Smart Parking Market in Western Europe to Grow by USD 2.63 Billion (2024-2028)

The smart parking market size in Western Europe is estimated to grow by USD 2.63 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  18.03%  during the forecast period. Integration of advanced technologies in smart parking is driving market growth, with a trend towards integration of ev charging stations with smart parking systems.

In Western Europe, the integration of electric vehicle (EV) charging stations within smart parking systems is addressing the increasing demand for EV infrastructure. Smart parking spaces are now equipped with sensors to detect occupancy and charging status, enabling real-time data management. Drivers can use mobile applications to locate available parking spots with charging stations, make reservations, and manage payments. Cities and private operators support the growth of EVs by providing accessible charging infrastructure, contributing to environmental sustainability goals. Siemens AG's E-Car Operation Centre (E-Car OC) software manages charging infrastructure in public parking garages and lots, allowing flexible and future-proof management of charging stations from various manufacturers. SKIDATA AG offers integrated EV charging solutions for smart parking facilities, attracting more EV drivers and generating additional revenue. In March 2022, SKIDATA AG launched an integrated solution named "Charge," combining ePlug charging stations with the 'Parking.Logic' smart management system, enabling customers to pay for parking and charging together. These advancements support the growing demand for EV charging infrastructure, enhance user convenience, and contribute to sustainable urban mobility, driving the growth of the smart parking market in Western Europe.

The Smart Parking Market in Western Europe is witnessing significant growth due to the increasing demand for efficient parking solutions in commercial and residential complexes. Smart city initiatives, parking guidance systems, and reservation systems are trending in this market. Residential buildings, hospitals, hotels, shopping centers, universities, and parking garages are major users of these solutions. SMS and live updates provide convenience for parking operations. Autonomous cars and driverless vehicles are expected to increase the demand for smart parking systems. RFID tags and License Plate Recognition are commonly used for identification.

The BirdWatch parking system and IoT-based cloud platform offer analytics solutions for optimizing parking operations. OEMs, municipalities, and urban areas are investing in ultrasonic sensors and RFID technology for off-street parking. The commercial and government segments are the major consumers in this market. Vehicle sales and the urban population growth are driving factors.