A recently revised report by Fact.MR estimates that by the end of the forecast period 2022-2032, the global market for smart parking solutions is expected to surpass US$30 billion and register a CAGR of a staggering 21%. Increasing traffic congestion is expected to boost demand for smart parking solutions in the coming decade.
From 2017 to 2021, the demand for smart parking solutions saw an increase with a CAGR of 18%. During the peak of the COVID-19 pandemic, the industry experienced a moderate slump due to reduced traffic flow on the roads due to severe closures and restrictions on public transport.
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The market growth is expected to be driven by the increasing adoption of integrated automated solutions as well as advances in wireless and digital payment technologies. Technologies used to implement effective systems include machine-to-machine (M2M) communication, data analytics, advanced sensors, smart parking meters, and mobile applications for slot reservations and online payments.
Important insights from the market study
- The global market for intelligent parking solutions is projected to be worth US$4.4 billion by the end of 2022
- Germany is emerging as the fastest growing market with a CAGR of 16%
- The US is posting a staggering 15% annual growth rate amid increasing traffic congestion in major cities
- Smart parking adoption in China is expected to grow at a CAGR of 12%
- Smart valet parking solutions are projected to register 9.9% year-on-year growth in 2022 versus 2021
- Commercial intelligent parking solutions with a sales share of almost 40%
Growing traffic congestion issues are prompting automakers and vehicle users alike to opt for internet and smart parking solutions, enabling improvements in city congestion, notes an analyst at Fact.MR.
Sophistication-driven technological advances to fuel growth
Increasing penetration of wireless network systems, IoT and…
