Global Smart Parking Market Overview and Insights:
Smart Parking Market research is an ongoing process. Consistent monitoring and evaluating of market dynamics to stay informed and adapt your strategies accordingly. As a market research and consulting firm, we offer market research reports that focus on major parameters including Target Market Identification, Customer Needs and Preferences, Thorough Competitor Analysis, Market Size & Market Analysis, and other major factors. At the end, we do provide meaningful insights and actionable recommendations that inform decision-making and strategy development.
What is the Future Market Size of the Smart Parking Industry and its Yearly Growth Rate?
The Global Smart Parking Market size was valued at USD 6.28 billion in 2023 and is projected to reach USD 24.03 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 18.4% during the forecast period, i.e., 2024-30. The market growth imputes to the expansion of the middle-class population in emerging countries, and urban migration leading to soaring vehicle sales worldwide. Also, the lack of proper railway infrastructure in the majority of the countries has pushed the sales of commercial vehicles, such as trucks, trailers, etc.
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Who are the Main Competitors Driving the Global Smart Parking Market Forward?
The prominent players essentially operating in the Smart Parking Market are as follows:
- Robert Bosch GmbH
- Valeo S.A.
- Continental AG
- Otherss
- Siemens AG
- Amano Corporation
- Park Assist
- Nedap Identification Systems
- AppyWay
- Parkeagle B.V.
- Urbiotica
- Swarco
- Altiux
- IPS Group
- IEM S.A.
- Inrix
- Others
What are the key Drivers Defining the Global Smart Parking Market Size?
Rising Vehicle Ownership Rates Creating – The increasing purchasing power, growing need for freight transportation, declining interest rates, rising middle-class consumers in emerging and growing countries, and deteriorating public transport infrastructure, are leading to the increasing vehicle ownership across the globe. The technological advancements in the automotive sector such as improved fuel efficiency, and economic variants with high-quality engine parts are stimulating the adoption of personal vehicles among consumers. Automotive giants, such as Toyota, Suzuki, BYD, Tesla, Honda, BMW, etc., have been producing a vast number of motor vehicles catering to the demand for automobiles across the globe. For instance:
- In 2023, according to the International Organization of Motor Vehicle Manufacturers (OICA), the worldwide production of motor vehicles exceeded 93 million in 2023, an increase of around 10% over 2022. Around 68% of the total vehicles produced were passenger cars.
This rising vehicle adoption among consumers has been resulting in increased vehicular traffic jams worldwide. Additionally, surging pollution levels and carbon emissions is creating the need for ready parking spaces. This, in turn, is pushing the need for smart parking solutions globally for space management and utilization leading to their adoption and boosting the growth of the Global Smart Parking Market.
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What is the Segmentation of the Global Smart Parking Market?
The Smart Parking market covered in this report is segmented –
- By Component
- Hardware– Market Size & Analysis, 2019-2030F, USD Million
- Pucks– Market Size & Analysis, 2019-2030F, USD Million
- Cameras & LPRs– Market Size & Analysis, 2019-2030F, USD Million
- Smart Meters– Market Size & Analysis, 2019-2030F, USD Million
- Others (Signage, Parking Gates, etc.) – Market Size & Analysis, 2019-2030F, USD Million
- Software– Market Size & Analysis, 2019-2030F, USD Million
- Parking Guidance System– Market Size & Analysis, 2019-2030F, USD Million
- Security & Surveillance– Market Size & Analysis, 2019-2030F, USD Million
- Parking Reservation Management– Market Size & Analysis, 2019-2030F, USD Million
- Valet Parking Management– Market Size & Analysis, 2019-2030F, USD Million
- Analytics & Reporting – Market Size & Analysis, 2019-2030F, USD Million
- Others (Payment & Billing, Enforcement and Violation Management, etc.)– Market Size & Analysis, 2019-2030F, USD Million
- Services– Market Size & Analysis, 2019-2030F, USD Million
- Consulting Services– Market Size & Analysis, 2019-2030F, USD Million
- Engineering Services– Market Size & Analysis, 2019-2030F, USD Million
- Others– Market Size & Analysis, 2019-2030F, USD Million
- By Technology
- Ultrasonic Technology– Market Size & Analysis, 2019-2030F, USD Million
- Sensor-based – Market Size & Analysis, 2019-2030F, USD Million
- RFID– Market Size & Analysis, 2019-2030F, USD Million
- Others – Market Size & Analysis, 2019-2030F, USD Million
- Hardware– Market Size & Analysis, 2019-2030F, USD Million
Ultrasonic Technology is expected to hold a significant market share driven by its cost-effectiveness and better reliability.
- By Parking Type
- On-Street– Market Size & Analysis, 2019-2030F, USD Million
- Off-Street– Market Size & Analysis, 2019-2030F, USD Million
- By Application
- Commercial– Market Size & Analysis, 2019-2030F, USD Million
- Government– Market Size & Analysis, 2019-2030F, USD Million
- By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
Key Questions Answered in the Research Report
- What is the predicted Smart Parking market size and growth rate for the years 2024-30?
- What challenges are restricting the growth of the Smart Parking market?
- Which segment accounted for the largest market share in the Smart Parking market?
- Which prominent companies are leading growth in the Smart Parking market?
- In what formats does Markntel Advisors deliver the concerned report descriptions?
- How long does it take for customers to receive the reports provided by Markntel Advisors?
- Does Markntel Advisors provide customized reports?
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