The parking industry is undergoing transformative changes driven by technological advancements and shifts in urban mobility. Current trends highlight an ongoing emphasis on automation and intelligent system integration, reshaping how parking facilities operate and serve customers. Over recent years, the prevalence of smart technologies such as IoT devices and data-driven solutions has expanded, optimizing parking space utilization. This technological adoption and a steady recovery in nonresidential construction support revenue generation by enabling efficient parking management. However, challenges persist as urban drivers often favor more affordable alternatives like free street parking over paid facilities, prompting operators to rethink service offerings to attract customers. Revenue has grown at a CAGR of 8.1% over the past five years, with projections totaling $13.1 billion. However, the industry is expected to experience a single-year dip of 0.8% by 2025, as the projected growth is largely attributed to the sharp drop in 2020. Automation's growth has redefined wage structures, reducing labor expenses while increasing operational efficiency. Such cost savings present opportunities for enhanced profitability, especially for larger businesses adopting advanced technologies like automated payment systems. Geographic location heavily impacts revenue streams; high-traffic urban centers allow for premium pricing strategies, strengthening financial outcomes. As facilities emphasize management contracts over property ownership, depreciation costs drop, improving profit. These trends illustrate an industry striving for streamlined operations and financial sustainability. The industry anticipates growing demand in the coming five years as the economy regains momentum, supported by rising consumer confidence and urbanization. Parking requirements at airports, transit hubs and commercial centers are projected to climb, necessitating capacity reassessments and strategic partnerships to accommodate growing needs. Expanding nonresidential construction offers lucrative opportunities for businesses integrating parking facilities into new developments. Emerging technologies like mobile platforms will transform access and pricing strategies, fostering more informed consumer decisions and innovative pricing models. On the contrary, the evolution of urban mobility, including electric vehicle adoption and ridesharing, challenges parking lot operators, encouraging facilities to diversify offerings and invest in sustainable solutions. An emphasis on technology and adaptability will define success in this rapidly evolving landscape. Revenue is expected to rise at a CAGR of 1.6% over the next five years, reaching $14.2 billion in 2030.

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Smart Parking Market Size 2025-2029

The smart parking market size is forecast to increase by USD 15.19 billion at a CAGR of 20.7% between 2024 and 2029.

The market is experiencing significant growth due to several key trends. Urbanization and population growth are driving the need for efficient and convenient parking solutions. The adoption of mobile and app-based parking systems is increasing, providing users with the ability to reserve and pay for parking spaces remotely. However, privacy and data security concerns remain a challenge, requiring strong security measures to protect user information. Overall, the market is expected to continue growing as technology advances and meets the demand for smarter, more connected parking solutions. The Internet of Things (IoT) and machine-to-machine (M2M) technologies play a crucial role in the integration and communication between these hardware components and transport systems. Urbanization and population growth are major growth factors for the market, leading to a higher need for efficient and convenient parking solutions.
The adoption of mobile and app-based parking systems is increasing, offering users the convenience of reserving and paying for parking spaces remotely. However, privacy and data security concerns are a challenge that must be addressed through strong security measures to protect user information. The market is expected to continue growing as technology advances and meets the demand for smarter, more connected parking solutions.

What will be the Size of the Smart Parking Market During the Forecast Period?

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The market is experiencing significant growth due to the increasing demand for accessible and efficient parking solutions. Universities and businesses are adopting smart parking technologies to optimize garage management and enhance the parking experience for their clients. These solutions include smart apps, LPR cameras, wireless payment technologies, and lot automation. Infrastructure development and M2M communication are key drivers in the market, enabling real-time space management, availability, and utilization. Smart parking systems offer advanced features such as demand forecasting, reservation systems, and enforcement, ensuring optimal space utilization and revenue generation. The integration of guidance systems, security, and data analytics further enhances the value proposition.



The adoption of these technologies is not limited to commercial applications but is also gaining traction in public transportation, hospitals, airports, and other sectors. Autonomous vehicles and electric vehicles are emerging trends in the market, necessitating the development of new components and integration with existing systems. Innovation in management software, app development, and infrastructure development continues to drive the market forward, providing businesses with the tools they need to improve parking efficiency and enhance the customer experience.

How is this Smart Parking Industry segmented and which is the largest segment?

The industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Component

  Hardware
  Software
  Services


Solution

  Security and surveillance
  Parking reservation management
  Valet parking management
  License plate recognition


Type

  Off-street
  On-street


End-user

  Commercial space
  Government


Geography

  North America

    Canada
    US


  Europe

    Germany
    UK
    France
    Spain


  APAC

    China
    India
    Japan
    South Korea


  Middle East and Africa



  South America

By Component Insights

The hardware segment is estimated to witness significant growth during the forecast period.

The market encompasses hardware components that facilitate real-time data transmission and user experience enhancement in parking systems. Key hardware elements include parking sensors, smart meters, cameras, gate control systems, and EV charging stations. Parking sensors, installed in individual spaces, transmit occupancy data to central systems, guiding drivers to available spots and optimizing parking space utilization. By reducing time spent searching for parking and alleviating traffic congestion, these sensors contribute significantly to urban mobility.

Online payment systems, including contactless and automated, ensure seamless revenue management and compliance with parking regulations. Urbanization and population growth necessitate advanced parking technologies to address traffic congestion and space utilization challenges.

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The hardware segment was valued at USD 2.77 billion in 2019 and s

This statistic represents the global smart parking market size in 2018, with a forecast for 2023. The global smart parking market is expected to grow to some 3.8 billion U.S. dollars by 2023, at a CAGR of 14 percent.

Smart Parking Market size was valued at USD 6.28 billion in 2023 and is projected to reach USD 24.03 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 18.4% during the forecast period 2024-30.

The Global Parking Management Market Analysis is segmented by Deployment Type (On-premises, Cloud-based), Parking Site (Off-street, On-street), by Geography(North America (United States, Canada), Europe (United Kingdom, Germany, and the Rest of Europe), Asia Pacific (China, Japan, South Korea, Rest of Asia Pacific), Latin America (Brazil, Mexico, Rest of Latin America), Middle East and Africa (United Arab Emirates, South Africa, Rest of Middle East and Africa)). The market sizes and forecasts are provided in terms of value in USD million for all the above segments.

This statistic shows the size of the smart parking market in North America in 2014 and 2025. In 2025, the North American smart parking market is expected to generate around 24 billion U.S. dollars in revenue.

Explore the Parking Management Market trends! Covers key players, growth rate 9.9% CAGR, market size $5.96 Billion, and forecasts to 2034. Get insights now!

The Market Report Covers Europe Car Parking Companies and is Segmented by Application Area (Parking Operators/Parking Management Companies, Infrastructure Providers (Hardware and Software), P2P Parking Apps Providers) and by Country.

How many parking spaces are there in the Netherlands? According to a 2018 report, no exact data exists on this. It is estimated to be between 14 to 18 million spaces. The data this is based on comes from two different research methods, both of which have been included in this statistic. For 2016, the number is based on a calculation on the total number of passenger cars which was multiplied with a number of 2.2 parking spaces per car (based on one space on the place of departure, one space on the destination and "other" capacity). All 2014 numbers were extrapolated from 2002 parking space data with the help of car ownership and population growth. The source therefore states quite clearly that both 2014 and 2016 are not based on actual censuses and should therefore be approached with caution.

Parking Management Market size was valued at USD 4.37 Billion in 2024 and is projected to reach USD 7.74 Billion by 2031, growing at a CAGR of 7.4% from 2024 to 2031.

The Parking Management Market is driven by the increasing adoption of smart city initiatives and advancements in technology, such as IoT and AI, which facilitate efficient parking solutions. The growing number of vehicles worldwide has intensified urban congestion, highlighting the need for effective parking management systems. Rising demand for contactless payment methods and automated parking solutions, particularly in the post-pandemic era, further boosts the market. Additionally, the focus on reducing environmental impact through lower vehicle emissions and fuel consumption is encouraging the use of intelligent parking systems. Government regulations promoting organized parking infrastructure and private sector investments in innovative parking technologies also play pivotal roles in market growth.

The global parking management market is estimated to grow from USD 5.57 billion in 2024 to USD 15.77 billion by 2035, representing a higher CAGR of 9.93% during the forecast period.

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Parking Management Market Size 2024-2028

The parking management market size is forecast to increase by USD 3.38 billion at a CAGR of 11.52% between 2023 and 2028.

The market is experiencing significant growth due to the increasing demand for convenient and assured parking solutions. This trend is being driven by the rising number of vehicles on the road and the subsequent need for efficient parking management systems. Another key trend is the deployment of Low-Power Wide Area Network (LPWAN) technologies, such as LoRa and Sigfox, to enhance parking management capabilities. However, the high deployment cost of parking management solutions remains a challenge for market growth. LPWAN technologies are revolutionizing parking management by enabling real-time monitoring and automation of parking facilities. Despite this, the high initial investment required for implementation is hindering the market's expansion.To overcome this challenge, parking management solution providers are exploring various business models, such as pay-per-use and subscription-based services, to make their offerings more affordable for customers. Overall, the market is expected to grow steadily In the coming years, driven by the need for efficient and convenient parking solutions and the adoption of advanced technologies.

What will be the Size of the Parking Management Market During the Forecast Period?

Request Free SampleThe market is experiencing significant growth due to the increasing demand for efficient and technologically advanced solutions in response to urbanization and the rising number of vehicles in metropolises. This market encompasses a range of offerings, including enhanced security solutions, smart parking systems, and traffic management solutions. Key players include parking facilities, city officials, vehicle manufacturers, traffic information providers, shared mobility providers, startups, and healthcare systems. These entities are integrating cloud-native parking management systems, Internet of Things (IoT) technologies such as parking sensors, and real-time traffic information to optimize parking availability and reduce congestion. Additionally, the integration of parking management solutions with public transport stations and off-street parking sites is becoming increasingly common.The market is expected to continue expanding, with a focus on support and maintenance and various deployment types to accommodate diverse client needs.

How is this Parking Management Industry segmented and which is the largest segment?

The parking management industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments. ComponentSolutionsServicesDeploymentOn-premisesCloudGeographyNorth AmericaUSEuropeGermanyUKAPACChinaJapanMiddle East and AfricaSouth America

By Component Insights

The solutions segment is estimated to witness significant growth during the forecast period. The market encompasses a range of technologies and solutions aimed at optimizing parking facilities in urban areas. Key components include enhanced security measures, smart parking systems, and traffic management solutions. City officials, vehicle manufacturers, parking facilities, traffic information providers, shared mobility providers, startups, public authorities, and technology companies are major contributors to this market. Hardware sensors, real-time messaging systems, traffic control devices, computer servers, application interfaces, and dynamic priced parking are essential elements of these solutions. Emerging technologies like the Internet of Things (IoT), smart cities, and cloud-native parking management systems are driving growth. Solutions offer features such as space optimization, hassle-free booking, simple navigation, seamless customer experience, live reports, parking enforcement options, and hardware and digital solutions.The market is expected to grow significantly due to increasing traffic congestion, the need for efficient parking systems, and the integration of digital payments, client banking, and comprehensive reporting. Operating costs, human intervention, and transportation system integration are key considerations. Both on-street and off-street parking sites, public transportation stops, and public parking facilities are targeted markets.

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The Solutions segment was valued at USD 2.15 billion in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

North America is estimated to contribute 32% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast per

The Parking Management Systems Market Share size and share are expected to exceed USD 11.29 billion by 2034, with a compound annual growth rate (CAGR) of 7.3% .

India Parking Systems Market is projected to reach USD 653.3 million by 2032, growing at a CAGR of 4.6% from 2024-2032.

Smart Parking Solutions Market size was valued at USD 8.94 Billion in 2024 and is projected to reach USD 18.02 Billion by 2031, growing at a CAGR of 10.10% from 2024 to 2031.

Urbanization and Growing Car Ownership: As cities expand, so does their population, and personal car ownership rises in tandem. Parking infrastructure frequently struggles to keep up with demand, resulting in a scarcity of parking places and highlighting the need for smarter management solutions. Smart parking systems provide a means to optimize existing parking resources and increase utilization rates.

Traffic Congestion and Environmental Concerns: The pursuit of elusive parking spaces leads to frustrated cars circling indefinitely, contributing to traffic congestion and air pollution. Smart parking solutions address this issue directly by giving real-time information on available parking spaces, allowing cars to navigate to them and save time and fuel. Furthermore, effective parking management can help to improve overall traffic flow within cities.

The global parking management market size reached USD 5.1 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 10.1 Billion by 2033, exhibiting a growth rate (CAGR) of 7.67% during 2025-2033. The market is growing because of different factors like rising sales of EVs, technological advancements continuously taking place to boost operational efficiency and enhance user experience, and the increasing number of smart cities that need advanced and efficient parking solutions.

This statistic shows the revenue of the industry “parking lots and garages“ in the U.S. from 2012 to 2017, with a forecast to 2024. It is projected that the revenue of parking lots and garages in the U.S. will amount to approximately 11,3 billion U.S. Dollars by 2024.

In 2023, the industry activity index for automobile parking in Japan stood at 102.2 points, increasing slightly from 101.8 points in the previous year. The Indices of Tertiary Industry Activity aim at revealing the trends of business in service industries in Japan.

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Automated Parking System Market Size 2024-2028

The automated parking system (APS) market size is forecast to increase by USD 3.59 billion, at a CAGR of 20.01% between 2023 and 2028.

The market is witnessing significant growth due to increasing urbanization and integration with smart city initiatives. As cities become more densely populated, the need for efficient parking solutions becomes increasingly important. APS offers a solution to this problem by providing automated parking facilities that can accommodate a large number of vehicles in a small space. However, the high initial investment required for implementing APS can act as a challenge for market growth. Despite this, the benefits of APS, such as reduced congestion, improved safety, and increased revenue for parking lot owners, make it an attractive option for cities and private parking lot operators.
Additionally, the integration of APS with the Internet of Things and other smart technologies is expected to further drive market growth. In summary, the APS market is poised for growth due to urbanization and smart city initiatives, despite the high initial investment, and the integration of advanced technologies is expected to provide new opportunities for market expansion.

What will be the Size of the Automated Parking System (APS) Market During the Forecast Period?

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The market is experiencing significant growth due to the increasing scarcity of land for parking in urban areas. With rising urbanization and the proliferation of smart cities initiatives, there is a heightened demand for sustainable parking solutions that minimize energy consumption and reduce CO2 emissions. Luxury buildings and commercial establishments are increasingly adopting APS to provide their clients with efficient, time-saving parking experiences. The car sales industry is also driving demand for APS as vehicle owners seek convenient and secure parking options.
Traffic jams and pollution levels in urban areas further highlight the need for innovative parking solutions. The APS market is poised to make a substantial impact on the car parking industry by reducing fuel wastage and fuel consumption, while minimizing the construction footprint of parking facilities. Urban mobility and the shift towards more environmentally-friendly transportation options are key trends shaping the future of the APS market.

How is this Automated Parking System (APS) Industry segmented and which is the largest segment?

The automated parking system (APS) industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Component

  Hardware
  Software


End-user

  Commercial
  Residential
  Mixed-use


Geography

  North America

    US


  Europe

    Germany
    UK


  APAC

    China
    India


  Middle East and Africa



  South America

By Component Insights

The hardware segment is estimated to witness significant growth during the forecast period.

The market is witnessing significant growth due to the increasing demand for sustainable parking solutions in urban areas. With urbanization and rising car sales, the scarcity of land for parking has become a major concern. APS offers a solution by optimizing parking capacity in commercial and residential buildings, including luxury residential complexes, hotels, and commercial complexes. The system's ability to provide comfort and convenience to vehicle owners, reduce CO2 emissions, fuel wastage, and time spent in traffic jams, aligns with smart city initiatives and urban mobility goals. The hardware segment of the APS market includes sensors, cameras, control units, and other electronic components.

Further, these components are essential for detecting and directing vehicles to their designated parking spaces. The demand for APS is expected to increase In the coming years due to the growing need for efficient parking infrastructure in urban areas. Innovations such as IoT-based technology, 5G connectivity, and analytics solutions are enhancing the capabilities of APS hardware, making them more accurate and reliable. Real estate developers, luxury projects, and smart city initiatives are investing in APS to provide their clients with advanced parking solutions. The initial investment in APS may be high, but the long-term benefits, including energy consumption savings, safety concerns, and inventory accuracies, outweigh the costs.

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The hardware segment was valued at USD 855.00 million in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

North America is estimated to contribute 46% to the growth of the gl

India Parking Systems Market size was valued at around USD 655.21 million in 2023 and is projected to reach around USD 832.05 million by 2030. Along with this, the market is estimated to grow at a CAGR of around 3.6% during 2025-30.