Smart Parking Market Statistics, Industry Research Report, Size, Share, Analysis, Forecast 2023-2028

The global smart parking market size reached US$ 4.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 9.6 Billion by 2028, exhibiting a growth rate (CAGR) of 12.9% during 2023-2028. The increasing demand for autonomous vehicles (AVs), the rising adoption of cashless payment, and the integration of advanced technologies represent some of the key factors driving the market.

The latest report by IMARC Group, titled “Smart Parking Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the global smart parking market. The report also includes competitor and regional analysis, and contemporary advancements in the global market.

The global smart parking market size reached US$ 4.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 9.6 Billion by 2028, exhibiting a growth rate (CAGR) of 12.9% during 2023-2028.

A smart parking system (SPS) generally optimizes parking spaces via automated access control solutions, parking reserving barriers, parking guidance systems (PGS), ticketing systems, etc. It uses mechanical arrangements to transfer cars from one parking space to another and remove the wasted space in a multistory or single-story garage. Smart parking utilizes vehicle counting equipment, automatic number plate recognition readers (ANPR), video cameras, and pavement sensors to find out the occupancy of a parking lot and transfer the data to the control center in real-time. It aims to help in the smooth traffic flow in congested areas and provide a systematic parking operation. Smart parking guides users to available parking slots by navigating them from a smartphone application. When positioned as a system, it saves time, decreases management costs, reduces the cases of illegal parking in the area, etc.

Request Free Sample Report:

Global Smart Parking Market Trends:

The increasing traffic congestion leading to limited space for a smooth flow of traffic is primarily augmenting the smart parking market. Furthermore, the escalating demand for comfortable and luxurious cars, on account of the inflating disposable income levels, is positively influencing the global market. Apart from this, the launch of numerous favorable policies by government bodies for developing green and smart cities, economic zones, and industrial parks to minimize carbon dioxide emissions is also bolstering market growth. Besides this, the expanding international tourism sector, owing to the growing utilization of these systems as they can aid in smooth parking operations in famous and congested tourist destinations, is expected to fuel the smart parking market in the coming years.

Competitive Landscape:                                      

The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market.

Some of these key players include:            

Valeo S.A.
Continental AG
Robert Bosch GmbH
Kapsch TrafficCom AG
Cubic Corporation
TKH Group-Park Assist.
Streetline Inc.
Cisco Systems Inc.
ParkMe Inc.
Skidata AG
Amano McGann Inc.
Swarco AG
Smart Parking Ltd
Nedap N.V.
Delphi Automotive PLC
Aisin Seiki Co. Ltd
Siemens AG
Xerox Corporation

Moreover, the escalating support by the governments for the adoption of smart parking systems, as they help in reducing air pollution, traffic congestion, and carbon emissions, is strengthening the demand. Additionally, the rising implementations to improve traffic flow and reduce traffic congestion across urban cities are acting as another growth-inducing factor. Furthermore, smart parking systems help reduce the cost associated with parking management, such as enforcement, maintenance, and operation expenses, making it an attractive option for cities and parking lot owners, thereby catalyzing the demand globally. Apart from this, the continuous development of IoT, AI, based technologies has led to the development of more sophisticated smart parking systems that can provide real-time information and automated parking management, this is creating a positive market outlook.

Explore the Full Report with Charts, Table of Contents, and List of Figures:

Key Market Segmentation:

Breakup by System:

Guided Park Assist System
Smart Park Assist System

Breakup by Technology:

Ultrasonic Sensors
Radar Sensors
Image Sensors

Breakup by Component:


Breakup by Vertical Type:

Government and Municipalities
Commercial Institutions
Corporate Institutions
Transport Facilities

Breakup by Solution:

Security and Surveillance
Valet and Parking Reservation
License Plate Recognition

Breakup by Parking Site:

Off-Street Parking
On-Street Parking

Breakup by Region:

North America (United States, Canada)
Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the Report:

Market Performance (2017-2022)
Market Outlook (2023-2028)
COVID-19 Impact on the Market
Porter’s Five Forces Analysis
Historical, Current, and Future Market Trends
Market Drivers and Success Factors
SWOT Analysis
Structure of the Market
Value Chain Analysis
Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

Also, Read the Latest Market Research Report:

Global Algorithmic Trading Market Report 2023

Global Actuators Market Report 2023

Global Medical Equipment Maintenance Market Report 2023

Global Thermal Energy Storage Market Report 2023

Global Luxury Furniture Market Report 2023

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic, and technological developments for business leaders in pharmaceutical, industrial, and high-technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology, and novel processing methods are at the top of the company’s expertise.

Media Contact
Company Name: IMARC Group
Contact Person: Elena Anderson
Email: Send Email
Phone: +1-631-791-1145
Address:134 N 4th St.
City: Brooklyn
State: NY
Country: United States

Daily Digest Signup

Daily business and market business news, business management tips, market research insights, and more.


Smart public opinion research for everyone.

%d bloggers like this: