Global Smart Parking Market Forecast

Research & Markets has come out with a forecast for the global smart parking market between 2024 and 2030 predicting growth at CAGR of 14.7%. This includes robotic parking systems, driverless parking technology and growing penetration of IoT-based solutions for fully automated parking systems.

The Smart Parking Market grew from USD 10.79 billion in 2023 to USD 12.42 billion in 2024 and is expected to continue growing reaching USD 28.25 billion by 2030.

While the  growing urban population and increased vehicle ownership, which lead to congested cities, are expanding the need for efficient parking solutions, the growing availability of policies and investments focused on smart city projects is expanding the scope of smart parking as a critical component. Additionally, the increasing  emphasis on reducing CO2 emissions and optimizing space usage favours the adoption of smart parking systems. In Asia Pacific, the rapid urbanization rate, especially in China, Japan, and India, has resulted in significant traffic congestion and a pressing need for efficient parking solutions.

Though the high initial investment costs for infrastructure setup and technology integration and data privacy and security concerns associated with the collection and handling of user information hampers market growth, the growing development of sophisticated algorithms for predictive analytics to improve space utilization and traffic flow management is expected to create opportunities for market growth.