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Global Smart Parking Systems Market To Gain From Growing Vehicle Ownerships

Published :2017-01-25

The market for smart parking systems is assured to growth tremendously in the upcoming years owed to the mounting interest for smart parking within bigger cities. This market is set to grow at an outstanding 20.2% CAGR between 2015 and 2022. The market was at US$39.4 million in 2014 and is foretold to reach US$177.1 million by 2022. Smart parking systems offer here and now info on the parking space’s obtainability at a particular location, therefore, making trouble-free vehicle parking together with saving cost, fuel, and time. The parking systems that are ill managed end in amplified traffic jams and also result in the waste of air, noise, and gas, and amplified carbon releases. The intensifying demand for vehicles universally is raising the necessity for improved managing of parking spaces and also upturned the demand for smart parking systems within metropolitan areas.

Encouraging government ingenuities and growing public sector subsidy will support the growth and acceptance of smart parking system in the coming years. The sector is expected to observe an increase in demand for smart parking systems in transport transfer and commercial uses fragment, and it is consequently predictable to compel the growth in the industry.

This technology efficiently takes into account traffic bottleneck concerns and parking-related issues. Such arrangements help in dropping fuel consumption and successively abate vehicular emanations. The sector is estimated to gain impetus due to presence of urbane features such as voice regulation, handicapped parking, and auto-payment alternatives empowered through smartphone uses.

Growing number of automotive and absence of well-organized parking management system is upsetting the disposal of parking spaces and is thus pouring the demand for these technologies globally. Such parking systems offer numerous prospects for recycle of commercial and municipal parking zones and garages. Therefore, these systems support in creating greener, cleaner, and technically advanced cities.

Because of the amassed growth rate of new cars internationally, a huge demand from regional markets including Asia Pacific, will bring sea of opportunities in the smart parking systems market. This market is foreseen to upswing due to the growing vehicle possessions and the growth in parking facilities. Furthermore, the prerequisite for an even movement of traffic, the dropping rate of connectivity and hardware, and the commercial profits provided to the workers of parking spots are the important drivers stimulating the development of the market.

Nonetheless, a number of issues may encumber the growth of the smart parking systems market in the forthcoming years. These comprise of the inferior implementation rate across innumerable developing economies and the absenteeism of funding in many nations may inhibit the growth of the market in the next few years.

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