The smart parking market is likely to register a CAGR of 17.8% between 2023 and 2033. The market is anticipated to cross a market share of US$ 54.8 billion by 2033 while it is valued at US$ 10.7 billion in 2023.
- The rising population around the world along with the technological advancements in the automotive industry and its components are fueling the sales of smart parking systems.
- The small spaces for designated parking demand a platform that provides the parking information, distance, and other details. The smart cloud integration, IoT integration, and vehicle detection sensors provide services like smart spots and mobile parking.
- Smart parking can be explained as the joint parking strategy of technology and human innovation that saves time, fuel, and space while enhancing the overall parking experience.
- The addition of a central server that inputs through sensors, cameras, parking meters, and smart city APIs and delivers output to management, authorities, and third-party solutions. This provides ease to the end user in finding, purchasing, and locating a parking space for their vehicles.
- Traffic and parking authorities across the globe are also promoting smart parking systems as it cuts the hassle and decreases manual inspection and parking allocation.
- Vehicles with advanced transmission along with increased awareness around machine-to-machine communication have also limited the market space and have gained value for the smart parking market.
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- The United States market leads the market in terms of market share. The market is anticipated to cross a value of 11.0 billion by 2033. The regional market is expected to record a CAGR of 12.9% between 2023 and 2033.
- The smart parking market in China leads the space in terms of CAGR. It thrives at a CAGR of 28.7% during the forecast period. The market is likely to reach US$ 9.6 billion by 2033. The rapid growth is attributed to the increased population and the introduction of new parking guidelines.
- Hardware component is likely to thrive in the component category due to their significant price and one-time application. It is expected to record a CAGR of 15.3% during the forecast period.
- The guided park assist systems segment tops the system tally with a CAGR of 16.4% between 2023 and 2033. The growth is attributed to the autonomous parking operations that are auto-enabled in most of high-tech vehicles.
Providing full support for parking operations for saving time, fuel, and space is the motive of vendors while designing smart parking systems. The prominent players are focused on sensory technology that is also integrated with cloud storage. The companies are also involved in mergers & acquisitions and strategic partnership with other companies to increase the supply chain and distribution channel.
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- Cisco Systems
- Huawei Technologies
- Delphi Technologies
- Intercomp S.p.A.
- Comarch SA
- Matrix Comsec
- Cisco Systems