Smart Parking Systems Market Size By Component (Hardware [Cameras, Parking Gates, Sensors. Signage, Smart Meters], Software [Analytics, Parking Guidance], Service [Consulting, Engineering]), By Vehicle (PCV, LCV, HCV), By Type, & Global Forecast, 2023 - 2032

Smart Parking Systems Market size surpassed USD 6 billion in 2022 and is expected to register 20% CAGR from 2023 to 2032. A smart parking system combines sensors, cameras, meters, and other hardware with analytics and guidance-based software to offer drivers the agility of parking without any intervention, using the fewest possible resources such as fuel, time, and space. According to a survey of 2,000 drivers by the British Parking Association (BPA), an average person spends about four days annually to find parking space in the UK; hence, smart parking systems eliminate concerns and improve driver and passenger experience.
 

Increasing government initiatives on the development of smart cities and intelligent traffic management are likely to drive the product adoption. Growth in urban population across the globe will lead to traffic congestion, and to address such challenges, governments are effectively launching smart city projects. For instance, in October 2022, PT PP (Persero) Tbk, an Indonesian investment & construction company, collaborated with LG CNS, a South Korean smart industrial solution provider, to plan the smart city project for Nusantara, Indonesia's new capital, supporting industry growth. The rising new vehicle sales globally are anticipated to boost the smart parking systems market expansion. However, the lack of awareness about the benefits these parking system and the high cost of implementation are likely to hinder market growth by 2032.
 

Advancements in IoT, proliferation of mobile devices, cloud computing and increased integration of ADAS in new passenger cars are anticipated to propel smart parking systems market development by 2032. Moreover, the integration of geospatial systems and transport systems have led to an improved availability of parking data from wireless sensors. Additional technological assistance such as License Plate Recognition (LPR) cameras, smart parking meters, and parking guidance software have facilitated the ease of vehicle parking among drivers and improved the usage of fuel and time.
 

The COVID-19 pandemic has negatively impacted market demand of numerous industries. However, significant government investments in infrastructure development activities have gradually uplifted the smart solutions market. The pandemic played a positive role in the smart parking systems industry as more EVs were deployed and several new cars replaced their older counterparts, bringing the latest technology on road. Smart parking systems assist city administrations to mitigate traffic congestion and manage the dispersed parking spaces efficiently.
 

Based on component, the hardware segment dominates the industry owing to the widespread demand for smart parking meters by administrators to manage the on-street parking systems. Additionally, they also assist administrators in determining the appropriate payments for vehicles parked on the street for long hours.
 

The software analytics solutions type in smart parking systems market is expected to witness a considerable during 2023-2032 due to the ability of the parking sensors to methodically gather dependable information and offer assessment insights to administrators regarding busy & unoccupied places. Consulting services deal with diverse requirements of users and help operators in trouble-free and comfortable parking, allowing them to make informed decisions about parking and payments; hence, the consulting service segment is anticipated to observe strong growth by end of 2032.
 

In North America, the early deployment of smart parking systems in commercial spaces such as offices, corporate buildings, malls, movie theaters, and sports complexes is driving the regional market progression. Additionally, Victoria Transport Policy Institute of Canada, users can reduce parking requirements by 20%-40% with the use of cost-effective parking management programs. Furthermore, the presence of major smart parking system providers and software vendors in the U.S. has propelled the use-case of smart parking in the country.
 

Prominent players in the smart parking systems market include Park Assist, Amano Corporation, SWARCO, and Flowbird. The presence of several new companies and startups offering dedicated parking solutions and services is increasing competition in the market. Strategies such as mergers & acquisitions and partnerships & collaborations assist vendors in improving their market share.
 

This market research report on smart parking systems includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032 for the following segments:

Market, By Type

• Hardware
  • Cameras
  • Parking Gates
  • Sensors
  • Signage
  • Smart Meters
• Software
  • Analytics
  • Parking Guidance
• Service
  • Consulting
  • Engineering
  • Others

Market, By Type

• On-Street
• Off-Street

Market, By Vehicle Type

• PCV
• LCV
• HCV

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
• Latin America
  • Brazil
  • Mexico
  • Argentina
• MEA
  • GCC
  • South Africa

What Information does this report contain?