Market Size in 2021 | Market Forecast in 2028 | CAGR (in %) | Base Year |
---|---|---|---|
USD 5,529.50 Million | USD 16346.57 Million | 4.5% | 2021 |
FrequentlyAsked Questions
The global smart parking market is being driven by an increase in parking concerns, an increase in demand for Internet of Things (loT)-based technology, and a high adoption rate in the number of vehicles.
According to the Market Research report, the global Smart Parking System market was worth around USD 5,529.50 million in 2021 and is estimated to grow to about USD 16346.57 million by 2028, with a compound annual growth rate (CAGR) of approximately 19.80 percent over the forecast period.
Government initiatives to support intelligent parking systems as part of efforts to reduce pollution are expected to provide significant market opportunities in North America. Furthermore, growing concerns about the scarcity of parking spaces, particularly in urban areas, are driving the region's adoption of smart parking systems.
Some of the main competitors dominating the global Smart Parking System market include - Valeo S.A. (France), Continental AG (Germany), Robert Bosch GmbH (Germany), Kapsch TrafficCom AG (Austria), Cubic Corporation (U.S.), TKH Group-Park Assist (Netherlands).
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