India's parking market is expanding rapidly due to urbanization and a surge in vehicle ownership, with parking space shortages exceeding 30% in areas like New Delhi.
The government's "Smart City Mission," coupled with 5G and IoT technologies, has attracted companies from the Netherlands, Germany, China, and India to compete in pilot programs for smart parking, multi-level parking garages, dynamic pricing, and blockchain payments. The market is projected to grow at a CAGR of over 15% from 2024 to 2030, with continued policy funding and demand for electrification supporting infrastructure driving smart parking management to become a new hotspot for infrastructure investment.