Smart parking sensor installations expected to reach 3.2 million units by 2028

Berg Insight, a leading market research firm, has just released new findings on the global smart parking market, revealing some interesting trends and insights. According to their latest report, the global installed base of wirelessly connected parking sensors reached 1.3 million devices worldwide by the end of 2023, excluding China. This number is expected to grow at a compound annual growth rate of 19.8 percent, reaching 3.2 million by 2028.

Europe and North America currently account for more than half of the installed sensors, with the private sector leading the way in adoption. However, other regions such as Australia, New Zealand, and the Middle East are also showing promising growth in the smart parking sensor market.

One notable development highlighted in the report is the emergence of Frogparking, a New Zealand-based company, as the world’s leading smart parking sensor provider. With a global market share of 12.2 percent in Q4-2023, Frogparking has surpassed other major players in the industry.

Despite the challenges posed by the Covid-19 pandemic, the smart parking sensor market is bouncing back as city and local government budgets stabilize. The shift towards remote work has also impacted the parking landscape, creating new opportunities for parking owners to efficiently manage demand and supply.

Looking ahead, Berg Insight predicts that the use of LPWA technologies such as LoRaWAN and NB-IoT will continue to grow, especially in on-street parking deployments. As more cities embrace smart parking solutions, the market for parking sensors is expected to expand further, offering improved parking management operations and enhanced user experiences.