Understanding the Smart Parking Market Size, Share, Analysis Forecast 2030

Global Smart Parking Market Overview:

According to MarkNtel Advisors study 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.

Global Smart Parking Market Challenge:

High Implementation Costs & Complexities Associated with Configuration – The substantial capital investment required to build a smart parking infrastructure or space poses a significant challenge to the overall market growth. The initial setup of smart parking infrastructure requires the integration of advanced sensors, IoT devices, communication networks, software, etc., which causes a significant financial burden on the end users. The technologies involved in smart parking solutions are often expensive to procure & install, which requires substantial budgets to operate an entire smart parking facility. Moreover, the retrofitting of existing parking spaces with new technology, sensors, transponders, software, etc., requires additional modifications, which further surge the costs of smart parking.

Additionally, the integration of various technologies, wiring, IoT devices, etc., in the parking systems adds a layer of complexity in calibration and configuration. This complexity creates the demand for skilled professionals and experts to optimize and operate the entire system, which increases the overall expense of smart parking infrastructure. Thus, these issues with technology and interoperability of advanced solutions and components make end users skeptical about their adoption, thus impeding the proliferation of smart parking solutions.

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Scope of the Smart Parking Market Report Segmentation

-By Component

• Hardware– Market Size & Analysis, 2019-2030F, USD Million
• Software– Market Size & Analysis, 2019-2030F, USD Million
• Services– Market Size & Analysis, 2019-2030F, USD Million

-By Technology

• Ultrasonic Technology– Market Size & Analysis, 2019-2030F, USD Million
• Sensor-based – Market Size & Analysis, 2019-2030F, USD Million
• RFID– Market Size & Analysis, 2019-2030F, USD Million
• Others – Market Size & Analysis, 2019-2030F, USD Million

-By Parking Type

• On-Street– Market Size & Analysis, 2019-2030F, USD Million
• Off-Street– Market Size & Analysis, 2019-2030F, USD Million

-By Application

• Commercial– Market Size & Analysis, 2019-2030F, USD Million
• Government– Market Size & Analysis, 2019-2030F, USD Million

For more detailed information about the Smart Parking market report, click here – https://www.marknteladvisors.com/research-library/smart-parking-market.html

Geographical analysis:

-By Region

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

North America is expected to hold a substantial market share due to the increasing deployment of smart parking solutions in the commercial and government sectors. A large number of public-private partnerships in countries like the US, Canada, and Mexico in smart parking solutions is leading to the surging adoption of smart parking solutions. Moreover, the high vehicle traffic & congestion issues in crowded cities are prompting end users to adopt smart parking solutions and develop smart city infrastructure in the region. As a result, the smart parking solution providers are launching new and innovative products and solutions for both the government and commercial sectors which is boosting the North America Smart Parking Market.

Global Smart Parking Industry Recent Development:

• 2023: Robert Bosch GmbH in partnership with APCOA announced the installation of automated valet parking technology in 15 further parking garages across Germany.
• 2023: Amano Corporation launched its new parking management system in the UK for businesses to manage their parking operations effectively.

Current Landscape of Smart Parking Market

The report delineates key market participants and thoroughly assesses their strategic approaches, trends, innovations, and manufacturing infrastructure, enabling a forecast of their market impact over the next five years. The meticulously researched data presented holds the potential to distinguish even nascent market entrants in the long term. Armed with pertinent data and actionable insights, our research report delivers a comprehensive overview of the market, empowering investors and stakeholders to establish a robust presence in the Smart Parking market. The research report profiles major players, including

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• 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

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