According to the latest report by IMARC Group, titled “Smart Parking Market Size, Share, Trends and Forecast by System, Technology, Component, Solution, Vertical Type, Parking Site, and Region, 2025-2033”, offers a comprehensive analysis of the industry, which comprises insights on the global smart parking market size. The report also includes competitor and regional analysis, and contemporary advancements in the global market.
The global smart parking market size was valued at USD 5.7 Billion in 2024. Looking forward, IMARC Group estimates the market to reach USD 14.1 Billion by 2033, exhibiting a CAGR of 10.47% during 2025-2033.
Request Free Sample Report: https://www.imarcgroup.com/smart-parking-market/requestsample
Global Smart Parking Market Dynamics:
Growing Vehicle Population and Urbanization:
The international smart parking market is witnessing significant growth mainly as a result of the growing vehicle population and increasing urbanization across the world. With urban areas becoming increasingly crowded, the need for parking places increases, causing more traffic jams, lost time looking for parking, and increased driver frustration. Smart parking solutions overcome these issues by maximizing parking space use, directing drivers to vacant spots in real-time, and automating parking management. This increasing demand for effective parking management in urban areas, combined with the increasing number of vehicles on the road, is a major impetus for the use of smart parking technologies.
Technological Upgrades and IoT Integration:
Technological innovation, especially the spread of the Internet of Things (IoT), is at the center of the growth of the smart parking market. IoT-based sensors, cameras, and communication networks are the pillars of smart parking systems, offering real-time information on parking space availability, occupancy, and traffic movement. This information is then processed and communicated to drivers via mobile apps, navigation systems, and digital boards, allowing them to identify empty parking areas efficiently and promptly. Also, the integration of smart parking solutions with other smart city programs, including smart traffic solutions and smart mobility platforms, further boosts the overall urban transport system.
Government Initiatives and Sustainability Issues:
Governments and city councils around the globe are increasingly realizing the advantages of intelligent parking solutions in easing urban traffic, lowering carbon emissions, and enhancing the overall quality of life in cities. As a result, several are adopting favorable policies and investing in smart city infrastructure, such as smart parking systems. Such strategies tend to enhance land use efficiency, mitigate environmental effects of fuel consumption by cars cruising around while looking for spaces, and streamline urban mobility. Furthermore, public consciousness of sustainable environmental management even further spurs the uptake of smart parking technology as a method of ensuring environmentally friendly and sustainable urban environments.
By the IMARC Group, Some of the Top Competitive Landscape Operating in the Global Smart Parking Market are Given Below:
Valeo S.A.
Continental AG
Robert Bosch GmbH
Kapsch TrafficCom AG
Cubic Corporation
TKH Group
Cisco Systems Inc.
ParkMe Inc.
Urbiotica
Skidata AG
Amano McGann Inc.
Swarco AG
Smart Parking Ltd
Nedap N.V.
Delphi Automotive PLC
Aisin Corporation
Siemens AG
Xerox Corporation
Explore the Full Report with Charts, Table of Contents, and List of Figures: https://www.imarcgroup.com/smart-parking-market
Global Smart Parking Market Trends:
The global smart parking market is experiencing a number of key trends that are influencing its development. One of the most important trends is the growing use of mobile-based parking apps. These convenient apps give drivers real-time parking availability, navigation guidance, and easy payment facilities, and overall improve the parking experience. Another important trend is the expanding use of artificial intelligence (AI) and machine learning (ML) in smart parking systems. AI-based analytics can forecast parking demand patterns, rationalize pricing models, and enhance parking space allocation, resulting in optimized parking management. In addition, the market is seeing an increase in the use of sensor fusion technologies, which aggregate data from multiple sensors (e.g., ultrasonic, magnetic, video) to offer improved and more accurate parking occupancy data. Even a stronger emphasis on contactless and self-park options, instigated by government priorities regarding health protection and comfort preference, is increasingly being gained.
Key Market Segmentation:
Breakup by System:
Guided Park Assist System
Smart Park Assist System
Breakup by Technology:
Ultrasonic
RFID
IoT
Breakup by Component:
Hardware
Software
Services
Breakup by Solution:
Security and Surveillance
Valet and Parking Reservation
License Plate Recognition
Breakup by Vertical Type:
Government and Municipalities
Commercial Institutions
Transport Facilities
Breakup by Parking Site:
Off-Street Parking
On-Street Parking
Regional Insights:
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
Market Outlook
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.
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.
Contact US:
IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
Email: sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
United States: +1-631-791-1145
Write a comment ...