Market Size in 2024 | Market Forecast in 2034 | CAGR (in %) | Base Year |
---|---|---|---|
USD 6.82 Billion | USD 40.01 Billion | 19.5% | 2024 |
FrequentlyAsked Questions
The global smart parking system market is expected to grow due to rising demand for efficient traffic management, increasing urbanization and vehicle ownership, growing adoption of IoT and AI-based parking solutions, and advancements in automated and sensor-driven parking technologies.
According to a study, the global smart parking system market size was worth around USD 6.82 Billion in 2024 and is expected to reach USD 40.01 Billion by 2034.
The global smart parking system market is expected to grow at a CAGR of 19.5% during the forecast period.
North America is expected to dominate the smart parking system market over the forecast period.
Leading players in 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)., among others.
The report explores crucial aspects of the smart parking system market, including a detailed discussion of existing growth factors and restraints, while also examining future growth opportunities and challenges that impact the market.
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