Latest Market Research Report 2025

  The global  smart parking systems market  is expected to reach USD 30.16 billion by 2030 and expand at a significant CAGR of 22.1% from 2023 to 2030 according to Grand View Research, The smart parking systems market is expected to witness remarkable growth during the forecast period owing to the subsequent rise in traffic congestion and an increasing number of automobiles on roads. Further, an increase in the number of smartphone users worldwide simultaneously increases the number of users to park, pay, and book the slots in advance over mobile apps, supporting the smart parking systems market growth.   Favorable government policies & regulations and investments are accelerating the smart parking systems implementation for a seamless, user-friendly parking experience for operators & drivers. Further, the rising demand for smart parking systems equipped with advanced features such as voice guidance enabled through smartphone apps and auto-payment options is ...

  Smart Parking Systems Industry Overview The global smart parking systems market size was valued at USD 5.75 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 21.2% from 2022 to 2030.   Due to the COVID-19 pandemic, countries across the globe have experienced varying degrees of lockdowns and many governments have also issued policies to stimulate economic recovery. Cities are experiencing a steep drop in traffic congestion. According to SpotHero, Inc., a U.S.-based smart parking solutions provider, since mid-March 2020, the demand for parking systems has decreased by 90% across the U.S. This decline is expected to adversely impact the growth of the market in the country as well as across the globe, at least for a short duration.   Gather more insights about the market drivers, restrains and growth of the Global Smart Parking Systems Market   However, post the COVID-19 pandemic, people are expected to use their vehicles for s...