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.
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
View
summary of this report @ http://www.grandviewresearch.com/industry-analysis/smart-parking-system-market
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.
Browse All Reports of
this category @ http://www.grandviewresearch.com/industry/automotive-and-transportation
Grand View Research has segmented the global
smart parking system market on the basis of parking site, application and
region:
Smart Parking System Parking Site Outlook
(Revenue, USD Million, 2013 - 2024)
·
Transport transit
·
Government
·
Commercial
Smart Parking System Component Outlook
(Revenue, USD Million, 2013 - 2024)
·
Hardware
·
Software
·
Service
Smart Parking System Parking Site Outlook
(Revenue, USD Million, 2013 - 2024)
·
On-street
·
Off-street
Smart Parking System Regional Outlook
(Revenue, USD Million, 2013 - 2024)
·
North America
·
Europe
·
Asia Pacific
·
South America
·
MEA
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