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Smart Parking Systems Market: Off-street Parking Demand Soars

Smart Parking Systems Market: Off-street Parking Demand Soars

The staggering amount of vehicles coming on to roads around the world calls for advanced methods for parking. Traffic and parking problems are on the rise and people are finding lesser space for either. This is creating a high level of discomfort, fuel wastage, and high levels of emissions. Urban and city parking has therefore become a major concern for both developed and emerging nations, forming the primary driver leading most entities towards seeking smart parking system solutions.

Smart parking systems provide a highly flexible, scalable, and efficient way for buildings and locations of all sizes and types, thus ensuring a smoother flow of traffic and a considerable drop in emissions. The latter forms a high concern issue as the growing emission levels are creating multiple complications in climate change and human health. The leading employers of smart parking systems in most countries are their municipalities. Their interest and involvement allows for the development of better smart parking systems through an upwards scaling of parking fees that can directly be used for advancing smart parking technologies.

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The global market revenue for smart parking systems is therefore expected to show an exceptionally positive CAGR of 20.2% from 2015 to 2022. This revenue is expected to be valued at US$59.7 mn by the end of 2016 and reach US$177.1 mn by 2022.

North America Shows High Demand for Smart Parking Systems

North America is expected to generate a revenue of US$34.6 mn for the global market for smart parking systems by 2022, due to the presence of dense traffic in cities such as New York, Los Angeles, and others. These cities are also showing a higher level of awareness towards modern solutions for traffic control and parking, thereby becoming an optimized region for the large-scale adoption of smart parking systems.

Various smart parking systems have already been implemented in North America, such as the SFpark program implemented in San Francisco. Areas in the city equipped with SFpark systems have sped up parking of vehicle by five minutes on average when compared to conventional parking methods. Programs such as these are proof that the smart parking systems can bring about a successful change in traffic and parking conditions across the world.

Off-street Parking Demand Soars

In terms of the site of parking, the smart parking systems can be classified into off-street and on-street parking solutions. At the moment, off-street smart parking systems are in high demand due to the ease with which they can be implemented and fine-tuned. Additionally, they can be privately owned, while almost all on-street parking spaces are owned by the government. Therefore, while the need for smart parking systems is extremely high in both sites, it is being implemented on a larger scale in off-street sites. Most off-street parking areas are made of commercial parking lots and garages. On the other hand, on-street smart parking systems have to prepare for permit timers, passenger zones, loading zones, bus and truck zones, and street cleaning vehicles.

Off-street parking spots are the easier place to implement effective smart parking systems in tandem with robot-assisted or automated parking services. These systems help increase the comfort and safety of all passengers. On the other hand, on-street smart parking systems are gathering steam. This parking site segment is expected to progress at a CAGR of 23.6% from 2015 to 2022.

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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.

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