Smart Parking Market Size Expected to Reach $33.5 Billion by 2032 by AMR

Smart Parking Market Trend

OREGAON, PORTLAND, UNITED STATES , September 27, 2023 / -- Allied Market Research published a report, titled, “Smart Parking Market by Type (Off-street and On-street), Technology (IoT, Ultrasonic, and RFID), Application (Security & Surveillance, Smart Payment System, E-parking, and License Plate Recognition), and End User (Commercial and Government): Global Opportunity Analysis and Industry Forecast, 2023–2032". According to the report, the global smart parking market generated $6.84 billion in 2022, and is anticipated to generate $33.51 billion by 2032, witnessing a CAGR of 17.4% from 2023 to 2032.

✅ 𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐨𝐟 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 -

Technological advancements such as online payments, and development of mobile apps for reserving parking slots, and the expansion of market players are anticipated to drive the smart parking market toward positive growth across the country. In July 2022, Aussie, a Sydney-based smart parking startup took its technology to the U.S. in its vision for a new era of data-driven urban mobility. It uses real-time kerbside information, including road rules and parking restrictions, to create data sets and digital tools that be used for parking and smart city apps.

Increased parking concerns across the globe, growth in demand for Internet of Things (IoT)-based technology, and increase in the number of vehicles are the major factors that propel the smart parking market growth. However, high implementation cost & configuration complexity and low rate of internet penetration in developing regions are the major factors that hamper the growth of the smart parking market. Furthermore, the rise in investment in building driverless vehicles, and government initiatives in building smart cities across the globe are the factors that are expected to offer growth opportunities for the market during the forecast period.

𝐂𝐎𝐕𝐈𝐃-𝟏𝟗 𝐈𝐦𝐩𝐚𝐜𝐭 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬

The overall demand for parking spaces decreased significantly as governments implemented lockdown measures and restricted travel. The need for parking spaces was reduced, affecting the revenue of smart parking providers with fewer people commuting to work, shopping malls, and other public places. For instance, according to the National Parking Association, parking operators experienced a 50% decline in parking revenue in 2020 due to movement restrictions at the beginning of the COVID-19 pandemic. However, the smart parking market size is still expected to grow in the long term despite these challenges. The pandemic has highlighted the need for more efficient and sustainable parking solutions. Smart parking systems may help to reduce traffic congestion, improve air quality, and make it easier for people to find parking. As a result, demand for smart parking systems is expected to increase in the upcoming years.

✅ 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰 -

Moreover, An increase in smart city development projects drives the smart parking market in Canada. In addition, the growth in government initiative related to the parking system in the country is further expected to boost market growth. In June 2018, the City of Stratford became the first City Council in Canada to install technology-based smart parking system of Waterloo to have a real-time online parking map that displays empty parking spaces and collects data by using sensors.


👉By type, the off-street segment is anticipated to exhibit significant growth in the near future.
👉By technology, the ultrasonic segment is anticipated to exhibit significant growth in the near future.
👉By application, the security and surveillance segment is anticipated to exhibit significant growth in the near future.
👉By end user, the commercial segment is anticipated to exhibit significant growth in the near future.
👉By region, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.

Developments in processing technologies and advances in digital cameras and recognition devices drive market growth. In addition, the growth in the need for the deployment of license plate recognition systems in security & surveillance and parking management are the other factors that propel the market growth. Moreover, an increase in the number of initiatives by governments for the development of smart cities, including smart parking systems and traffic management systems further propelled the market growth.

For instance, in January 2021, The Primaverii 20 parking lot, located in the city of Cluj-Napoca, in Romania, joins the intelligent parking revolution provided by Quercus Technologies. This parking lot has a capacity for 379 parking spaces, 16 of them for people with reduced mobility, 4 for motorcycles or mopeds, and 60 spaces for placing bicycles A total of 9 SmartLPR Access license plate recognition cameras have been installed in the various Primaverii parking lots. Four of them are in the Primaverii 20 car park, another three in Primaverii 8, and the two remaining ones are in Mogosoaia 9.

✅ 𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 -

𝐊𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐨𝐩𝐞𝐫𝐚𝐭𝐢𝐧𝐠 𝐢𝐧 𝐭𝐡𝐞 𝐠𝐥𝐨𝐛𝐚𝐥 𝐬𝐦𝐚𝐫𝐭 𝐩𝐚𝐫𝐤𝐢𝐧𝐠 𝐦𝐚𝐫𝐤𝐞𝐭 𝐚𝐫𝐞 Amano McGann, Inc., Continental AG, Dongyang Menics Co., Ltd, IEM SA, IPS Group Inc., Klaus Multiparking Systems, Robert Bosch GmbH, Smart Parking Limited, Swarco AG, and Urbiotica.

𝐒𝐢𝐦𝐢𝐥𝐚𝐫 𝐑𝐞𝐩𝐨𝐫𝐭𝐬

David Correa
Allied Market Research
+1 800-792-5285
email us here
Visit us on social media: