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.
Browse Detail Report With TOC@ http://www.hexareports.com/report/smart-parking-system-market-analysis-report/details
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
Request A Sample copy of This Report @ http://www.hexareports.com/sample/144197
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.
Global Automotive Tie Rod End Sales Market Report 2021:
Global Automotive Trailing Arm Sales Market Report 2021:
Hexa Reports is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.
Company Name: Hexa Reports
Contact Person: Ryan Shaw
Email: Send Email
Address:Felton Office Plaza, 6265 Highway 9
Country: United States