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
Browse full report by
Grand View Research : 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 more reports of this category by
Grand View Research: https://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
View Press Release of this research report by Grand View
Research: https://www.grandviewresearch.com/press-release/global-smart-parking-system-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For More Information: www.grandviewresearch.com
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For More Information: www.grandviewresearch.com
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