Connected Vehicle And Parking Space Industry Market Size (2024 - 2029)

Connected Vehicle And Parking Space Industry Market Analysis

The connected vehicles and packing space market is valued at USD 53.01 billion in the current year and is expected to grow to USD 145.55 billion by the next five years, registering a CAGR of 17.34% in terms of revenue during the forecast period.

Over the long term, the development of connected vehicles is taking place. It is expected to be a huge technological advancement that will allow vehicles to communicate with their surroundings. It will further fuel the trend from car ownership to more mobility-related services. In urban areas, particularly, the decline in the number of vehicles is expected to reduce dramatically. According to the ADAC automobile association in Germany, the adoption of a private car to decline by close to 30% by 2040.

At the same time, the parking industry is also slowly gaining traction across several countries. It is mainly due to the slow-changing nature of the parking industry, which includes both on-street as well as off-street parking. According to the latest survey by PYMTS.com, there are more than 4,000 garages and surface parking lots in the United States, and commercial real estate developers own most of this property to REITs and even some cities. Also, the company stated that over 30% of the traffic in the major cities is created in search of parking space.

The integration of modern safety and comfort features in vehicles, such as advanced driver assistance systems, vehicle infotainment, and many others, is increasing significantly in the market. Additionally, increased production of automobiles with integrated ADAS features in response to increased passenger comfort and safety awareness, as well as government legislation mandating safety measures, are expected to drive market demand. Furthermore, the growing acceptance of self-driving or automated vehicles contributes to the market's expansion, which in turn is likely to witness major growth for the market during the forecast period.

Connected Vehicle And Parking Space Industry Industry Segmentation

A connected vehicle is any vehicle that connects to the internet. Usually, such vehicles connect to the internet through WLAN (Wireless Local Area Network). The major automotive manufacturers offer various connected vehicles and the types of parking solutions offered by the companies in the parking industry.

The connected vehicles and parking space industry landscape is segmented by vehicle type, parking category, type of parking space, and geography. By Vehicle Type, the market is segmented into passenger cars and commercial vehicles. By parking category, the market is segmented into off-street and on-street. By type of parking space, the market is segmented into residential and work private property, non-regulated public access, off-street open-air barrier-regulated, and off-street purpose-built regulated. By Geography, the market is segmented into North America, Europe, Asia-Pacific, and the rest of the world.

For each segment, the market sizing and forecast are done based on the value (USD).