Press Release

Saudi Arabia Smart Parking Market is expected to grow at a robust CAGR 18.49%

Rapid urbanization and growing vehicle ownership, government initiatives and support are the factor driving the Saudi Arabia smart Parking Market during the forecast period 2024-2028.

According to TechSci Research report,Saudi Arabia Smart Parking Market – By Region, Competition, Forecast and Opportunities, 2018-2028”, The Saudi Arabia Smart Parking Market has emerged as a dynamic and transformative sector within the country's broader urban development initiatives. The market's growth has been primarily driven by the pressing need to address urban mobility challenges, as Saudi cities experience rapid urbanization and a surge in vehicle ownership. As urban areas become more densely populated, parking congestion has become a significant concern, prompting the adoption of innovative smart parking solutions.

One of the defining characteristics of the Saudi Arabia Smart Parking Market is the government's active support for smart city initiatives. Under the umbrella of Saudi Vision 2030, the government has launched various programs aimed at modernizing urban infrastructure, enhancing mobility, and improving the overall quality of life for residents and visitors. These initiatives have created an environment conducive to the growth of the smart parking sector, with clear guidelines, regulations, and incentives that encourage the adoption of advanced parking technologies.

Key elements of the Smart Parking Market in Saudi Arabia include Guided Park Assist Systems and Electronic Control Units (ECUs). Guided Park Assist Systems provide real-time parking guidance to drivers, making it easier to locate available parking spaces and optimize parking operations. The Electronic Control Unit (ECU) acts as the central component that coordinates and manages the different elements of smart parking systems, ensuring smooth operations and data integration.

User-friendly mobile applications have been a significant driver of the market's growth, allowing drivers to access real-time information on parking availability, reserve spaces, and make contactless payments. The convenience and efficiency offered by these apps align with the digital readiness of Saudi residents, who increasingly rely on smartphone applications for various daily tasks.

Moreover, the Smart Parking Market in Saudi Arabia has shown a commitment to sustainability and environmental conservation. Smart parking systems reduce traffic congestion, lower fuel consumption, and minimize carbon emissions by guiding drivers to available parking spaces more efficiently. This environmental focus aligns with global sustainability goals and is of particular significance in a country keen on promoting a greener and more eco-friendly urban landscape.

Browse over 31 market data Figures spread through 116 Pages and an in-depth TOC on the "Saudi Arabia Smart Parking Market."

The Saudi Arabia smart parking market is segmented into system type, component, sensor technology, solution, vertical and region. Based on system type, the market is segmented into guided park assist system and smart park assist system. Based on component, the market is segmented into parking sensors, steering angle sensors, electronic control unit (ECU), display unit, others. Based on sensor technology, the market is segmented into ultrasonic sensor, image sensor, radar sensor, others. Based on solution, the market is segmented into security & surveillance, valet parking management, license plate recognition parking reservation management, others. Based on vertical, the market is segmented into government, commercial and infrastructure. Based on region, the market is segmented into Makkah, Riyadh, Eastern Province & Rest of Saudi Arabia.

Based on region, Riyadh dominated the Saudi Arabia Smart Parking Market with a share of 42.06% in 2022 and is also expected to show its dominance during the forecast period. This dominance is primarily due to the fact that Riyadh, the bustling capital city, has become a hotbed for innovation and modernization, which is further fueling the expansion of the smart parking sector.

One of the key drivers behind this growth is the city's ambitious mega projects. A prime example of this is the Riyadh Smart Parking Initiative, a groundbreaking project aimed at revolutionizing parking solutions within the city. It encompasses a vast area and includes advanced features such as automated parking systems, real-time occupancy tracking, and seamless payment solutions.

In addition to this, Riyadh's rapidly growing urban landscape, coupled with its ever-expanding infrastructure, is fostering a strong demand for intelligent parking solutions. With an increasing number of residential and commercial developments, the need for efficient and convenient parking options is more pressing than ever. This has led to a surge in the adoption of smart parking technologies, including sensor-based systems, mobile apps for parking reservations, and hassle-free payment methods.

Key market players in the Saudi Arabia Smart Parking Market are:-

  • IDEX Services
  • Desert Services
  • Aflak Electronic Industries Co. Ltd
  • Omnitec Group
  • NParking
  • Nedap FZE
  • Cisco (Saudi Arabia) Support Limited
  • Makani Parking
  • Smart Parking Company
  • Woqoof

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“The Saudi Arabia Smart Parking Market is experiencing rapid growth, driven by urbanization, increased vehicle ownership, and the government's commitment to smart city initiatives. Smart parking solutions, including Guided Park Assist Systems and Electronic Control Units (ECUs), play a pivotal role in alleviating traffic congestion and enhancing parking efficiency. User-friendly mobile applications provide real-time parking information and reservation options, catering to the digital readiness of residents. Additionally, a focus on sustainability is reducing carbon emissions and fuel consumption. With government support and a commitment to modernizing urban infrastructure, the Smart Parking Market in Saudi Arabia continues to evolve, offering convenience and environmental benefits.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Saudi Arabia Smart Parking Market Segmented By System Type (Guided Park Assist System and Smart Park Assist System), By Component (Parking Sensors, Steering Angle Sensors, Electronic Control Unit (ECU), Display Unit, Others), By Sensor Technology (Ultrasonic Sensor, Image Sensor, Radar Sensor, Others), By Solution (Security & Surveillance, Valet Parking Management, License Plate Recognition Parking Reservation Management, Others), By Vertical (Government, Commercial and Infrastructure), By Region, and By Competition, 2018-2028F,” has evaluated the future growth potential of Saudi Arabia Smart Parking Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Saudi Arabia Smart Parking Market.


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