Dublin, June 14, 2024 (GLOBE NEWSWIRE) -- The "Smart Parking - Global Strategic Business Report" has been added to ResearchAndMarkets.com's offering.
The global market for Smart Parking is estimated at US$7.9 Billion in 2023 and is projected to reach US$31.1 Billion by 2030, growing at a CAGR of 18.6% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions. 
Key Insights:
- Market Growth: Understand the significant growth trajectory of the Off-Street Parking segment, which is expected to reach US$25.4 Billion by 2030 with a CAGR of 20.4%. The On-Street Parking segment is also set to grow at 12.8% CAGR over the next 8 years.
- Regional Analysis: Gain insights into the U.S. market, estimated at $2.9 Billion in 2023, and China, forecasted to grow at an impressive 21% CAGR to reach $4.3 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Key Market Trends & Drivers:
- Growing Vehicular Traffic and Lack of Adequate Parking Spaces in Cities Drives Focus onto Smart Parking Systems
- The High Economic Cost of Parking Drives Interest in Smart Parking Solutions
- Average Time Spent in Searching for Parking Space in the UK, Germany and USA (in Hours Per Driver Per Annum)
- Smart Parking Solutions Seek to Resolve the Ever Growing Transport Challenges Confronting Cities across the World
- Smart Parking: An Integral Part of Smart City Initiatives
- A Review of Select Smart City Initiatives Implemented Worldwide
- Growing Smart City Initiatives Worldwide Presents Opportunity for Smart Parking Market
- Rapid Pace of Urbanization Gives Rise to Parking Concerns, Presenting Opportunities for Smart Parking Market
- Among the Notable Innovations in the Parking Space, Smart Parking Solutions Hold Immense Potential to Increase Parking Capacities
- Integration of Real-Time Smart Parking Systems in Intelligent Transport Systems across Smart Cities: Designed to Provide Timely Information
- IoT Facilitates Location Tracking of Cars in Smart Parking Lots
- Key Benefits of IoT-based Smart Parking System: % Reduction in Time Spent on Searching for Parking Space, Gas Emissions, Distance Travelled and Traffic Volume
- Innovations in IoT-based Smart Parking to Revolutionize Parking Space
- Parking 4.0: The Future of Smart Parking
- Smart Parking Technology Presents Additional Avenues of Revenue Generation in Cities
- AI-Based Parking Improves Parking and On-Road Experience
- Sensors Play a Vital Role in Smart Parking Systems
- Event Parking in Cities: Tremendous Growth Potential for Smart Parking Market
- Innovations & Advancements Boost Market Prospects
- Major Issues with Automated Parking Technology
Key Questions Answered:
- How is the Global Smart Parking Market expected to evolve by 2030?
- What are the main drivers and restraints affecting the market?
- Which market segments will grow the most over the forecast period?
- How will market shares for different regions and segments change by 2030?
- Who are the leading players in the market, and what are their prospects?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 526 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $7.9 Billion |
| Forecasted Market Value (USD) by 2030 | $31.1 Billion |
| Compound Annual Growth Rate | 18.6% |
| Regions Covered | Global |
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players such as Amano Corporation, Amano McGann, Inc., BMW Group, and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Select Competitors Featured:
- Amano Corporation
- Amano McGann, Inc.
- BMW Group
- Cisco Systems, Inc.
- CivicSmart, Inc.
- Continental AG
- Mercedes-Benz Group AG
- Flowbird
- gtechna
- IEM SA
- INDECT Electronics & Distribution GmbH
- IPS Group Inc.
- Kapsch TrafficCom AG
- Klaus Multiparking Systems Pvt. Ltd.
- Nedap
- Parkmobile LLC
- Robert Bosch GmbH
- Smart Parking Limited
- Swarco AG
- TKH Group NV
- Urbiotica
- Valeo S.A.
- Volkswagen AG
For more information about this report visit https://www.researchandmarkets.com/r/ylqr6k
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