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Global Smart Parking Systems Market Growth By Technology, Type, Solution, Parking Site and Demand Forecast to 2023
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The smart parking systems are being widely adopted by major cities and universities, especially in Europe and North America. In Europe and North America railway platforms, airports, public places and corporate complexes, authorities are planning to set up smart parking systems for better management of their parking areas and heavy traffic congestions.
The global smart parking systems market is expected to witness a CAGR of 15.8% during the forecast period, to reach $4,800 million by 2023. The parking sensors have emerged as the largest segment in the global smart parking systems market. In 2016, Asia-Pacific was among the fastest growing markets, due to growing awareness of end-users about smart parking systems in the region. With the sudden surge in the number of passenger cars in China and India, initiatives taken by different state governments such as smart cities mission is expected to develop better parking and traffic management solutions in India. Due to huge adoption of parking management systems in different cities of Europe, the region dominated the global smart parking systems in 2016.
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The key regional players operating in the market include Valeo S.A., Continental AG, Robert Bosch GmbH, Kapsch TrafficCom AG, Cubic Corporation and TKH Group-Park Assist.
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