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Smart Parking Market By Parking Type (Off-road Parking and On-road Parking); By Component (Software and Hardware); By Solution (Security & Surveillance, Parking Reservation, License Plate Recognition and Others); By End User (Individual, Commercial, Transportation & Aviation and Others) - Global Historical Growth (2012-2016) & Future Outlook (2017-2024) Demand Analysis & Opportunity Evaluation

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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Smart Parking Market Overview

Smart parking refers to the detection of occupancy for vehicle parking using sensors and devices. Smart parking solution offers advantages over normal parking solutions such as optimized parking and reduced traffic. Smart parking system consists of cameras, sensors, RFID tags and other components.

Market Size and Forecast

Global smart parking market is anticipated to flourish at a CAGR of 17.8% during the forecast period i.e. 2017-2024.  Further, the market of smart parking was valued at USD 2.4 Billion in 2016 and is projected to garner USD 5.7 Billion by the end of 2024. Factors such as increasing sale of automotive across the globe and rising number of smart cities are making headway for the growth of the global smart parking market. Moreover, rising innovation and automation in automobiles is anticipated to positively impact the growth of the market.

smart Parking Market

Geographically, North America is anticipated to account for a significant portion of market share in the overall market of smart parking during the forecast period. Factors such as increasing need for innovative traffic management solutions and rising number of vehicles in the region is anticipated to fuel the growth of the North America smart parking market. Moreover, growing adoption of technology enabled parking solutions are opening a gateway of opportunities for the domestic and foreign vendors.

Europe smart parking market is expected to witness substantial growth over the forecast period. Growing sale of automotive vehicles in the region bodes well for smart parking market. Further, many major automotive manufacturers such as BMW, Audi and others are offering in-car smart parking solutions. This factor is envisioned to strengthen the growth of smart parking market in Europe. Moreover, Asia Pacific is poised to record fastest growth rate during the forecast period. Development of smart cities in the region is predicted to trigger the growth of the smart parking market in years ahead. Countries such as China, Japan and India are anticipated to exhibit faster growth rate as compared to other countries in the region. Moreover, increasing investment by the government for the establishment of smart parking is anticipated to fuel the growth of the Asia Pacific smart parking market.CLICK TO DOWNLOAD FREE SAMPLE

Based on component, smart parking market is segmented into software and hardware, out of which, hardware smart parking segment is expected to dominate the overall smart parking market during the forecast period.

Market Segmentation

Our-in depth analysis of the global smart parking market includes the following segments:

By Parking Type

  • Off-road Parking
  • On-road Parking

By Component

  • Software
  • Hardware
    • Cameras
    • Sensors
    • RFID
    • Others

By Solution

  • Security & Surveillance
  • Parking Reservation
  • License Plate Recognition
  • Others

By End User:

  • Individual
  • Commercial
  • Transportation & Aviation
  • Others

By Region

The global smart parking market is further classified on the basis of region as follows:

  • North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis

Smart Parking Market

Growth Drivers and Challenges

Growing need for smart infrastructure in mall, airports and others is the major factor which is expected to intensify the growth of the smart parking market. Moreover, evolving trend of intelligent transportation system is anticipated to benefit the growth of the global smart parking market. Further, benefit of smart parking such as better traffic management is anticipated to spur the demand for smart parking during the forecast period. Apart from this, increasing sale of vehicles across the globe fuels the growth opportunities for smart parking market. Increasing urbanization and rising disposable income of the population is driving the growth of the automotive industry which in turn, is anticipated to accelerate the growth of the global smart parking market.

Traffic authorities and municipal councils are adopting smart parking system owing to the increasing traffic congestion. Moreover, significant increase in the vehicle population is anticipated to drive the future adoption of the smart parking solutions in the years ahead.

Increasing government investments in smart cities are anticipated to further open a gateway of opportunities for the growth of the global smart parking market. Moreover, the market is witnessing public-private joint ventures to implement smart parking system. Manufacturers are involved in extensive research and development and are developing advanced smart parking components. For instance, on January 30,2018, Libelium launched new enhanced Smart Parking Sensor Node, which is able to detect parking spots with 99% accuracy. These activities are anticipated to strengthen the growth of the smart parking system.

However, high cost of implementation is the major restraining factor for the growth of this market. Moreover, less consumer awareness about smart parking solutions is also negatively hampering the growth of smart parking market.

Key Players

  • Valeo
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Altiux Innovations
  • Nedap AVI
  • Amco Corporation
  • Smart Parking Ltd.
  • Robert Bosch GmbH
  • Cubic Corporation
  • Cisco Systems, Inc.
  • CivicSmart, Inc.
  • ParkHelp
  • Passport Parking, LLC

Scope and Context

Overview of the Parent Market

Analyst View


The global smart parking market is segmented as follows:

  • By Parking Type Market Size & Y-O-Y Growth Analysis
  • By Component Market Size & Y-O-Y Growth Analysis
  • By Solution Market Size & Y-O-Y Growth Analysis
  • By End User Market Size & Y-O-Y Growth Analysis
  • By Region Market Size & Y-O-Y Growth Analysis

Market Dynamics

Supply & Demand Risk

Competitive Landscape

Porter’s Five Force Model

Geographical Economic Activity

Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio

Recent Trends and Developments

Industry Growth Drivers and Challenges

Key Information for Players to establish themselves in current dynamic environment



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