Smart Parking Systems Market Growth Forecast: Exploring Trends and Opportunities for the Next Decade
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What Growth Opportunities are Expected to Drive the Smart Parking Systems Market’s CAGR Through 2034?
The smart parking systems market has seen exponential growth. It is projected to rise from $8.5 billion in 2024 to $10.27 billion in 2025, at a CAGR of 20.8%. The primary drivers of past growth include increasing traffic congestion, a rise in automobile ownership, limited availability of parking spaces, environmental concerns, and government-led initiatives.
The smart parking systems market is set for rapid expansion, with a projected value of $22.13 billion by 2029, growing at a CAGR of 21.1%. Growth drivers include the rise of electric vehicles, development of autonomous vehicles, expansion of smart city projects, improved connectivity infrastructure, and the transition to shared mobility services. Key industry trends will feature real-time data analytics, contactless parking systems, cloud-based parking management, AI-powered predictive parking, and the implementation of blockchain for secure transactions.
What Major Innovations Are Driving the Accelerated Growth of the Market?
The increasing number of vehicles is expected to fuel the growth of the smart parking systems market in the future. A vehicle is a mechanical device designed for travel, primarily on highways or other smooth surfaces. Vehicle owners can significantly benefit from smart parking systems, which save time and effort, reduce stress, lower costs, enhance safety, and facilitate easier reservations and pre-bookings. For example, in December 2022, the Government Digital Service, a UK-based public sector information platform, reported that there were 1 million licensed plug-in vehicles in the UK by the end of September 2022, increasing from 1 in 61 (1.6%) at the end of September 2021 to 1 in 40 (2.5%) of all licensed road-using vehicles. At the same time, the total number of licensed vehicles in the UK reached 40.8 million by the end of September 2022, marking a 0.7% increase from September 2021. Thus, the growing number of vehicles is driving the growth of the smart parking systems market.
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What Are the Leading Industry Players Dominating the Smart Parking Systems Market?
Major companies operating in the smart parking systems market include:
• Bayerische Motoren Werke AG_x000D_
• Siemens A.G._x000D_
• IBM Corporation_x000D_
• Cisco Systems Inc._x000D_
• Swarco AG_x000D_
What Are the Latest Trends Leading to Disruption in the Smart Parking Systems Market?
Technological advancements are shaping the smart parking systems market. Major players in this industry are adopting new technologies to reinforce their market position. For example, in August 2022, WM Motor Technology Co. Ltd., a China-based automobile technology company, introduced 3.0 smart parking technology. This innovation integrates data from mobile, field, and vehicle sources into a unified system, enhancing parking capabilities and providing users with an advanced car parking experience.
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How Are the Key Segments of the Smart Parking Systems Market Impacting Its Expansion and Revenue Streams?
The smart parking systems market covered in this report is segmented –
1) By Type: Off-Street Parking, On-Street Parking
2) By Hardware: Pucks, Cameras And LPRs, Smart Meters, Signage, Parking Gates
3) By Software: Parking Guidance System, Analytics Solutions
4) By Service: Consulting Service, Engineering Service, Mobile App Parking Service
5) By Application: Commercial, Government, Transport Transit
Subsegments:
1) By Off-Street Parking: Parking Garages, Parking Lots, Automated Parking Systems
2) By On-Street Parking: Smart Meters, Parking Guidance Systems, Mobile Payment Solutions
Which Regions Are Significant to the Growth of the Smart Parking Systems Market?
North America was the largest region in the smart parking systems market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart parking systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
How Can We Define the Smart Parking Systems Market and Its Key Components?
Smart parking systems refer to tools and strategies designed to increase parking spots’ effectiveness, convenience, and management. Smart parking systems allow parking attendants to effectively utilize parking spaces to manage street parking in a contemporary and effective manner, reducing urban traffic and pollution.
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