Smart Parking Technologies Lead Global Market Trends and Opportunities in Next-Generation Urban Development

Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The "Smart Parking Technologies and Global Markets" report has been added to's offering.

The global market for smart parking technologies was valued at $35.6 billion in 2022 and is expected to reach $88.8 billion by the end of 2028. The market is projected to grow at a compound annual growth rate (CAGR) of 18.1% during the forecast period of 2023 to 2028.

Government initiatives such as smart cities are expected to result in better traffic and parking management solutions in regions such as Asia-Pacific and Oceana by the end of 2030. The desire for better technology to lessen the impact on the environment in the region is another factor fostering demand for smart parking technologies.

This report segments the global market for smart parking technologies by offering (i.e., hardware. software and services), parking solution type, technology, end user and region.

The hardware segment was valued at $23.2 billion in 2022 and is expected to reach $57.6 billion by the end of 2028. The software segment is forecast to grow at a CAGR of 20.9% to reach $22.3 billion by the end of 2028, up from $7.8 billion in 2022. In the wake of the COVID-19 pandemic, commuters were more likely to drive without passengers, and also avoided public transportation. These habits have increased traffic congestion in cities, leading to increased demand for smart parking solutions such as commercial parking, government parking and transport transit parking.

This report provides an overview of the global market for smart parking technologies and analyzes market trends. Using 2022 as the base year, the report provides estimated market data for the forecast period 2023 through 2028. Revenue forecasts for this period are made by hardware, software and services; parking solution type; technology; end user and region.

Key Market Dynamics

Market Drivers

  • Growing Demand for IoT-Based Vehicles
  • More Vehicles on the Road
  • Government Policies and Regulations to Support Smart Parking

Market Challenges

  • Higher Implementation Costs
  • Lack of Supporting Infrastructure

Market Opportunities

  • Smart City Projects
  • Autonomous Cars and Smart Parking Technology

The Report Includes

  • 37 data tables and 54 additional tables
  • An overview of the global market for smart parking technologies
  • Analysis of global market trends, featuring historical revenue data for 2022, estimated figures for 2023, forecasts for 2024 and 2026, and projections of compound annual growth rates (CAGRs) through 202
  • Evaluation of the current market size and revenue growth prospects, accompanied by a market share analysis by offering, parking solution type, technology, end user and geographic region
  • Coverage of emerging technologies, the current and future market potential, and the regulatory framework and reimbursement scenarios
  • Review of patents, and ESG trends in the smart parking technology industry
  • Market share analysis of the key companies in the industry and coverage of mergers & acquisitions, joint ventures, collaborations, partnerships, and other market strategies
  • Company profiles of major players within the industry, including 3M, Smart Parking, Cisco Systems Inc., and Continental AG

Key Attributes:

Report AttributeDetails
No. of Pages135
Forecast Period2023 - 2028
Estimated Market Value (USD) in 2023$38.7 Billion
Forecasted Market Value (USD) by 2028$88.8 Billion
Compound Annual Growth Rate18.1%
Regions CoveredGlobal

Key Topics Covered:

Chapter 1 Introduction

Chapter 2 Summary and Highlights

Chapter 3 Market Overview

  • Value Chain Analysis
  • Political, Economic, Social and Technological (PEST) Analysis
  • Impact of Russia-Ukraine War on the Market
  • Fragmented Market
  • Manufacturers of Parking Sensors
  • Large Providers of Automotive Technology
  • Smart Parking Technology and Applications Providers
  • Developments in Smart Parking Technologies
  • Shift Toward Automation
  • Integrated Parking Solutions
  • Autonomous Parking
  • Infrared Proximity Sensors

Chapter 4 Market Dynamics

Chapter 5 Emerging Technologies and Developments

  • Future of Smart Parking Technologies
  • Smart Parking in the Future
  • Application of Emerging Technologies in Smart Parking
  • Augmented Reality
  • Radar Technology
  • Optical Character Recognition (OCR)
  • Internet of Things
  • Computer Vision

Chapter 6 Market Breakdown by Offering

  • Hardware
  • Software
  • Services

Chapter 7 Market Breakdown by Parking Solution Type

  • Automatic Park Assist
  • Assisted Parking

Chapter 8 Market Breakdown by Technology

  • Ultrasonic Sensors
  • Internet of Things (IoT)
  • Radio Frequency Identification
  • Other Technologies
  • Counter Technology
  • Ground-sensor Technology
  • Camera-based Technology

Chapter 9 Market Breakdown by End User

  • Commercial Parking
  • Government Parking
  • Transport Transit Parking

Chapter 10 Market Breakdown by Region

Chapter 11 Sustainability in Smart Parking Technologies: An ESG Perspective

  • ESG Issues in the Smart Parking Technologies Industry
  • Carbon Footprint/Environmental Impact
  • Labor Practices
  • Transparency and Governance
  • ESG Performance Analysis
  • Environmental Performance
  • Social Performance
  • Governance Performance
  • ESG Risk Ratings and Levels for Companies
  • ESG Practices in the Smart Parking Technologies Industry
  • Case Study

Chapter 12 Patent Analysis

  • Granted Patents (2020-2023)
  • Recently Awarded Patents

Chapter 13 M&A and Venture Funding Outlook

Chapter 14 Competitive Intelligence

  • Vendor Landscape
  • Market Ranking Analysis
    • Smart Parking Ltd.
    • Cisco Systems
    • Continental AG
    • Aisin Corp
    • BMW Group
    • Strategic Analysis

Chapter 15 Company Profiles

  • 3M
  • Aptiv
  • Cisco Systems
  • Continental
  • Flashparking
  • Inrix
  • Kapsch Trafficcom
  • NEC
  • Nedap N.V.
  • Robert Bosch
  • Siemens
  • Smart Parking
  • TKH Group
  • Valeo

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Global Smart Parking Technologies Market

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