Updated: 2 days ago
The global smart parking systems market size is expected to reach USD 30.16 billion by 2030, registering a significant CAGR of 21.2% from 2022 to 2030, according to new reports by Grand View Research, Inc. The increasing number of vehicles on the road and the subsequent rise in traffic congestion are the key growth drivers for the market. The outbreak of the COVID-19 pandemic has negatively impacted the market due to the varying levels of lockdowns implemented across the globe. However, as the lockdowns are gradually lifted, the demand for intelligent parking systems is expected to recover, and sales of private vehicles may also increase due to growing concerns about the safety of public transport.
In addition, an increase in the number of smartphone users worldwide is simultaneously increasing the number of users who park, pay and book spaces in advance via mobile apps. Favourable regulations, government policies and investments are encouraging the implementation of smart parking systems for a seamless and user-friendly parking experience for drivers and operators. Increasing demand for advanced features such as automatic payment options and voice guidance through smartphone apps is also expected to drive the market growth. More and more car parks are incorporating Automatic Number Plate Recognition (ANPR) based parking management systems to efficiently manage vehicles in car parks and access control systems.
The market is driven by factors such as the increasing availability of integrated automated solutions, advancements in ticketless parking technologies, and developments in automated payment technologies. In addition, smart cities are looking for sustainable mobility solutions to reduce pollution and congestion by allocating public and private spaces. These parking systems use data analytics, wireless communication technology and sensors to solve parking problems in cities and metros. These solutions can be used to locate available parking spaces using sensors and mobile applications, reducing the time spent by circling vehicles looking for parking and improving accessibility and the attractiveness of city centres.