What Fueled The Previous Growth In The Real Time Parking System Market?
The real time parking system market has seen considerable growth due to a variety of factors.
• The real-time parking system market has grown rapidly in recent years. It will increase from $7.84 billion in 2024 to $9.31 billion in 2025, at a compound annual growth rate (CAGR) of 18.8%.
The growth is driven by urbanization, increased vehicle ownership, smart city initiatives, a growing demand for efficient traffic management, government regulations supporting smart parking solutions, and the need for optimized parking spaces.
What Is The Expected Growth In The Real Time Parking System Market Size Evolve over the Forecast Period?
The real time parking system market is expected to maintain its strong growth trajectory in upcoming years.
• The real-time parking system market is projected to grow rapidly, reaching $18.36 billion by 2029 at a CAGR of 18.5%.
Growth will be driven by increasing urbanization, the adoption of smart city initiatives, rising traffic congestion, demand for mobile app-based user experiences, regulatory requirements, and smart infrastructure investments. Key trends include IoT and AI integration, the rise of autonomous vehicles, smart parking solutions, and sensor technologies for space optimization.
What Main Forces Are Fueling Expansion In The Real Time Parking System Market?
Anticipated growth in the real-time parking system market is being fueled by the increased adoption of electric vehicles that need charging infrastructure. Electric vehicles (EVs), which primarily use stored electricity in batteries for power rather than gasoline or diesel, are gaining traction due to advances in technology, environmental consciousness, governmental incentives, lower operational costs, and a shift in consumer preference towards more sustainable modes of transportation. Real-time parking systems support these electric vehicles by offering precise information on the location and availability of charging stations, thus reducing the time spent on seeking appropriate charging locations and minimizing downtime. For example, the International Energy Agency, a France-based autonomous intergovernmental organization, reported that by April 2024, electric car sales had grown by 3.5 million units in 2023, marking a 35% rise from the previous year. This equates to over 250,000 new electric car registrations each week, allowing electric cars to account for approximately 18% of all car sales, a major increase from 14% in 2022 and a mere 2% five years prior. Given these figures, the increasing popularity of electric vehicles that require charging infrastructure is likely to stimulate the real-time parking systems market.
What Are The Primary Segments In The Global Real Time Parking System Market?
The real time parking system market covered in this report is segmented –
1) By Type: Software, Hardware, Services
2) By Location: On-Street, Off-Street, Other Locations
3) By Application: Commercial, Personal, Transport And Aviation, Government, Other Applications
Subsegments:
1) By Software: Parking Guidance Systems, Analytics Software, Reservation Management Software
2) By Hardware: Sensors, Cameras and License Plate Recognition (LPR) Systems, Display Systems, Parking Meters and Payment Terminals
3) By Services: Installation and Maintenance, Consulting and System Integration, Managed Services
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Which Emerging Market Trends Are Altering The Real Time Parking System Industry?
Leading enterprises within the real-time parking system industry are concentrating on technological advancements, including the incorporation of artificial intelligence (AI) in their systems. This aims to boost the precision and efficiency of parking management, while also improving user experience through automated guidance and predictive analytics. AI-integrated real-time parking systems use sensors and cameras to keep track of parking spaces, offering real-time data on their availability. This aids in anticipating vacant spots and swiftly directing drivers towards them. For example, in September 2023, Park360, an IT services and consulting company based in India, introduced their vehicle authorization system powered by AI. This system employs standard IP-based cameras to identify objects like vehicles, license plates, and parking spaces. It retrieves vehicle numbers for payment and authorization purposes, facilitating easy entry and exit from any location without the need for human intervention.
Who Are the Key Players In The Real Time Parking System Market?
Major companies operating in the real time parking system market are:
• Siemens AG
• Cisco Systems Inc.
• Thales Group
• TKH Group NV
• Cubic Corporation
• SWARCO AG
• Amano Corporation
• Flowbird Group
• FlashParking Inc.
• INRIX Inc.
• T2 Systems Inc.
• Designa
• Parkmobile LLC
• IPS Group Inc.
• Klaus Multiparking Systems Pvt Ltd
• Altiux Innovations Pvt. Ltd.
• Smart Parking Limited
• Streetline Inc.
• IEM SA
• ParkWhiz API
• Came Parkare
• Parknav
• Robotic Parking Systems Inc.
• AppyWay
• AJ Dongyang Menics Co. LTD.
What Is The Most Dominant Region In The Real Time Parking System Market?
North America was the largest region in the real time parking system market in 2024. The regions covered in the real time parking system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
