Smart Parking Systems Market Poised for Growth, Expected to Reach $18.13 Billion by 2028
The Business Research Company’s Smart Parking Systems Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
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LONDON, GREATER LONDON, UK, July 3, 2024 /EINPresswire.com/ — The smart parking systems market has witnessed exponential growth, projected to increase from $7.11 billion in 2023 to $8.68 billion in 2024, at a compound annual growth rate (CAGR) of 22.1%. It will grow to $18.13 billion in 2028 at a compound annual growth rate (CAGR) of 20.2%. This growth is driven by factors such as increasing traffic congestion, rising automobile ownership, limited parking spaces, environmental concerns, and supportive government initiatives.
Rising Vehicle Numbers Propel Market Growth
The growing number of vehicles globally is a significant driver for the smart parking systems market. With vehicle ownership rising, smart parking systems offer benefits such as time and cost savings, reduced stress, enhanced safety, improved accessibility, and easier reservations and pre-booking processes. For example, as of September 2022, the UK saw a notable increase in licensed plug-in vehicles, highlighting the growing need for efficient parking solutions.
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Key Players and Market Trends
Major companies shaping the smart parking systems market include Bayerische Motoren Werke AG, Siemens A.G., IBM Corporation, Cisco Systems Inc., and others. These companies focus on strategic partnerships and innovation to develop intelligent parking solutions. For instance, Ficosa’s partnership with LeddarTech aims to integrate advanced driver assistance systems with AI-based perception software, enhancing autonomous parking capabilities.
Smart Parking Systems Market Segments
• Type: Off-Street Parking, On-Street Parking
• Hardware: Pucks, Cameras And LPRs (License Plate Recognition), Smart Meters, Signage, Parking Gates
• Software: Parking Guidance System, Analytics Solutions
• Service: Consulting Service, Engineering Service, Mobile App Parking Service
• Application: Commercial, Government, Transport Transit
Geographical Insights: Asia-Pacific Leading Growth
North America dominated the smart parking systems market in 2023, while Asia-Pacific is expected to be the fastest-growing region in the forecast period. Detailed regional insights and growth opportunities are covered comprehensively in the full report.
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Smart Parking Systems Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Smart Parking Systems Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on smart parking systems market size, smart parking systems market drivers and trends, smart parking systems market major players, competitors’ revenues, market positioning, and market growth across geographies. The smart parking systems market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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