Connected Vehicle and Parking Space Market Size, Share, Growth, Trends, and Global Industry Analysis: Size, Share, Growth, Trends, and Global Industry Analysis By Vehicle Type (Passenger Car and Commercial Vehicles), By Parking Type (Residential and Work Private Property, Non-Regulated Public Access, Off-Street Open-Air Barriers Regulated, Off-Street Purpose-Built Regulated), By Sales Channel (OEM And Aftermarket), and Region, Forecast  2019-2030

Connected Vehicle and Parking Space Market size was valued at US$ 138.6 billion in 2023 and is expected to grow at a CAGR of 3.9% from 2024 - 2030. The market of connected vehicles and parking spaces is highly dynamic since in recent years it has faced strong pressure brought by progress in technology and changes in consumers' preferences. Drivers are driven by increasing smart city initiatives and growing IoT technologies in the usage of communication between vehicles, respectively, and parking infrastructure in real-time.

According to a recent report, the connected vehicle market is going to be approximately US$ XX billion by 2028 and is likely to exhibit a compound annual growth rate of XX% from 2023. The market also faces some restraining factors, such as the high costs of implementations and cybersecurity risks, which tend to discourage investment in connected vehicle technologies. Widespread infrastructure upgradation also requires significant financial and logistical resources. New opportunities in the development of innovative parking solutions are also coming up in the form of automated and smart parking systems that will improve urban mobility to a large extent. The smart parking market size is expected to grow from $4.5 billion in 2023 up to $11.2 billion by 2028, and the interest and investment in this sector are very high.

The general trends shaping the market include the enhancement of artificial intelligence and machine learning capability to more efficiently utilize parking space and expand vehicle-to-everything communication capabilities.The electric and self-driving vehicle technologies will also ensure faster adoption, thereby increasing the growth in the market. The market of connected vehicles and parking spaces will continue to face challenges regarding cost and infrastructure but is well-positioned for huge growth through technological innovations, using the demand for efficient and effective urban mobility solutions.

 Connected Vehicle and Parking Space Market Key Developments:

• In March 2024: To provide identity protection and privacy options specifically for owners of connected cars, Vero and Privacy4Cars have partnered. Their combined efforts resulted in the introduction of the Identi-FI solution, which addresses data deletion from linked automobiles and provides support for identity theft recovery.
• In June 2023: With a collaboration between Cisco, Audi, CARIAD, and HARMAN, some Audi cars will start to offer Webex for hybrid work in 2024. Offering a safe mobile collaboration experience through the Audi Application Store accommodates changing work dynamics.