Press release
Industry Insights in Global Smart Parking Systems Market by Systems, Technology, Component, Solution, Vertical Type and by Parking Site
Smart Parking Systems Market
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The smart parking systems uses well-improvised technologies and equipment for consistent operation during the forecast period (2017-2023). The systems are expected to expand its reach from parking at shopping malls and company parking to various multiple platforms, including public parking by giving parking information, based on cost in real time. Additionally, smart parking systems play a major role in reducing the CO2 emission and help traffic movement in the city more efficiently.
Market Dynamics
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.
Trends
The key trend observed in the global smart parking market includes increased consumer preference toward comfort and luxury that leads to high level of competition between OEMs to offer advanced driver assistance systems. The systems allow users to replace its daily, manual cash payments with account invoicing and application payments from their phone.
Growth Drivers
The government initiatives toward the adoption of smart parking systems is one of the major factors driving the smart parking systems market. The demand from upcoming smart cities is expected to drive the global market. With the growing number of hospitals, shopping complexes and corporate hubs, the demand for smart parking systems is increasing.
Growth Restraints
The major challenge associated with smart parking systems is lack of standardization and the high set up cost, which requires huge investment and restricts the growth of the smart parking systems market.
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Competitive Landscape
The global smart parking market reported a consolidated structure in 2016, where the market is led by a few global players. 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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