The smart parking systems market is estimated to reach USD 7,956.2 million in 2023, and it is expected to touch USD 32,278.3 million, growing at a 22.3% compound annual growth rate, by 2030.
The progression of this industry is because of the increasing requirement for parking lots due to the rising occurrence of traffic jams, government backing for smart parking systems, and developments in smart parking.
Moreover, with the mounting population all over the world, vehicle ownership is increasing in urban places, which is also boosting the demand for parking systems.
The off-street category, on the basis of parking sites, is the largest contributor to the industry. This is primarily because of the increasing count of companies that need sufficient parking and sophisticated detecting facilities. Moreover, single-slot parking is more convenient and favored by everybody.
The on-street category, on the other hand, will propel at a significant rate, during this decade. This is because this parking system is employed when the distance between parking spots and universities, companies, or shopping malls, is short. In addition, it lessens the duration of parking and reaching the destination.
The component category is split into software, service, and hardware. The hardware category is divided into parking gates, LPRs, cameras, smart meters, and others. Among these, the LPRs and cameras segment is likely to witness the highest demand in the years to come.
The commercial category, based on end users, is leading the smart parking systems market. This is mainly due to the rising commercial usage. The multi-story smart parking system has provided some ease in finding a vacant parking space.
Moreover, the increasing utilization and advancement of the digital payment approach have led to more contactless and fast accessibility of parking charges. This will further boost the progression of this category.
North America led the industry, and it will account for a share of 50%, in 2023. This will be because of the increasing count of vehicles on the road, growing worries about parking spaces, the rising count of smart city projects, and the mounting requirement to lessen traffic congestion.
The APAC smart parking systems industry is advancing at the fastest rate, and it is likely to grow at a rate of 23% throughout this decade. This will be because of the increasing requirement for advanced technologies to lessen the effect on the environment and the rising count of startups in this field in this region.