The global smart parking system market size is expected to
reach USD 368.7 million by 2024 according to a new study by Grand View
Research, Inc. Favorable government initiatives and increasing public
sector funding will favor the growth and adoption of smart parking system for
the forecast period. The industry is anticipated to witness an upsurge in
demand for smart parking systems in transport transit and commercial
applications segment, and it is subsequently expected to impel the growth in
the industry.
This technology effectively
addresses traffic congestion issues and parking-related concerns. Such systems
help in reducing fuel usage and subsequently minimize vehicular emissions. The
industry is expected to gain momentum owing to inclusion of sophisticated
features such as voice guidance, handicapped parking, and auto-payment options
enabled through smartphone applications.
Full research report on smart parking system market: http://www.grandviewresearch.com/industry-analysis/smart-parking-system-market
Increasing number of automotive
and lack of efficient parking management system is affecting the availability
of parking spaces and is subsequently driving the demand for these technologies
across the globe. Such parking systems offer several opportunities for reuse of
commercial and municipal parking areas and garages. Hence, these systems help
in making the cities greener, cleaner, and technologically advanced.
However, lack of awareness of
smart parking advantages, especially among under-developed regions is
anticipated to slowdown the industry growth opportunities. Lack of funding
initiatives is further expected to hamper the industry growth.
Several cities in the U.S. and
Canada such as Los Angeles, San Francisco, and Toronto are increasingly
adopting smart parking systems to manage the ever increasing traffic congestion
problems. The growth is considerably high in the UK and Germany. Major
automotive manufacturing companies’ interest in this sector is further
propelling the growth in demand. Automobile manufacturers in Italy and Germany
such as Fiat S.p.A and Audi AG are keenly participating in development of smart
parking system. Adoption of sustainable transportation policies and adoption of
innovative parking technologies is impelling growth in the European region
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Further key findings
from the study suggest:
·
Government
application segment dominated the global smart parking system industry
accounting for over 62% of the market share in 2015. Increasing need for
managing on-road vehicles and minimizing fuel emissions has led to large-scale
adoption of these technologies in the government sector.
·
The European
regional market accounted for around 30% of the global revenue share in 2015.
Increasing interest of regional automobile manufacturers in developing smart
parking systems is anticipated to impel growth in the regional market.
·
On-demand valet
parking and increasing demand for parking management at public avenues such as
shopping malls, sports complexes in countries such as Japan and China, is
expected to fuel the demand for parking management systems in the Asia-Pacific
region.
·
Key industry
participants include Amano McGann, Inc., Deteq Solutions Ltd., Libelium,
Mindteck Ltd., Nedap NV, Skidata AG, Smart Parking Ltd., Streetline, Inc.,
Urbiotica SL, and Worldsensing SL. Industry vendors are emphasizing on offering
mobile applications with advanced features to offer convenience to the users.
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