market Trends:

Rapid urbanization and increasing number of vehicles

Rapid urbanization is a pivotal factor driving the growth of the smart parking market. Cities across the globe are facing the challenge of accommodating an ever-increasing number of vehicles, leading to congested roads and a shortage of parking spaces. In line with this, smart parking systems provide a solution by optimizing the use of available spaces. They use technologies like sensor systems, digital signage, and real-time data analytics to inform drivers about available parking spots, thereby reducing the time spent searching for parking. It not only eases traffic congestion but also contributes to a more organized urban environment. Additionally, smart parking technologies allow for the maximization of parking space utility, accommodating more vehicles in less space through automated parking solutions and well-planned layouts.

Recent technological advancements

The adoption of the Internet of Things (IoT) technology, which enables the integration of sensors and devices in parking areas, allowing for real-time monitoring and management of parking spaces, is boosting the market growth. Furthermore, the utilization of artificial intelligence (AI) and machine learning (ML) algorithms to predict parking patterns and suggest optimal management strategies is positively influencing the market growth. Besides this, the introduction of automated parking systems, where vehicles can be parked using robotic systems, maximizing space utilization and reducing the need for human intervention, is bolstering the market growth. Moreover, the continual evolution of these technologies promises further enhancements in smart parking systems, such as better user interfaces, more accurate predictions, and seamless integration with other smart technologies.

Imposition of various government initiatives

Governments are actively promoting smart city projects, which often include smart parking solutions as a key component. These initiatives are driven by the need to address urban challenges, such as traffic congestion, environmental concerns, and the efficient use of urban space. Furthermore, governments provide support in various forms, including funding, policy formulation, and regulatory frameworks that encourage the adoption of smart parking technologies. Additionally, the introduction of policies that prioritize the allocation of urban space for smart parking facilities and the inclusion of smart parking systems in new commercial developments is boosting the market growth. Moreover, the involvement of the public sector ensures that smart parking systems are aligned with broader urban planning and sustainability goals, making them integral to the future of urban development.

Rising environmental concerns

Environmental concerns are increasingly influencing the adoption of smart parking solutions. Conventional parking methods often lead to excessive fuel consumption as drivers circle around, looking for available spaces, contributing to increased emissions and air pollution. Smart parking systems address this issue by significantly reducing the time and distance drivers spend searching for parking. It leads to lower fuel consumption and, consequently, a decrease in vehicular emissions. Furthermore, smart parking can be integrated with eco-friendly practices, such as electric vehicle (EV) charging stations, promoting the use of cleaner energy sources. Moreover, the data collected from smart parking systems can also be utilized for environmental analysis, helping city planners in designing more sustainable urban spaces.

Increasing focus on consumer convenience and time savings

The aspect of consumer convenience and time savings is a significant factor driving the market growth. Smart parking systems provide real-time information on parking availability, either through mobile apps or digital signage, allowing drivers to directly navigate to available spots. Furthermore, they offer automated, cashless payment options, which adds to the ease of the parking experience. Additionally, the predictability and reduced stress associated with finding a parking space enhance the overall user experience. It is not just a boon for individual drivers but also for businesses, as it can increase the accessibility and attractiveness of commercial areas. Moreover, the rising consumer expectations for seamless and efficient services is facilitating the demand for smart parking solutions as they offer time-saving and convenient features.

Smart Parking Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global and regional levels for 2024-2032. Our report has categorized the market based on system, technology, component, solution, vertical type, and parking site.

Breakup by System:

• Guided Park Assist System
• Smart Park Assist System
   

Guided park assist system accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the system. This includes guided park assist system and smart park assist system. According to the report, guided park assist system represented the largest segment.

The guided park assist system segment holds the largest market share due to its widespread adoption in both the public and private sectors. It typically involves a combination of sensors, cameras, and guiding technology to assist drivers in finding and maneuvering into parking spaces. The guided park assist system is particularly popular in crowded urban areas and large commercial complexes, where efficiently managing a high volume of vehicles is crucial. Additionally, its appeal lies in its simplicity and effectiveness in reducing the time and stress associated with parking in congested areas.

The smart park assist system segment is rapidly gaining traction due to its advanced technology and automation capabilities. It takes parking assistance to the next level, often incorporating features like automatic steering and braking to assist drivers in parking. Furthermore, it utilizes a more sophisticated array of sensors, cameras, and sometimes radar technology to accurately detect the surroundings and guide the vehicle into the parking space with minimal driver intervention.

Breakup by Technology:

• Ultrasonic
• RFID
• IoT
   

Ultrasonic holds the largest share in the industry

A detailed breakup and analysis of the market based on the technology have also been provided in the report. This includes ultrasonic, RFID, and IoT. According to the report, ultrasonic accounted for the largest market share.

Ultrasonic represents the largest segment due to its proven reliability, cost-effectiveness, and ease of implementation. It is widely used in various parking systems for detecting the presence or absence of a vehicle in a parking space. It comprises sensors that emit ultrasonic waves and use them to determine the distance to nearby objects, thus making it highly effective for parking guidance and vehicle detection. Furthermore, the simplicity and accuracy of ultrasonic technology make it a preferred choice in both public and private parking facilities.

RFID technology uses radio waves to identify and track tags attached to vehicles, making it highly effective for access control and long-term parking management. It is particularly advantageous in scenarios where quick and automatic identification of vehicles is necessary, such as in gated communities, corporate campuses, and toll booths.

The Internet of Things (IoT) segment is driven by the growing trend of connected devices and smart city initiatives. It involves the use of interconnected sensors, cameras, and other devices that collect and transmit data over the Internet. IoT technology enables a higher level of automation and data analysis, offering insights into parking patterns, occupancy rates, and user behavior.

Breakup by Component:

• Hardware
• Software
• Services
   

Hardware represents the leading market segment 

The report has provided a detailed breakup and analysis of the market based on the component. This includes hardware, software, and services. According to the report, hardware represented the largest segment.

The hardware segment is dominating the market because it forms the foundational infrastructure necessary for implementing smart parking solutions. It includes physical components like sensors, cameras, payment kiosks, access control gates, and signage, which are essential for the functioning of any smart parking system. Furthermore, the hardware serves as the backbone, providing real-time data collection and enabling functionalities, such as vehicle detection, space occupancy monitoring, and automated access control. Additionally, the expansion of electric vehicle (EV) infrastructure, including charging stations in parking facilities, is also contributing to the growth of this segment.

The software segment plays a crucial role in the functionality and efficiency of smart parking solutions. It includes software platforms that process and analyze the data collected by hardware components, such as sensors and cameras. It encompasses management software, mobile applications, data analytics tools, and user interface systems.

The services segment encompasses the support and maintenance necessary for the effective operation of smart parking systems. It includes installation, repair, maintenance, consulting, and training services that are provided by smart parking solution vendors. Additionally, services related to data management and analytics are becoming increasingly important as parking operators seek to derive actionable insights from the data collected by their systems.

Breakup by Solution:

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

Security and surveillance exhibit a clear dominance in the market 

A detailed breakup and analysis of the market based on the solution have also been provided in the report. This includes security and surveillance, valet and parking reservation, and license plate recognition. According to the report, security and surveillance accounted for the largest market share.

The security and surveillance segment holds the largest market share, reflecting the growing importance of safety and security in parking areas. It involves the integration of technologies like CCTV cameras, motion detectors, and alarm systems to monitor parking facilities and prevent unauthorized access, theft, and vandalism. Furthermore, the heightened sense of safety provided by these systems is a significant factor in their popularity, especially in urban and commercial areas where security concerns are paramount. Additionally, the introduction of advanced surveillance systems that incorporate artificial intelligence (AI) and machine learning (ML) algorithms for facial recognition and behavior analysis, is boosting the market growth.

The valet and parking reservation segment is gaining traction due to its convenience and efficiency. It focuses on providing services that streamline the parking process, such as digital platforms for reserving parking spots in advance and valet services for hassle-free parking. Furthermore, valet and parking reservation allows users to book and pay for parking spaces using mobile apps or websites, thus reducing the time and stress associated with parking.

The license plate recognition (LPR) segment is a key area of technological innovation, offering efficient and automated management of parking facilities. It uses cameras and image processing software to read and record vehicle license plates. Furthermore, LPR streamlines various aspects of parking management, such as access control, payment processing, and violation enforcement.

Breakup by Vertical Type:

• Government and Municipalities
• Commercial Institutions
• Transport Facilities
   

Commercial institutions dominate the market

The report has provided a detailed breakup and analysis of the market based on the vertical type. This includes government and municipalities, commercial institutions, and transport facilities. According to the report, commercial institutions represented the largest segment.

The commercial institutions segment represents the largest market share as it encompasses the adoption of smart parking solutions within private commercial spaces, such as shopping malls, office complexes, and business parks. It is driven by the need to manage high volumes of traffic and to provide convenient parking experiences for customers and employees. Smart parking systems in commercial settings often include advanced features like online reservation systems, valet services, and integrated payment options.

The government and municipalities segment involves the implementation of smart parking solutions in public areas like streets, municipal buildings, and public parks. Furthermore, governments and local authorities are increasingly adopting smart parking technologies to address challenges, such as traffic congestion, limited parking space, and environmental concerns. These technologies not only benefit the general public by reducing the time and stress associated with parking but also help municipalities better manage their urban spaces and resources.

The transport facilities segment pertains to the implementation of smart parking solutions in areas like airports, train stations, and bus depots. It is driven by the need to manage the large influx of vehicles and streamline the parking experience for travelers. Smart parking systems are essential in these high-traffic environments for efficient space utilization, reducing congestion, and minimizing the time passengers spend searching for parking.

Breakup by Parking Site:

• Off-Street Parking
• On-Street Parking
   

Off-street parking is the predominant market segment

A detailed breakup and analysis of the market based on the parking site have also been provided in the report. This includes off-street parking and on-street parking. According to the report, off-street parking accounted for the largest market share.

The off-street parking segment holds the largest market share due to its widespread application in controlled environments, such as parking garages, lots, and private properties. Off-street parking facilities often face challenges in managing high volumes of vehicles, especially in commercial and urban areas. Smart parking solutions in this segment include technologies like sensor-based space detection, automated ticketing and payment, and guidance systems that greatly enhance the efficiency and user experience. Additionally, off-street parking offers more opportunities for implementing advanced technologies like automated parking systems and electric vehicle charging stations.

On-street parking refers to parking spaces available along city streets and is often managed by municipal authorities. Smart parking solutions in this segment are crucial for managing limited urban space efficiently, reducing congestion, and improving the accessibility of city centers. They include sensor-based space availability indicators, mobile app integrations, and enforcement solutions like license plate recognition technology.

Breakup by Region:

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America
   

North America leads the market, accounting for the largest smart parking market share

The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. According to the report, North America accounted for the largest market share.

North America holds the largest market share driven by several factors, including high vehicle ownership rates, significant technological adoption, and substantial investments in smart city initiatives. Furthermore, the prevalence of smart city projects in numerous North American cities, leading to the widespread implementation of smart parking solutions aimed at improving traffic flow and reducing congestion in urban areas, is contributing to the market growth. Additionally, the growing emphasis on sustainability and environmental responsibility, fueling the adoption of smart parking technologies to reduce emissions and optimize space usage, is driving the market growth.

Europe is known for its dense urban centers and limited parking spaces, creating a significant demand for smart parking solutions. Furthermore, the increasing focus on reducing carbon emissions and improving urban living standards, leading to the adoption of smart parking systems as part of broader smart city initiatives, is driving the market growth.

The Asia Pacific region is experiencing rapid growth in the smart parking market, driven by increasing urbanization, growing vehicle ownership, and a strong push towards smart city developments. Furthermore, the increasing adoption of advanced technologies, along with rising economic growth and increasing public and private investment in infrastructure development, is fueling the market growth.

The smart parking market in the Middle East and Africa region is driven by rapid urbanization and modernization efforts. Additionally, the ongoing economic diversification efforts in the region to move away from oil dependency are supporting the market growth. Furthermore, the increasing number of mega-events in the region, which have accelerated the adoption of smart parking solutions to manage the expected surge in traffic, is driving the market growth.

Latin America faces numerous challenges related to urban mobility, such as traffic congestion and limited parking availability, which are driving the demand for smart parking solutions. Additionally, the rapid economic growth and urbanization in several Latin American countries, which are contributing to an increase in vehicle ownership, further exacerbating parking and traffic issues, is bolstering the market growth.

Leading Key Players in the Smart Parking Industry:

Key players are actively engaging in various strategic activities to enhance their market presence and meet the growing demand for efficient parking solutions. They are investing heavily in research and development (R&D) to innovate and integrate advanced technologies such as the Internet of Things (IoT), artificial intelligence (AI), and machine learning (ML) into their products, enabling more efficient and user-friendly parking management systems. Furthermore, several companies are forming partnerships and collaborations with government bodies, technology providers, and automotive companies to expand their reach and tailor their solutions to diverse urban environments. Additionally, they are focusing on offering end-to-end solutions that encompass hardware, software, and services.

The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

• Valeo S.A.
• Continental AG
• Robert Bosch GmbH
• Kapsch TrafficCom AG
• Cubic Corporation
• TKH Group
• Cisco Systems Inc.
• ParkMe Inc.
• Urbiotica
• Skidata AG
• Amano McGann Inc.
• Swarco AG
• Smart Parking Ltd
• Nedap N.V.
• Delphi Automotive PLC
• Aisin Corporation
• Siemens AG
• Xerox Corporation
   

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

Latest News: 

• In December 2022, TKH Group was awarded a contract from Raleigh-Durham International Airport for automated parking guidance system.
• In January 2023, Robert Bosch GmbH announced its plan to provide automated valet parking technology in garages across Germany.
• In October 2022, Amano McGann Inc. partnered with Soldier Field in Chicago to deploy new parking technology that offer lower maintenance cost and seamless updates.

Smart Parking Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the smart parking market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global smart parking market.
• The study maps the leading, as well as the fastest-growing, regional markets.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the smart parking industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.