Europe Smart Parking Market Size

Europe Smart Parking Market Analysis

The Europe Smart Parking Market size is estimated at USD 3.45 billion in 2024, and is expected to reach USD 7.98 billion by 2029, growing at a CAGR of 18.28% during the forecast period (2024-2029).

Urban areas constantly expand due to their attractiveness for services, work, leisure, commerce, and culture, creating challenges for municipalities and citizens alike. Smart cities are looking for enhanced sustainable mobility solutions to reduce pollution, lower congestion by allocating public and private spaces, reduce time spent by circling vehicles searching for parking spaces, and generally improve accessibility and city center attractiveness.

• Moreover, concerns related to inadequate parking spaces are also one of the major drivers for the growth of the market. For instance, the International Road Transport Union (IRU) participated in an EU-funded study that revealed that the lack of Safe and Secure Parking Areas (SSTPAs) is a significant concern in Europe, wherein approximately 90% of drivers and transport operators stated that the current parking supply is insufficient.
• Moreover, a significant driver for these systems is increasing smart city initiatives. Several governments recognize the importance of efficient parking systems in helping the market attain a favorable environment. Vendors in the market studies are taking up similar projects.
• The increased use of integrated automated solutions and advances in wireless and digital payment technologies likely drive market expansion. Machine-to-Machine (M2M) connectivity, data analytics, sophisticated sensors, smart parking meters, and mobile applications for slot registrations and online payments are the technologies used to build these systems. These technologies are intended to identify whether a parking lot is available or occupied and analyze and send such information to mobile and online apps. These technological advances are projected to drive market expansion.
• Growing environmental concerns, traffic congestion, and population growth are prompting European governments to anticipate the development of smart cities, which will significantly improve the quality of life while assisting authorities in resource conservation. As a result, favorable government policies in this region are expected to contribute considerably to market growth.
• COVID-19 led to the closure of public places, shopping malls, and the beginning of global work-at-home scenario, which significantly reduced global traffic. The lockdown implications in countries rendered the on-street and off-street parking areas underutilized. Now the pandemic is over, public places, shopping malls, and offices are open, traffic has increased, thus the necessity of smart parking will also increase.