The Europe Smart Parking System Market would witness market growth of 21.2% CAGR during the forecast period (2024-2031).
The Germany market dominated the Europe Smart Parking System Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $2,454.2 million by 2031. The UK market is exhibiting a CAGR of 20% during (2024 - 2031). Additionally, The France market would experience a CAGR of 22.1% during (2024 - 2031).
Mobile application integration has become a standard feature of smart parking systems. These apps offer users a range of functionalities, including locating available parking spaces, booking slots in advance, receiving notifications on time limits, and making cashless payments through digital wallets or credit cards.
Furthermore, the paper "Retiring Meters: A Roadmap to Encourage Wider Adoption of Parking Apps" examines factors influencing the adoption of parking apps and explores various configurations to reduce reliance on traditional parking meters. The study found that introducing new contactless payment options, real-time parking information, and parking expiry reminders positively influenced the uptake and usage of apps, aligning with the functionalities offered by modern smart parking applications.
European countries have been proactive in deploying smart parking systems to reduce vehicle emissions, manage traffic congestion, and optimize urban parking spaces. A review of multiple European surveys has estimated that parking searches comprise 25 to 40% of overall auto travel time and vehicle miles in central urban areas. Road transportation produces about 20% of the total CO2 emissions, of which 40% is generated by urban mobility. Vehicles cruising for free parking spaces are estimated to cause 30% of the daily traffic congestion in an urban downtown area. The region’s focus on promoting electric vehicles (EVs) has also spurred the development of smart parking infrastructure integrated with EV charging stations. Additionally, this market in Europe is bolstered by robust government regulations that mandate the efficient utilization of urban spaces and the implementation of cutting-edge technologies. Germany has emerged as a frontrunner in IoT-integrated parking systems, driven by the government's "Digital Germany 2025" initiative, which supports adopting smart city technologies. Thus, with a strong focus on data-driven decision-making and citizen engagement, the region remains at the forefront of smart parking innovation.
Free Valuable Insights: The Global Smart Parking Systems Market will Hit USD 33.47 Billion by 2031, at a CAGR of 21.5%
Based on Software, the market is segmented into Parking Guidance System, and Analytics Solutions. Based on Type, the market is segmented into On-street, and Off-street (Garage Parking, and Lot Parking). Based on Service, the market is segmented into Consulting Service, Engineering Service, and Mobile App Parking Service. Based on Hardware, the market is segmented into Smart Meters, Cameras & LPRs, Pucks (Wireless Sensors), Signage, and Parking Gates. Based on Application, the market is segmented into Commercial, Government, and Transport Transit. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
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