Latest News- Smart Parking Market: Hardware is expected to lead the Component segment during 2025-2029

The Smart Parking Market is being driven by Urbanization and population growth

The Smart Parking Market is expected to grow at a CAGR of 20.7% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 15194.6 million. The smart parking market is witnessing a significant shift towards mobile and app-based parking solutions. These innovative technologies enable drivers to easily locate, reserve, and pay for parking spaces using their smartphones. This trend is exemplified by the strategic partnership between ParkMobile, a leading smart parking solutions provider, and Purdue University, announced on November 16, 2023. Under this collaboration, ParkMobile's mobile parking payment app was integrated across the West Lafayette campus in Indiana, US, streamlining the parking process and enhancing user experience for drivers. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on segments_for_ai.nslist

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Urbanization and population growth
• Government initiatives and smart city projects
• Increased adoption of electric vehicle

However, the market also witnesses some limitations, which are as follows:

• Privacy and data security concerns
• Competition with traditional parking methods
• Interoperability issues

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Market Scope in Smart Parking Market Research Report

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Research Analysis Overview

The Smart Parking Market is witnessing significant growth due to the integration of advanced technologies such as smart apps, LPR cameras, wireless payment technologies, M2M communication, and management software. Universities, businesses, hospitals, airports, and other commercial establishments are adopting this technology for garage management, space management, and infrastructure development. This includes the use of guidance systems, reservation systems, demand forecasting, and enforcement systems. Autonomous vehicles and electric vehicles are also driving the market's growth. Innovations like lot automation, data analytics, optimization, and security are enhancing the availability and utilization of parking spaces. Infrastructure development, including the integration of guidance systems and app development, is improving parking efficiency and enabling real-time space management. Technology adoption is further boosted by the integration of components like LPR cameras, payment systems, and enforcement systems. Overall, the market is witnessing robust growth due to the need for efficient parking solutions in the context of increasing urbanization, public transportation usage, and infrastructure development.

Market Research Overview

The Smart Parking Market is a significant segment of the larger Global Electrical Components and Equipment Market. This market encompasses businesses specializing in the production of online payment solutions for the transport sector, IoT and machine-to-machine (M2M) technologies, and smart parking meters. The Global Electrical Components and Equipment Market size is determined by the consolidated revenue of manufacturers in various sectors, including water heaters and accessories, motors, motor control, encoder and amplifier, automation solutions, electrical distribution and protection equipment, small generators, wire and cable accessories, power supplies and conditioners, sensors, meters and indicators, recorders and loggers, process safety systems, instrumentation, test and measurement equipment, switches, transmitters and receivers, HVAC, and safety components. Furthermore, the market includes revenue generated from the rental and leasing of electrical components and equipment to industrial, commercial, and residential clients.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
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