The smart parking market size is expected to reach $19.3 billion by 2030, according to a new report by GlobalData Plc. Population growth and urbanization, technological advancements, development of smart city projects, and air quality and traffic congestion are the factors contributing to the market growth.
Parking space problems are a common problem in metropolitan areas across several countries. In densely populated cities, where space is limited, the issue of inadequate parking is particularly acute. High population density, limited land availability, traditional urban designs, and increasing car ownership are all factors that contribute toward the deployment of smart parking systems.
Global Smart Parking Market Share, by Component, 2020 – 2030 (%)
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Smart Parking Market FAQs
The smart parking market size globally will be valued at $8.1 billion in 2023.
The global smart parking market is expected to grow at a CAGR of 13.2% over the forecast period.
Population growth and urbanization, technological advancements, development of smart city projects, and air quality and traffic congestion are the factors contributing to the market growth.
Component Segments: Hardware, Software, and Services
Hardware Segments: Cameras/LPR, Sensors, Parking gates, Meters, and Signage
Type Segments: Off-Street, and On-Street
End-user Segments: Commercial, and Institutional
The leading smart parking market companies are Aisin Corp, BorgWarner Inc, Continental AG, Kapsch TrafficCom AG, Nedap N.V., Robert Bosch GmbH, Siemens AG, Smart Parking Limited, TKH Group NV, and Valeo SA.
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Smart Parking Market Dynamics
A crucial component of creating and implementing smart parking solutions is to integrate them with smart city projects. Used in conjunction with larger smart city frameworks, intelligent parking systems enable better quality of life, more effective urban management, and sustainable urban growth. With the help of traffic management systems, smart parking solutions can be used to dynamically change traffic signal timings based on the available parking space. In addition to minimizing travel times and congestion, this cooperation optimizes traffic flow near parking areas.
Smart parking solutions can include information about nearby transit options in parking apps, promoting the use of public transportation. Besides decreasing the number of private automobiles on the road, drivers are also encouraged to seek alternate forms of transportation with the help of seamless integration. Users can plan and carry out multimodal journeys more easily when smart parking is integrated with other transportation services, such as ridesharing, bike-sharing, and carpooling.
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Smart Parking Market Report Highlights
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Smart Parking Market Segment Outlook
GlobalData Plc has segmented the smart parking market report by component, hardware, type, end-user, and region:
Global Smart Parking Market By Component Outlook (Value, 2020-2030)
Global Smart Parking Market By Hardware Outlook (Value, 2020-2030)
Global Smart Parking Market By Type Outlook (Value, 2020-2030)
Global Smart Parking Market By End-user Outlook (Value, 2020-2030)
Global Smart Parking Market Regional Outlook (Value, 2020-2030)
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