Published on : Jun 13, 2016
Smart parking systems present real-time information on the parking space’s availability at a specific location, hence making hassle-free vehicle parking available coupled with saving cost, fuel, and time. The parking systems that are poorly managed result in increased traffic jams and also result in the wastage of air, noise, and fuel, and increased carbon emissions. The rising demand for vehicles globally is raising the requirement for enhanced management of parking spaces and also raised the demand for smart parking systems within urban areas.
The market for smart parking systems is poised to rise exponentially in the coming years owing to the rising interest for smart parking within larger cities. This market is rising at an excellent 20.2% CAGR between 2015 and 2022. The market stood at US$39.4 mn in 2014 and is predicted to reach US$177.1 mn by 2022.
- Increasing Trials of Smart Parking Systems: A number of cities globally are allowing smart parking systems’ trials that integrate sensors, wireless communications, and mobile apps. These systems have provided the availability of real-time parking to drivers not just in commercial parking spaces but also in universities, corporate campuses, and airports. Private organizations and governments globally within the most dynamic cities of the world such as Madrid, Nice, Moscow, Los Angeles, San Francisco, Sao Paolo, London, and Copenhagen, among others are making advanced smart parking systems and have increased these systems’ overall productivity.
- Requirement for a Smooth Flow of Traffic Globally to Propel Market Growth: Owing to increasing growth rate of new cars globally, having a major demand from regional economies including Asia Pacific, etc. will open doors of opportunities in the smart parking systems market. This market is predicted to rise due to the increasing vehicle ownerships and the development in parking facilities. In addition, the requirement for a smooth flow of traffic, the lowering cost of connectivity and hardware, and the business benefits provided to the operators of parking sites are the key drivers fuelling the development of the market.
However, a number of factors may impede the growth of the smart parking systems market in the coming years. These include the lower adoption rate across a number of emerging economies and the absence of financing in various nations may impede the growth of the market in the coming years.