Smart Parking Systems Market To Grow At A CAGR Of 21.54% During The Period 2018-2022: Radiant Insights, Inc.

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The report covers the present scenario and the growth prospects of the smart parking systems market. To calculate the market size, the report considers the growth generated by parking sites such as off-street and on-street.

The global smart parking systems market is projected to grow at stable CAGR over the forecast period (2018 to 2022), according to a report available on Radiant Insights, Inc. Growing requirement for reduction in wastage of fuel and time while parking vehicles can impel demand for smart parking systems. These systems are expected to provide information regarding nearest parking space to drivers using real-time data and sensors. In addition, automated payment systems can allow consumers to reserve their parking slots conveniently using smart phones.

Lack of adequate parking space attributed to increase in vehicles is projected to boost demand for advanced parking solutions. Increasing number of shopping complexes, corporate hubs, and hospitals can surge demand for advanced parking solutions and boost market expansion. Shifting consumer preference for passenger cars offering driver assistance features can augment growth of market. Supportive government initiative to reduce traffic congestion and accidents while parking can stimulate market growth. In addition, growing concern regarding pollution through harmful emissions from automobiles is anticipated to impel market expansion during the forecast period (2018 to 2022).

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High initial investment required for installation of smart parking systems can restrict growth of market over the forecast period.

To cater to rising demand for smart parking systems, most companies are likely to invest in R&D activities to develop products matching consumer demand. For instance, O’Hare international airport in Chicago is likely to get camera based parking system designed by Park Assist. This airport is expected to be third largest airport in America and sixth busiest world. The company is expected to install M4 camera-based smart sensor system on two different levels at the airport. In addition, company can also integrate another unique feature to this system called “find your car feature”. This new feature can support visitors in finding their parked vehicle using their vehicle’s license plate number.The smart parking systems market can be segregated on the basis of parking site and region.

Based on parking site, the market can be bifurcated into on-street parking and off-street parking.
Regional segmentation includes Americas, Europe, Middle East and Africa (EMEA), and Asia Pacific (Asia Pacific). In Asia Pacific, the smart parking systems market is predicted to dominate the market and account for highest CAGR over the forecast period. Emergence of industrialization in countries including India, China, and Japan can augment regional growth. In addition, increasing sales of automobiles in the region can fuel market expansion in the forthcoming years. Moreover, strict regulations from local governments towards proficient parking systems can stimulate growth of market in the region.

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In Europe, the smart parking systems market is predicted to witness adequate growth during the forecast period. Increasing use of advanced mobile applications like smart payments for automobile parking can drive regional growth. In addition, incorporation of smart parking systems to vehicles by leading automobile manufacturers like BMW and Audi can boost market expansion in the forthcoming years.

Middle East and Africa are predicted to grow over the forecast period attributed to increasing use of advanced mobility solutions.

In Americas, the smart parking systems market is expected to generate significant revenue during the forecast period owing to presence of dense traffic in major cities of North America. Growing awareness regarding benefits of modern parking solutions to control traffic and parking among residents of North America can spur market growth.

Some of the leading companies operating in the smart parking systems market are IPS Group, Nedap, Parkeon, Libelium Comunicaciones Distribuidas, and Streetline.

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