The worldwide good parking market is projected to exhibit a CAGR of 18% throughout the forecast interval of 2022 to 2029. The rising pattern of autonomous autos and the emergence of fully-automated parking techniques (APS) are components creating potential development alternatives.
In accordance with the newest market intelligence report by Future Market Insights – ESOMAR-certified and member of Better New York Chamber of Commerce, components comparable to lack of parking area, rise within the variety of on-road autos, low infrastructure set-up price, and ease of connectivity are projected to drive the expansion of the worldwide good parking market.
Key Takeaways from Good Parking Market Research
- The proliferation of smartphones to allow drivers to trace vacant parking slots and more and more used outsourced parking providers by hospitals, universities, and municipalities are anticipated to spice up the good parking market.
- North America dominated the good parking market in 2018 by way of income, owing to rising good parking initiatives within the U.S. and Canada.
- The parking administration platforms phase is anticipated to realize vital traction throughout the forecast interval, owing to the rising adoption of good parking purposes in rising international locations comparable to Brazil, China, Chile, India, and Indonesia.
- Demand for good parking options within the company sector is anticipated to extend at a putting CAGR throughout the forecast interval, owing to the excessive demand for environment friendly car parking administration options and parking areas inside company premises.
- Restricted parking areas in extremely populated cities and rising safety & privateness points within the automotive business are a few of the components hindering the expansion.
“Growing car possession, rising good metropolis initiatives, and the emergence of fully-automated parking techniques for environment friendly good parking administration will create quite a few development alternatives for the good parking market within the coming years.”
Growing Focus of Key Gamers on Product Innovation
Firms have began investing extra in dashing up the method of product improvement and innovation. Main gamers are adopting enterprise growth, acquisition, and collaboration methods in a bid to seize a big share of the worldwide market.
- As an example, in July 2019, Cleverciti Programs, a distinguished vendor of high-tech options for good parking, introduced the addition of the ClevercitiCard into its outside and indoor parking steering system, together with single-space occupancy detection, right into a credit score card-sized good card.
For Detailed Insights: https://www.futuremarketinsights.com/studies/smart-parking-market