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.

This statistic shows the revenue of the industry “parking lots and garages“ in California from 2012 to 2017, with a forecast to 2024. It is projected that the revenue of parking lots and garages in California will amount to approximately 2.360,7 million U.S. Dollars by 2024.

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.

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.

This statistic shows the revenue of the industry “parking lots and garages“ in Washington from 2012 to 2017, with a forecast to 2024. It is projected that the revenue of parking lots and garages in Washington will amount to approximately 362,9 million U.S. Dollars by 2024.

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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

According to Cognitive Market Research, the global Autonomous Parking Systems Market size is USD 1651.2 million in 2023 and will expand at a compound annual growth rate (CAGR) of 18.20% from 2023 to 2030.

North America held the major market of more than 40% of the global revenue with a market size of USD 660.48 million in 2023 and will grow at a compound annual growth rate (CAGR) of 16.4% from 2023 to 2030
Europe's Autonomous Parking System is projected to expand at a compound annual growth rate (CAGR) of 16.7% from 2023 to 2030, Europe accounted for a share of over 30% of the global market size of USD 495.36 million
Asia Pacific held the market of more than 23% of the global revenue with a market size of USD 379.78 million in 2023 and will grow at a compound annual growth rate (CAGR) of 20.2% from 2023 to 2030
Latin America market has more than 5% of the global revenue with a market size of USD 82.56 million in 2023 and will grow at a compound annual growth rate (CAGR) of 17.6% from 2023 to 2030
Middle East and Africa held the major market of more than 2% of the global revenue with a market size of USD 33.02 million in 2023 and will grow at a compound annual growth rate (CAGR) of 17.9% from 2023 to 2030
The demand for autonomous parking systems is rising due to the numerous strategies adopted by key participants.
Demand for urbanization remains higher in the Autonomous Parking Systems Market.
The passenger cars category held the highest Autonomous Parking Systems Market revenue share in 2023.

Rising Demand for Autonomous Vehicles to Provide Viable Market Output

The escalating demand for autonomous vehicles is poised to yield significant market output for the Autonomous Parking Systems sector. As consumers increasingly embrace the concept of self-driving cars, the need for advanced and seamless autonomous parking solutions becomes crucial. The integration of autonomous parking systems complements the overall autonomy of vehicles, addressing parking challenges in urban environments and catering to the growing preference for convenience among consumers. This demand surge is not only fueled by technological enthusiasts but also by the broader societal shift towards embracing smart and connected mobility solutions.

For instance, in September 2020, T2 Systems Navigated Data Security in the Parking Industry. The rise in alternative payment options has been a major advancement. Gone are the days of simply feeding quarters into a meter; in many places, patrons can pay with credit cards, EMV options such as Apple Pay, Google Pay, or an app. While they're convenient for customers, these payment options can be vulnerable to skimmers or hackers.

(Source:www.t2systems.com/resource/navigating-data-security-in-the-parking-industry/)

Urbanization and Limited Parking Spaces to Propel Market Growth

The market for Autonomous Parking Systems is set to experience significant growth, propelled by the ongoing process of urbanization and the persistent challenge of limited parking spaces in densely populated areas. As urban centers expand, the scarcity of parking spots becomes a pressing issue, necessitating innovative solutions. Autonomous Parking Systems offer a strategic remedy, optimizing available parking infrastructure and efficiently utilizing space. The seamless integration of these systems aligns with the needs of urban environments, providing a practical solution to alleviate congestion and enhance parking efficiency.

For instance, in July 2023, Smart Parking solutions will address India's evolving demands. WPS introduced a new range of indigenous products designed specifically to cater to the new, unique parking needs of India.

(Source:www.wohrparking.in/img/2023/emailer/07/External-Newsletter-June-v3.jpg)

Market Restraints of the Autonomous Parking System

Cybersecurity Concerns to Restrict Market Growth

The growth of the Autonomous Parking Systems market is likely to be restricted by significant cybersecurity concerns. As these systems heavily rely on interconnected technologies, they become potential targets for cyber threats, including hacking and unauthorized access. The vulnerability of autonomous parking systems to cyberattacks raises apprehensions about the safety and security of vehicles, discouraging widespread adoption. Ensuring robust cybersecurity measures to safeguard sensitive data and critical functionalities becomes paramount f...

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 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% .

This statistic shows the revenue of the industry “parking lots and garages“ in Georgia from 2012 to 2017, with a forecast to 2024. It is projected that the revenue of parking lots and garages in Georgia will amount to approximately 441,6 million U.S. Dollars by 2024.

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.

According to Ken Research analysis, US Parking Management Industry is expected to show increasing and is expected to grow at a CAGR of 6.5% from 2022 to 2028.

According to Cognitive Market Research, the global automated parking management systems market size will be USD 2015.5 million in 2024. It will expand at a compound annual growth rate (CAGR) of 18.00% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 806.20 million in 2024 and will grow at a compound annual growth rate (CAGR) of 16.2% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 604.65 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 463.57 million in 2024 and will grow at a compound annual growth rate (CAGR) of 20.0% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 100.78 million in 2024 and will grow at a compound annual growth rate (CAGR) of 17.4% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 40.31 million in 2024 and will grow at a compound annual growth rate (CAGR) of 17.7% from 2024 to 2031.
The hardware held the highest automated parking management systems market revenue share in 2024.

Market Dynamics of Automated Parking Management Systems Market

Key Drivers for Automated Parking Management Systems Market

Growing Interest in Passenger Vehicles to Increase the Demand Globally

The automated parking management systems market has experienced growth due to increased interest in passenger vehicles. Passenger vehicle parking devices reduce driver engagement, minimize anxiety associated with accommodation, and successfully and proactively move vehicles into parking places, all of which improve both safety and convenience. Consequently, the industry for automatic parking systems is expanding due to the increasing need for automobiles for passengers.

Increasing Expenditure on Infrastructure to Propel Market Growth

The automated parking management systems market has witnessed steady growth, driven by the rising expansion of infrastructure expenditures made worldwide. Automated parking systems are becoming more and more common in both residential and business structures due to the fast development process. Developers of property are now being encouraged to incorporate these systems into their construction endeavors. Customers are becoming more interested in owning apartments or dwellings in increasingly premium structures with improved parking systems due to their increasing financial situation and desire for greater standards of lifestyle. Saving space is aided by automated parking solutions. Automated parking systems have become more common because of design advancements in garages and parking areas.

Restraint Factor for the Automated Parking Management Systems Market

Expansive Prices to Limit the Sales

The expansion of the automated parking management systems market is largely restricted due to the high initial cost of infrastructure. Establishing superior parking systems requires a larger upfront expenditure than building conventional ones. Several pieces of apparatus operate in synchrony to accomplish robotics in automated parking systems. Because automated parking systems are costly, numerous companies lack interest in them and instead put profits ahead of customer satisfaction. Furthermore, industrial automated parking facilities could become unprofitable if passengers park outside on roads in order to avoid paying parking costs and cause delays in parking operations. The substantial upfront costs associated with developing these technologies could impede market expansion.

Impact of Covid-19 on the Automated Parking Management Systems Market

The automated parking management systems market has witnessed growth due to rising demand for innovative technology. Key drivers include increased automated vehicles. The automated parking structure business was impacted significantly by the COVID-19 outbreak. The deployment of automated parking facilities was impacted by the costly development reexamination and disruptions brought about by the financial slump and uncertainty. Furthermore, the pandemic underscored the significance of non-invasive and automated technology. This may lead to heightened curiosity about automated parking facilities as cities adjust to evolving standards and give precedence to intellige...

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.

Discover the future of UK Parking Management - Uncover insights on deployment, parking sites, and regional trends in this comprehensive 2028 analysis.

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.

This statistic shows the revenue of the industry “parking lots and garages“ in Florida from 2012 to 2017, with a forecast to 2024. It is projected that the revenue of parking lots and garages in Florida will amount to approximately 728,2 million U.S. Dollars by 2024.

Access the summary of the Parking Management market report, featuring key insights, executive summary, market size, CAGR, growth rate, and future outlook.

The Global Parking Meter Apps Market was estimated to be worth US$ 62.2 Million. With the increasing issue of parking spot availability worldwide, the market is expected to reach a worth of about US$ 358 Million by the end of 2032, with a projected CAGR of 17.1% from 2022 to 2032. From 2017 to 2021, the Parking Meter Apps Market experienced a growth of 18.7%.

Explore the Parking Lots and Garages Market trends! Covers key players, growth rate 3.7% CAGR, market size $109.22 Billion, and forecasts to 2034. Get insights now!