MarkNtel Advisors, a leading market research and consulting firm, has announced the release of its latest study titled Smart Parking Market Research Report Forecast (2024-2030). This report provides a detailed assessment of the Smart Parking Market, covering its evolving dynamics, emerging trends, key growth drivers, major challenges, and competitive landscape.

Designed to guide investors, stakeholders, and business leaders, the research aims to deliver valuable insights for strategic planning, risk assessment, and investment decision-making in the years ahead.

Market Timeline Overview

  • Historical Years: 2019-22
  • Base Years: 2023
  • Forecast year - 2024-20300

This helps businesses identify emerging opportunities, assess market risks, and develop data-driven strategies for long-term success.

In case you missed it, we are currently revising our reports. Click on the below to get the latest research data with forecast for years 2026 to 2032, including market size, industry trends, and competitive analysis. It wouldn’t take long for the team to deliver the most recent version of the report.

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Smart Parking Market Outlook

According to the report, 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.

The report also examines consumer preferences, regulatory impacts, and investment trends that will shape the market’s trajectory over the next decade.

Smart Parking Market Drivers:

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.

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Smart Parking Market Trends:

Integration of Automated Parking Systems with Smart Technology – The increasing demand for efficient parking systems with greater convenience and optimization is surging the integration of automated parking systems in the market. Automated parking systems allow the parking of vehicles without the need for a driver due to the integration of robotics and advanced analytics, which is surging its adoption among consumers. Moreover, the automated parking systems offer better space utilization owing to the vertical spacing of vehicles. The convenience offered by automated parking systems is a significant driving force behind its adoption surging its demand in the market.

Smart Parking Market Segmentation

The study categorizes the Smart Parking Market into various segments and sub-segments, each analyzed for its size, growth potential, and contribution to the overall industry.

By Component

  • Hardware
    • Pucks
    • Cameras & LPRs
    • Smart Meters
    • Others (Signage, Parking Gates, etc.)
  • Software
    • Parking Guidance System
    • Security & Surveillance
    • Parking Reservation Management
    • Valet Parking Management
    • Analytics & Reporting
    • Others (Payment & Billing, Enforcement and Violation Management, etc.)
  • Services
    • Consulting Services
    • Engineering Services
    • Others

By Technology

  • Ultrasonic Technology
  • Sensor-based
  • RFID
  • Others

By Parking Type

  • On-Street
  • Off-Street

By Application

  • Commercial
  • Government

Geographical Analysis

The report presents detailed insights into the market’s geographical expansion, highlighting key trends and opportunities across the following geographies:

By Region

  • North America
  • South America
  • Europe
  • The Middle East & Africa
  • Asia-Pacific

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Leading Companies in Smart Parking Market Worldwide: Players, Analysis & Future Outlook

Robert Bosch GmbH, Valeo S.A., Continental AG, Siemens AG, Amano Corporation, Park Assist, Nedap Identification Systems, AppyWay, Parkeagle B.V, Urbiotica, Swarco, Altiux, IPS Group, IEM S.A, Inrix, and others, are the top players in the Smart Parking Market.

Key Highlights of the Report

  • Comprehensive Market Overview: In-depth analysis of market size, share, and forecasts from 2024 to 2030.
  • Growth Drivers & Challenges: Clear insights into factors feeling or restraining market expansion.
  • Investment & Regulatory Insights: Evaluation of key policies, funding trends, and collaborations influencing industry performance.
  • Competitive Landscape: Detailed profiles of leading companies, including product portfolios, business strategies, financials, and recent developments such as mergers & acquisitions.

Analytical Tools: Application of SWOT Analysis, PESTEL Analysis, and Porter’s Five Forces Model to assess competition and external influences

Browse through our flexible pricing plans and choose the package that best fits your business needs whether you require a single-user license, corporate access, or customized insights. Once you select the plan that suits your requirements, you can purchase and instantly access the full report online – https://www.marknteladvisors.com/pricing/smart-parking-market.html

Frequently Asked Questions (FAQ)

1. What is the projected growth rate of the Smart Parking Market?
2. What are the major factors driving this market’s growth?
3. Which regions are expected to lead the Smart Parking Market?
4. Who are the prominent players in the Smart Parking Market?
5. How is the competition structured in this market?
6. How can I access the full report?

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About Us

MarkNtel Advisors is a leading research and consulting firm providing strategic intelligence across the automotive industry, spanning automobiles, electric vehicles, autonomous driving, and automotive components & electronics. Our research helps OEMs, suppliers, and investors navigate regulatory shifts, evolving mobility patterns, and emerging EV ecosystems. With Custom Market Analysis, we deliver tailored research solutions that address specific business objectives, empowering clients to optimize investments, accelerate innovation, and sustain long-term growth in the global automotive market.

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