The global smart parking market is poised for robust growth, projected to achieve a remarkable Compound Annual Growth Rate (CAGR) of 17.8% during the forecast period. From a market valuation of USD 10.7 billion in 2023, the smart parking sector is anticipated to surpass USD 54.8 billion by 2033. This surge underscores increasing demand for efficient parking solutions driven by technological advancements and urbanization trends.
A recent research report highlights rising awareness and adoption of smart parking systems, which enhance ease of parking and assist Original Equipment Manufacturers (OEMs) in automotive sectors. Applications across various sectors are propelling market expansion, with successful operational trials in small cities demonstrating tangible benefits.
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Key Takeaways
- The United States market leads the market in terms of market share. The market is anticipated to cross a value of 11.0 billion by 2033. The regional market is expected to record a CAGR of 12.9% between 2023 and 2033.
- The smart parking market in China leads the space in terms of CAGR. It thrives at a CAGR of 28.7% during the forecast period. The market is likely to reach US$ 9.6 billion by 2033. The rapid growth is attributed to the increased population and the introduction of new parking guidelines.
- The hardware component is likely to thrive in the component category due to their significant price and one-time application. It is expected to record a CAGR of 15.3% during the forecast period.
- The guided park assist systems segment tops the system tally with a CAGR of 16.4% between 2023 and 2033. The growth is attributed to the autonomous parking operations that are auto-enabled in most of the high-tech vehicles.
Competitive Landscape
Providing full support for parking operations for saving time, fuel, and space is the motive of vendors while designing smart parking systems. The prominent players are focused on sensory technology that is also integrated with cloud storage. The companies are also involved in mergers & acquisitions and strategic partnership with other companies to increase the supply chain and distribution channel. The key players in the market include Siemens, Cisco Systems, Huawei Technologies, Delphi Technologies, Intercomp S.p.A.
Recent Development:
- Siemens and TASS International (A Siemens business) has collectively introduced UrbanSmartPark. It is a European initiative that is currently going through its test phase on real-world scenarios. It is likely to provide information around accident databases, manually created scenarios.
- Cisco Systems launched its IoT Solution with LoRaWAN to enable smart parking operations. While LoRa delivers parking sensors, Cisco delivers the IXM LoRa Gateway for Frankfurt E-parking Architecture.
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Key Segments
By Component:
- Hardware
- Sensors
- Cameras
- Parking Meters
- Digital Guidance Signage
- Others
- Software
- Parking Management Platforms
- SDK/API
- Services
- Consulting
- Integration & Support Services
- Device Management Services
By System Type:
- Guided Park Assist Systems
- Smart Park Assist Systems
By Sensor Technology:
- Ultrasonic Sensors
- RFID
- Image Sensors
- Others
By Application Area:
- Commercial
- Government
- Corporate
By Region:
- North America
- Latin America
- Europe
- Asia Pacific (APAC)
- The Middle East & Africa (MEA)
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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