According to the latest report titled “Global Smart Parking Market Outlook, 2024” by Goldstein Research, a leading market intelligence & consulting firm, smart parking is expected to be USD 7.5 billion market by 2024 from USD 2.0 billion in 2016, growing at a CAGR of 18.0%. Increasing car ownerships and rising traffic issues worldwide are the key factors driving the smart parking market.
Global smart parking market is largely dominated by North American region with a revenue share of over 30%, owing to technological advancement in the region. The popularity of home automation devices and high volumes of cashless payments in the region can be attributed to the largest market size. Whereas, Asia-Pacific region is set to witness the highest growth during the forecast period due to growing demand for automotive.
The report authors points that Global smart parking market segmentation has been done on the basis of smart parking components, smart parking site, smart parking service provider, smart parking vertical and geography. The demand for off street parking constitutes the majority for the demand of smart parking systems, amounting to over 65% of the global smart parking market. The segment for parking site providers accounts for majority of the market share in overall service provider market compared to other service providers.
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Market Segmentation
Global Smart Parking Market has been segmented as follows:
By Component
o Sensors
o Ultrasonic Sensors
o Magnetic Sensors
o Radar Sensors
o Image Sensors
o Cameras
o Smart Parking Meters
o Electronic Billing and Payment Systems
o Others (Displays, ECUs)
By Site
o On Street Parking
o Off Street Parking
By Service Provider
o Parking Management System Providers
o Parking Site Providers
o Electronic Payment Technology Providers
By Vertical
o Residential
o Commercial
By Region
o North America (US, Canada)
o Europe (UK, France, Italy, Germany, Spain, Hungary, Sweden, Russia, Poland and Rest of Europe)
o Middle East and Africa (GCC Countries, North Africa, South Africa and Rest of Middle East & Africa)
o Latin America (Brazil, Mexico and Rest of Latin America)
o Asia Pacific (China, Japan, India, Singapore, South Korea, Australia, New Zealand and Rest of Asia-Pacific)
o Rest of the World

Global Smart Parking Market Outlook, 2024 by Goldstein Researchcontains detailed overview of the global smart parking market. Further, for the in-depth analysis, it encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis. This market report also includes competitive outlook of some of the major players profiling of companies such as Smart parking India, SGL Group, Showa Denko, Smart parking India Ltd., Triton Minerals Ltd., Mason Smart parking, Inc., Tokai Carbon Co. Ltd., GrafTech International Holdings Inc., Alabama Smart parking Corp., Syrah Resources Ltd., Nippon Smart parking Industries, HEG Ltd., AMG Advanced Metallurgical Group N.V., Toyo Tanso Co., Ltd., Lamboo Resources Ltd., etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents the global smart parking market trends along with market forecast that will help industry consultants, technology providers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
Further information on Global Smart Parking Market Outlook, 2024 is available @ https://bit.ly/2x0BMMi
About Goldstein Research
Based in the US, Goldstein Research currently has a strong presence in the American and Asian countries. In the next five years, we strive to expand our reach to 50+ nations spanning across Europe, Asia and parts of the Middle East and Africa. We strive to realize a strong brand presence globally through our quality research and forecasting solutions.
Our mission is simple: to develop insightful business solutions, help our clients make powerful future decisions to keep them well ahead of the game which is the market, and leave a mark across businesses and communities through our well-defined ideas and clear cut forecasts. Our market research reports provide in-depth analysis of global and regional variations along with competitors’ overview.
Our analysts working on hardware & ICT industry research reports to help various tech-giants, tech start-ups and entry players to assess the current and upcoming business scenario. We believe in vigorous examination of the current market scenario and build around creative ideas and approaches that are most suitable to our clients’ needs and business agenda.