Indore, IN: Bizwit Research & Consulting LLP’s Recent Analysis on Global Smart Parking Market is poised to raise up to USD 22.3 Billion by 2030. Smart parking system provides real-time data information regarding the availability of nearby parking spaces and allows drivers to accommodate that slot without any interference from other vehicles. The adoption of parking technologies such as smart parking metres, Licence Plate Recognition (LPR) cameras, and parking guidance systems has made car parking easier, decreasing time and fuel consumption. These factors, along with the rising vehicle sales globally, are expected to boost the growth of the smart parking system market. This, in effect, is projected to raise demand for this technology in the forecast years. Across the globe, the proliferation of younger workforce in various sectors, combine with an increased demand for vehicles worldwide, has led to increased traffic congestion as well as pollution related to vehicles, has risen the demand for parking management solutions.
Geographically, the global Smart Parking industry has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America is projected to have the largest revenue market share during the forecast period due to increasing adoption of smart city initiatives is driving the implementation of smart parking systems in the region. In terms of sales, Asia Pacific is the most lucrative and fastest developing region for Smart Parking due to increasing focus on improving regional parking management and reducing air pollution & traffic congestion in the region.
The global Smart Parking market industry is highly competitive owing to the presence of several key manufacturers such as Amano McGann, Inc. Continental AG Dongyang Menics Co., Ltd SERVICIOS CONDUMEX, SA IPS Group Inc., Klaus Multiparking Systems, Robert Bosch GmbH, Smart Parking Limited, Swarco AG, Urbiotica and others.
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Global Smart Parking Market Size study & Forecast, by Type (Off-street, On-street), by Technology (IoT, Ultrasonic, RFID), by Application (Security & surveillance, Smart payment systems, E-parking, License plate recognition), by End User (Commercial, Government) and Regional Analysis, 2023-2030
Key findings of the study suggest:
- Global Smart Parking Market industry is anticipated to grow with a healthy growth rate of more than 12.6% over the forecast period 2023-2030
- In the Application segment, Security & surveillance emerged out as the leading market segment in 2022.
- North America is anticipated to drive regional growth owing to increasing governments initiatives together with smart parking systems service providers to provide safe & legal parking for private & commercial vehicles in the area.
- Asia-Pacific is expected to grow at higher rate owing to increasing number of vehicles on the road combined with government initiatives such as smart cities are expected to develop better traffic and parking management solutions during 2023-2030.
Bizwit Research & Consulting LLP has considered following segments for the study:
By Technology Type:
- Security & surveillance
- Smart payment systems
- License plate recognition
By End User:
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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