Global Smart Parking Market Outlook, 2030

The worldwide smart parking market is witnessing considerable growth, fueled by the rising need for effective and intelligent parking solutions in metropolitan areas. As cities experience increased congestion and the quantity of vehicles on the roads escalates, the demand for sophisticated parking management systems has become essential. Smart parking utilizes advanced technologies such as the Internet of Things (IoT), artificial intelligence (AI), sensors, and cloud computing to enhance parking space usage, alleviate traffic congestion, and improve the overall parking experience for motorists. These systems offer realtime data regarding available parking spaces, directing drivers to empty spots and decreasing the time spent searching for parking. Government entities and municipal authorities are progressively investing in smart infrastructure to advance urban mobility and diminish environmental pollution caused by vehicle idling. Additionally, the uptake of automated payment solutions and mobile applications for parking reservations is further propelling market expansion. The smart parking sector is progressing with the incorporation of innovative technologies, including machine learning algorithms and smart sensors that recognize vehicle presence and relay information to central systems. This connectivity boosts operational efficiency, enabling parking operators to manage spaces more adeptly while lowering costs tied to manual monitoring.

Global smart parking market will reach $22.29 billion by 2030, growing by 16.9% annually over 20202030. Moreover, the proliferation of smart city initiatives globally is fasttracking the implementation of smart parking solutions, particularly in densely populated urban areas where conventional parking methods fall short. The market is also gaining from heightened investments in electric vehicle (EV) infrastructure, as smart parking systems commonly integrate EV charging stations to accommodate the increasing demand for sustainable transit. In spite of the market's favorable prospects, challenges such as high implementation expenses, data privacy issues, and interoperability complications among various smart parking systems may impede growth. However, ongoing innovations in cloudbased solutions and AIdriven analytics are expected to mitigate these concerns, rendering smart parking more available and efficient. As urbanization progresses and traffic congestion persists as a significant challenge, the global smart parking market is poised for further expansion, presenting innovative solutions to transform urban mobility and enhance the parking experience for millions of drivers around the world.

The worldwide smart parking market is experiencing swift growth across important regions, with North America, Europe, and the AsiaPacific at the forefront. North America, especially the United States and Canada, maintains a leading role due to robust government backing, advanced digital infrastructure, and elevated vehicle ownership levels. Notable cities such as New York, San Francisco, and Toronto have adopted smart parking solutions to alleviate congestion and improve urban mobility. The presence of prominent technology firms and the early integration of IoTbased parking solutions additionally boost the region's market development. Europe is another crucial contributor to the smart parking sector, with nations like Germany, the United Kingdom, France, and the Netherlands making significant investments in smart city projects. Stringent environmental regulations and sustainability objectives have spurred the need for intelligent parking solutions to decrease carbon emissions and traffic congestion. European metropolises such as London, Paris, and Berlin have incorporated automated parking systems and mobile payment options, enhancing the efficiency and userfriendliness of parking. The AsiaPacific region is witnessing the most rapid growth, driven by escalating urbanization, increasing disposable incomes, and swift technological innovations. Countries like China, Japan, India, and South Korea are heavily investing in smart infrastructure initiatives, which include AIpowered parking management systems. In China, cities like Beijing and Shanghai are rolling out extensive smart parking solutions to address severe traffic congestion issues. At the same time, Japan leads in automated parking technologies, merging robotics and AI into parking systems. India is also experiencing growth, with government programs like the Smart Cities Mission fostering the implementation of intelligent parking solutions. Additional regions, such as the Middle East and Latin America, are also rising contributors to the market. Nations like the UAE, Saudi Arabia, and Brazil are investing in smart parking technologies as a component of their urban modernization efforts, further promoting global market growth.

The worldwide smart parking market is categorized into Guided Parking Assist System and Smart Parking Assist System, each playing an essential role in modernizing urban parking solutions. The Guided Parking Assist System employs sensors, digital signage, and realtime data analysis to guide drivers to open parking spaces, significantly minimizing search duration and traffic congestion. This system is widely utilized in commercial parking areas, shopping malls, and airports, resulting in considerable revenue growth. The Smart Parking Assist System incorporates advanced technologies such as AIdriven automation and autonomous vehicle parking, providing handsfree parking assistance. These systems are becoming increasingly popular due to the growing adoption of connected and autonomous vehicles. During the period between 2019 and 2030, both segments are anticipated to experience considerable revenue growth, fueled by rising urbanization, increased vehicle ownership, and governmental investments in smart city projects. The swift integration of IoT and AI in parking management is further accelerating the uptake of these advanced parking systems. The market is split into OffStreet Parking and OnStreet Parking, both playing vital roles in smart parking solutions globally. OffStreet Parking, which encompasses parking lots, garages, and multilevel parking facilities, leads the market due to rising urban congestion and the necessity for organized parking management. This segment benefits from sophisticated technologies like automated payment systems, realtime occupancy monitoring, and security surveillance. OnStreet Parking, commonly found in urban areas, utilizes smart meters, mobile payment options, and IoTenabled sensors to enhance space utilization and revenue collection for municipalities. Governments across the globe are adopting smart onstreet parking solutions to facilitate traffic flow and curtail illegal parking. From 2019 to 2030, the revenue generated by these segments is expected to increase significantly, with offstreet parking taking the lead due to the growing need for structured parking solutions in commercial areas, shopping centers, and business districts.

The smart parking market is divided into Security and Surveillance, Smart Payment Systems, Parking Reservation and Valet Parking, and License Plate Recognition. Security and Surveillance solutions, which include CCTV cameras and AIpowered monitoring systems, enhance safety by deterring vehicle theft and vandalism. Smart Payment Systems, which feature mobile wallets, contactless cards, and digital kiosks, streamline parking transactions and lessen cash dependency. Parking Reservation and Valet Parking solutions enable users to prebook spaces via mobile applications, optimizing space utilization and decreasing search time. License Plate Recognition (LPR) technology automates entry and exit procedures, boosting operational efficiency in parking facilities. From 2019 to 2030, these solutions are set to drive significant market revenue, with Smart Payment Systems and License Plate Recognition showing the highest adoption due to the escalating digital transformation in parking management. The increasing demand for seamless, automated parking experiences is predicted to drive growth across all solution segments. The market is divided into Ultrasonic Sensors, Image Sensors, Radar Sensors, Radio Frequency Identification (RFID), Internet of Things (IoT), and Other Technologies. Ultrasonic Sensors are commonly utilized for detecting the presence of vehicles and aiding drivers in finding available parking slots, while Image Sensors enable license plate identification and parking security. Radar Sensors improve automation within selfparking and autonomous vehicle technologies. RFID technology supports efficient access management and cashless payments. IoT is essential by linking parking systems to cloud networks, which facilitates realtime data exchange and analysis. New technologies like AIdriven analytics and 5G communication are further enhancing smart parking solutions. From 2019 to 2030, the IoT and Image Sensors segments are predicted to see the most significant growth, fueled by the increasing use of connected parking systems and growing investments in urban mobility solutions globally.



The market is classified by vehicle type into Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles. Passenger Cars hold the largest share, propelled by increasing urban development and the growing number of private vehicles. Smart parking systems serve this category by delivering realtime availability of spaces, automated payment options, and reservation facilities. Light Commercial Vehicles (LCVs), which encompass vans and delivery trucks, gain from optimized parking solutions in cities where efficient loading and unloading zones are essential. Heavy Commercial Vehicles (HCVs), including buses and freight trucks, need specialized parking areas, and smart parking technologies assist in effectively managing fleet parking and logistics centers. Between 2019 and 2030, Passenger Cars are expected to continue dominating the segment, while the uptake of smart parking technologies for commercial fleets and logistics operations will fuel revenue growth in the LCV and HCV segments. The worldwide smart parking market is divided into Commercial Sector, Government and Public Sector, and Residential Sector. The Commercial Sector leads the market, with shopping centers, corporate offices, and entertainment locations adopting smart parking solutions to enhance customer satisfaction and increase revenue. The Government and Public Sector is significant by implementing smart parking systems in urban areas, airports, and train stations to alleviate congestion and improve parking management. The Residential Sector is seeing a rising adoption of automated parking solutions in apartment complexes and gated communities, providing security and ease for residents. From 2019 to 2030, revenue from all three sectors is projected to grow, with the Commercial and Government and Public Sectors at the forefront due to heightened investments in smart city frameworks and intelligent traffic control systems. The Residential Sector will also show steady growth as trends in smart home and residential automation continue to progress.

Considered in this report
• Historic Year: 2019
• Base year: 2024
• Estimated year: 2025
• Forecast year: 2030

Aspects covered in this report
• Global Smart Parking Market with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Based on Component, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2019-2030 included in each section.
• Hardware
• Pucks/Wireless Sensors
• Cameras and LPRs
• Smart Meters
• Signages
• Parking Gates
• Other Hardware
• Software
• Parking Guidance System
• Analytics Solutions
• Service
• Consulting Service
• Engineering Service
• Mobile App Parking Service

Based on System, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2019-2030 included in each section.
• Guided Parking Assist System
• Smart Parking Assist System

Based on Parking Type, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2019-2030 included in each section.
• Off-street Parking
• On-street Parking

Based on Solution, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2019-2030 included in each section.
• Security & Surveillance
• Smart Payment Systems
• Parking Reservation & Valet Parking
• License Plate Recognition

By Technology, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2019-2030 included in each section.
• Ultrasonic Sensors
• Image Sensors
• Radar Sensors
• Radio Frequency Identification (RFID)
• Internet of Things (IoT)
• Other Technologies

By Vehicle Type, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2019-2030 included in each section.
• Passenger Cars
• Light Commercial Vehicles
• Heavy Commercial Vehicles

By End User, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2019-2030 included in each section.
• Commercial Sector
• Government & Public Sector
• Residential Sector
The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to agriculture industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.