GITNUX MARKETDATA REPORT 2024

Smart Parking Industry Statistics

The smart parking industry is expected to grow significantly due to increasing urbanization and adoption of IoT technologies, with estimates projecting a compound annual growth rate of over 11% from 2021 to 2026.

Last Updated: June 22, 2024

Written & Summarized by: Jannik Lindner

How we write

In the following post, we explore key statistics shaping the smart parking industry, revealing valuable insights into its growth projections, market trends, regional dynamics, and technological advancements. From market size and compound annual growth rates to environmental benefits and regional market dominance, these statistics offer a comprehensive overview of the evolving landscape of smart parking solutions worldwide.

Statistic 1

"The Smart Parking Market size exceeded USD 3.8 billion in 2019."

Statistic 2

"It is expected that the global smart parking market will reach about USD 7.85 billion in 2023."

Statistic 3

"The market is anticipated to grow at a CAGR of 10.3% between 2020 and 2027."

Statistic 4

"The Smart Parking industry's average compound annual growth rate from 2021 to 2025 is predicted to be over 15.2%."

Statistic 5

"Smart parking solutions are expected to reduce pollution in commercial spaces by 30%."

Statistic 6

"North America is projected to hold the largest share of the smart parking market."

Statistic 7

"Europe's smart parking market is anticipated to grow at a CAGR of over 12% from 2020 to 2026."

Statistic 8

"IoT application in smart parking systems is expected to grow at 19% CAGR by 2025."

Statistic 9

"The Asia Pacific region accounted for about 26.4% of the total smart parking industry in 2019."

Statistic 10

"The top three smart parking companies made up nearly 35% of the market in 2019."

Statistic 11

"The driver comfort application segment of the smart parking market is predicted to grow at a CAGR of 19.5% from 2020-2025."

Statistic 12

"Dubai is planning to make about 60% of its parking smart by 2025."

Statistic 13

"The commercial segment creates the highest demand and is expected to grow at a CAGR of 25.1% from 2021 to 2028."

Statistic 14

"The use of AI in smart parking is growing at an annual rate of 14%."

Statistic 15

"Smart parking can save drivers 20 minutes a day on average."

Statistic 16

"Smart Parking Systems in the U.S. are expected to save about $2.3 billion per year by 2030."

The statistics in the smart parking industry paint a promising picture for the future, with significant market size growth projections, anticipated reductions in pollution, and increased adoption of IoT and AI technologies. Regions such as North America and Asia Pacific are poised to play significant roles in this growth. The commercial segment, driver comfort applications, and smart parking systems are all expected to experience substantial expansion in the coming years, showcasing the industry’s potential for innovation and efficiency. As smart parking becomes more prevalent, the benefits for drivers and cities alike, such as time savings and cost reductions, are set to make a substantial impact on urban mobility and sustainability.

Jannik Lindner

Jannik is the Co-Founder of Gitnux and has been working in the digital space since 2016. He is specialized in content and tech.

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