Crowdsourced Smart Parking Market to Garner Significant Growth by 2026
Request sample copy here @ https://www.coherentmarketinsights.com/insight/request-sample/1863
Growing concern for parking along with increasing adoption of vehicles are factors driving growth of the market
Major factors driving growth of the crowdsourced smart parking market include increasing demand for vehicles, globally. For instance, according to International Organization of Motor Vehicle Manufacturers statistics (OICA), the total number of vehicles sold in 2016 was 94 million units, which increased to 96 million units in 2017, globally. Rising adoption of vehicles is resulting in high traffic congestion, which in turn, is increasing the demand for crowdsourced smart parking to ease traffic congestion, which further helps save the time, cost, and fuel. The adoption of crowdsourced smart parking systems helps users in determining the available parking spaces and reserving the spot in advance, reducing the time required to avail parking and reduces human error in parking.
Moreover, increasing number of smart city projects is further increasing the demand for crowdsourced smart parking market over the following few years. For instance, according to the Coherent Market Insights’ analysis, in 2016, the number of smart city projects in Europe accounted for 86, followed by Asia Pacific with 79, and North America with 49. This in turn, is expected to propel growth of the crowdsourced smear parking market during the forecasted period.
However, the major restraint for the market growth is the slow growth of infrastructure, especially in emerging economies such as India and China, among others, owing to high cost of installation.
Global Crowd sourced Smart Parking Market: Segment Trends
On the basis of applications, the commercial use segment accounted for the largest market share of the global crowdsourced smart parking market in 2017. This growth is attributed to the rising number of shopping malls, large commercial hubs, and sports entertainment hubs being constructed in the region. For instance, according to Coherent Market Insights’ analysis, in 2016, the number of shopping malls in Germany was 474, which increased to 482 in 2017. Public place require appropriate parking of a large number of vehicles to avoid congestion. In such situations, crowdsourced smart parking solutions provide directions and accuracy to the drivers for parking vehicles. This in turn, is expected to propel growth of the commercial use segment.
Global Crowdsourced Smart Parking Market: Regional Insights
The market for crowdsourced smart parking in North America accounted for largest share in the global market in 2017. The U.S. and Canada are the major growth engine in the market in North America, owing to the increasing sales of vehicles in these countries. For instance, according to the OICA (International Organization of Motor Vehicle Manufacturers), the total vehicle sales of passenger cars in the U.S. was 7.5 million in 2013, which increased to 7.6 million in 2014. Similarly, in Canada, the total sales of passenger cars was 755 thousand units in 2013, which increased to 760 thousand units in 2014. The increasing adoption of vehicles in turn, is expected to increase the demand for high-end automation solutions and software for managing parking payments and guidance.
Moreover, increasing government initiative towards solving problems related to traffic congestion is further expected to boost the implementation of crowdsourced smart parking system across streets. For instance, the America's Surface Transportation Act or "FAST Act" was implemented in 2015 to solve road traffic congestion issues, enhance transportation within the country, improve working efficiencies in transportation systems and commercial vehicles, and minimize vehicle emissions. This in turn, is expected to fuel growth of the crowdsourced smart parking market in North America.
Asia Pacific market is expected to exhibit highest CAGR over the forecast period due to increasing deployment of smart city and smart infrastructure projects in this region. China, Japan, India, and South Korea are the major growth engines in the region. For instance, in 2015, the Government of India announced plans to develop 100 smart cities by using smart technology to improve the efficiency of services and meet the needs pf citizens. This in turn, is expected to boost growth of the market in this region.
Global Crowdsourced Smart Parking Market: Competitive Landscape
Major players operating in the global crowdsourced smart parking market include 3M, Amano Corporation, Cubic Corporation, Thales Group, Kapsch TrafficCom AG, Nortech Control Systems Limited, Siemens Swarco AG, Fujica, Imtech, and Xerox Corporation.
Ask query @ https://www.coherentmarketinsights.com/insight/talk-to-analyst/1863
Key players in this market are adopting inorganic strategies such as mergers and acquisitions to strengthen their foothold in the global market. For instance, in December 2016, Kapsch TrafficCom AG acquired Schneider Electric transportation business to help Kapsch TrafficCom AG expand its portfolio of intelligent transportation management solutions, which in turn helps the company gain a competitive edge in the global market.
Coherent Market Insights
1001 4th Ave,
Seattle, WA 98154
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
This release was published on openPR.
Permanent link to this press release:
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Crowdsourced Smart Parking Market to Garner Significant Growth by 2026 here
News-ID: 1848197 • Views: 119
More Releases from Coherent Market Insights (CMI Research)
Safety and Security Drones Market to Witness Unprecedented Growth 2018-2026 Esti …
The Report on Safety and Security Drones Market 2018-2026 sheds light on the important developments impacting and increasing the growth of the Safety and Security Drones Market including its restraints, drivers and prospects. The Safety and Security Drones Market report proposes complete synopsis of the market, covering several characteristics such as product definition, market breakdown based on several constraints, supply chain analysis, and the fundamental Key Players outlook. You Keep Your
Valves Market Status and Strategy by Leading Companies Segmented By Regional Out …
The Report on Valves Market 2018-2026 sheds light on the important developments impacting and increasing the growth of the Valves Market including its restraints, drivers and prospects. The Valves Market report proposes complete synopsis of the market, covering several characteristics such as product definition, market breakdown based on several constraints, supply chain analysis, and the fundamental Key Players outlook. You Keep Your Social Distance And We Provide You A Social DISCOUNT
HDAC Inhibitors Market Revenue Details ,Key Developments,Manufacturers, Footprin …
HDAC inhibitors refers to the class of anti-cancer agents that play a vital role in non-epigenetic or epigenetic regulation, inducing cell cycle arrest, apoptosis, and death of cancer cells. Histone deacetylase inhibitors (HDACi) are promising therapeutics, which have already shown potential for oncological applications such as cancer detection, diagnosis, and prognosis. For instance, Vorinostat (Merck & Co. Inc.) is a novel drug used in the management of cutaneous T cell
Peptide Cancer Vaccine Market 2020 By Leading Key Players Like TapImmune, Merck, …
Peptide cancer vaccines aid to elicit and expand tumor-specific T-cells capable of controlling or eradicating tumor. The vaccine consists of one or more short or long amino acid sequences as tumor antigens, combined with vaccine adjuvant. In the recent past, results of clinical trials performed using peptide cancer vaccine had exhibited negative outcomes. So, researchers in the peptide vaccine have considered this as outdated therapy and declared it as no
More Releases for America
Latin America Colour Cosmetics Market
The colour cosmetics market in Latin America managed to keep its head above water over 2011-2016. The category recorded a CAGR of 1.7% despite a decline in value occurring towards the end of the period, Chile and Argentina offsetting the impact of economic crisis in Brazil and Venezuela. Direct selling still holds strong as the core channel for colour cosmetics purchases in the region but retail infrastructure is rapidly improving
South America Aviation Market
The South American aviation market was affected adversely by the financial crisis, which had originated in the United States and the sales were impacted adversely by the same, but the market has recovered, since. Furthermore, the good performance of regional jets sold by Embraer were termed profitable by users and could certainly turn the tide as aircraft orders from other airlines continue to increase. Rising income levels in the continent
Agrochemicals Market in North America
ReportsWorldwide has announced the addition of a new report title North America: Agrochemicals: Market Intelligence (2016-2021) to its growing collection of premium market research reports. The report “North America: Agrochemicals: Market Intelligence (2016-2021)” provides market intelligence on the different market segments, based on type, active ingredient, formulation, crop, and pest. Market size and forecast (2016-2021) has been provided in terms of both, value (000 USD) and volume (000 KG) in the
Make America Great Again
Help us open our Veterans' Home We don't know them all, but we owe them all... Lake Ariel, PA: FCPCF Inc. and National Auto Raffle invites you to enter the online Charity Auto & 50/50 Raffles (www.nationalautoraffle.com) and help us raise funds to open the doors of veterans' housing facility and provide housing to the homeless Veterans and their families in need. Every 1 in 4 homeless is a Veteran and its time
Latin America Oil & Gas Potential
Produced by The CWC Group, Latin American Oil and Gas Conference takes place on 25 – 27 October 2011, Mandarin Oriental Hotel, Miami, U.S.A. Organisers confirmed that the strategic conference will feature advanced insights from important organisations in the region alongside NOC’s showcases from Brazil, Mexico, Colombia, Trinidad & Tobago, Venezuela, Uruguay and Bolivia. Content centres on the development of the Latin America’s resources, the impact of shale
Mafi Designs America
Austrian Natural Wood Floor manufacturer establishes themselves in the high end New York Lifestyle market. “Successfully building a luxury Brand in the US is very important to our world wide marketing efforts,“ proclaims a happy Philippe S. Pezet, Partner Mafi USA, Inc & Export/Marketing Manger for the manufacturing company Mafi Holzverarbeitung from Austria. The Mafi brand name is recognized by leading architects and decorators in the Big Apple as being the