The global smart parking system market size is expected to reach US$368.7 million by 2024 according to a new study by Grand View Research, Inc. Favourable government initiatives and increasing public sector funding will favour the growth and adoption of smart parking system for the forecast period. The industry is anticipated to witness an upsurge in demand for smart parking systems in transport transit and commercial applications segment, and it is subsequently expected to impel the growth in the industry.
This technology effectively addresses traffic congestion issues and parking-related concerns. Such systems help in reducing fuel usage and subsequently minimise vehicular emissions. The industry is expected to gain momentum owing to inclusion of sophisticated features such as voice guidance, handicapped parking, and auto-payment options enabled through smartphone applications.
Increasing number of automotive and lack of efficient parking management system is affecting the availability of parking spaces and is subsequently driving the demand for these technologies across the globe. Such parking systems offer several opportunities for reuse of commercial and municipal parking areas and garages. Hence, these systems help in making the cities greener, cleaner, and technologically advanced.
However, lack of awareness of smart parking advantages, especially among under-developed regions is anticipated to slowdown the industry growth opportunities. Lack of funding initiatives is further expected to hamper the industry growth.
Several cities in the U.S. and Canada such as Los Angeles, San Francisco, and Toronto are increasingly adopting smart parking systems to manage the ever increasing traffic congestion problems. The growth is considerably high in the UK and Germany. Major automotive manufacturing companies' interest in this sector is further propelling the growth in demand. Automobile manufacturers in Italy and Germany such as Fiat and Audi are keenly participating in development of smart parking system. Adoption of sustainable transportation policies and adoption of innovative parking technologies is impelling growth in the European region.
This technology effectively addresses traffic congestion issues and parking-related concerns. Such systems help in reducing fuel usage and subsequently minimise vehicular emissions. The industry is expected to gain momentum owing to inclusion of sophisticated features such as voice guidance, handicapped parking, and auto-payment options enabled through smartphone applications.
Increasing number of automotive and lack of efficient parking management system is affecting the availability of parking spaces and is subsequently driving the demand for these technologies across the globe. Such parking systems offer several opportunities for reuse of commercial and municipal parking areas and garages. Hence, these systems help in making the cities greener, cleaner, and technologically advanced.
However, lack of awareness of smart parking advantages, especially among under-developed regions is anticipated to slowdown the industry growth opportunities. Lack of funding initiatives is further expected to hamper the industry growth.
Several cities in the U.S. and Canada such as Los Angeles, San Francisco, and Toronto are increasingly adopting smart parking systems to manage the ever increasing traffic congestion problems. The growth is considerably high in the UK and Germany. Major automotive manufacturing companies' interest in this sector is further propelling the growth in demand. Automobile manufacturers in Italy and Germany such as Fiat and Audi are keenly participating in development of smart parking system. Adoption of sustainable transportation policies and adoption of innovative parking technologies is impelling growth in the European region.
