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Passenger Car Real-Time Parking System Market Outlook On The Basis Of Product, Application, Province And Forecast Till 2027

11-17-2020 07:56 PM CET | Logistics & Transport

Press release from: Allied Market Research

Passenger Car Real-Time Parking System Market

Passenger Car Real-Time Parking System Market

Real-time parking system is an intelligent parking system for the passenger cars which helps the driver to find a safe and secure parking space, indicated by displaying a sign on the infotainment display. The parking system uses advanced technologies such as radio detection & ranging (RADAR), light detection & ranging (LIDAR) and in-ground sensors to detect the presence of available parking slot. Thereby, allowing the driver to park without any hassle one goes through while parking a car. Furthermore, a real-time parking system has become very helpful for the passenger cars due to an increase in traffic and unavailability of parking slots for convenient parking. Real-time parking system has enhanced capacity, effectiveness, reduced emission, and increased safety & convenience.Therefore, the increasing demand for safety & convenience for the passengers is expected to boost the growth for the passenger car real-time parking management system market in the future.

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Regions covered
North America (the U.S. and Canada), Europe (Germany, the UK, France, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), Latin America (Brazil, Mexico, and rest of LATAM) and The Middle East and Africa

Companies covered
Streetline, Smart Parking Ltd, ParkMeInc, Parknav, T2 SYSTEMS, Spot Innovation Inc, INRIX Inc, ParkWhiz API, Robotic Parking Systems Inc and Cisco Systems Inc.

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Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
Increase in adoption of efficient real time parking system, upsurge in demand for internet of things (IoT) based technology and increase in parking concerns due to urbanisation are driving the growth of the market. However, issues with quality control norms and high implementation cost coupled with configuration complexity are expected to hamper the growth of the market. Contrarily, rise in investment for automation of passenger cars is anticipated to create an opportunity for the market investments.

The global passenger car real-time parking management system market trends are as follows:

High implementation cost coupled with configuration complexity
The passenger car real-time parking management system requires a frequent upgrade for the software as well as the hardware infrastructure of the system.The software is required to keep the data compatible with external environment due to constant technological advancements in the system such as software upgrade. Furthermore, the cost of all component assembly for sensor such as light detection & ranging (LIDAR), radio-frequency identification (RFID) and fuzzy logics required in smart parking system increases the cost for the passenger car real-time parking management system.Moreover, the system takes higher implementation cost as it needs to be connected with the wireless devices for the proper operation. Therefore, high implementation cost coupled with configuration complexity is anticipated to hamper the market growth for the global passenger car real-time parking management system during the forecast period.

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Key benefits of the report:

1 This study presents the analytical depiction of the passenger car real-time parking management system industry along with the current trends and future estimations to determine the imminent investment pockets.
2 The report presents information related to key drivers, restraints, and opportunities along with challenges of the passenger car real-time parking management system market.
3 The current market is quantitatively analyzed from 2019 to 2027 to highlight the passenger car real-time parking management system market growth scenario.
4 We can also determine real-time parking system will remain a significant revenue shareholder in the global passenger car real-time parking management system market through the predictable future.

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About Us
Allied Market Research (AMR) is a market research and business-consulting firm of Allied Analytics LLP, based in Portland, Oregon. AMR offers market research reports, business solutions, consulting services, and insights on markets across 11 industry verticals. Adopting extensive research methodologies, AMR is instrumental in helping its clients to make strategic business decisions and achieve sustainable growth in their market domains. We are equipped with skilled analysts and experts, and have a wide experience of working with many Fortune 500 companies and small & medium enterprises.

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