Smart Parking Systems Market To Generate Revenue Worth $32,278.3 Million by 2030

The global smart parking systems market is projected to reach $32,278.3 million by 2030, advancing at a CAGR of 22.3% from 2024 and 2030. This can be due to the increasing traffic congestion, surging unorganized parking cases, rising demand for parking lots, government initiatives for smart cities, an increasing number of new players entering the market, and advancements in technologies.

Role of Technology

Modern technology has hardware, software, and services like cameras, smart meters, LRPs, mobile parking apps, engineering services, etc. With the rise in crowd mobility data in parking systems along with the development of smart cities, the gathering of data through sensor systems is increasing. Moreover, cities are looking for affordable options to gather data from sensors. Thus, many players in the industry are focusing on developing a system that can help in obtaining data via minimal cost expenditure. For example, Robert Bosch GmbH is trying to install community-based smart parking systems, which will use side-mounted sensors on connected vehicles for data generation. Thus, the crowdsourcing of mobility data is an evolving trend in the market.

Multi-Level Parking Is in High Demand

There is a high growth in population across the world, which increases the need for vehicles, leading to a rise in the number of automobiles on the road. Due to this, traffic congestion increases. To reduce the parking issue, multi-level parking garages are built under smart city initiatives. These facilities can be operated via mobile apps and have online payment methods, which, in turn, drive the need for user-friendly parking systems.

However, a framework system as an automatic valet parking is available only in selected countries. Germany is one of the few to have passed the Level 4 legislation. As advancements are booming, automated valet parking can be the future where the driver has to park the automobile in a handover zone close to the entrance of the parking garage, and can use a mobile app to start the highly automated and driverless parking service. This is made possible by Bosch stereo cameras, which are used to correctly detect objects or people in the driving aisle as well as vacant parking spaces and their surroundings. The car automatically applies the brakes and safely comes to a halt if it senses any barrier.

North America Is the Market Leader

Globally, North America is the largest market for smart parking systems. This is due to the increasing number of vehicles on the road that creates traffic congestion, opting for autonomous and semi-autonomous automobiles that require specialized parking garages, the presence of key industry players, technological developments, and high disposable income, and surging focus on sustainable environment in the region.

Whereas, Asia-Pacific is projected to be the fastest-growing market in the forecast period, with China being the major country. The number of cars on roads in China exceeded 302 million and the parking demand has grown by 1.9 times in the past decade. The flow of traffic is affected by the increasing number of cars on roads. According to experts, about 30% of traffic congestion issues are created due to parking problems. Thus, this factor drives the demand for smart parking systems in the region.

Some of the key players in the smart parking systems market are Amano Corporation, Robert Bosch GmbH, Barcelona Smart Technologies, S.L. (URBIOTICA), Smart Parking Ltd., Kapsch TrafficCom AG, IPS Group Inc., ParkMobile LLC, Nedap N.V., Worldsensing S.L., Siemens AG, Valeo SA, Continental AG, Xerox Corporation, and Cisco Systems Inc.