The market for smart parking systems is expected to reach USD 16346.57 million by 2028 from an anticipated value of USD 5,529.50 million in 2021, growing at a CAGR of roughly 19.80 percent during the forecast period. The study examines the market’s drivers, restraints, and challenges as well as the impact each has on demand over the forecasted period. The paper also looks at new potential in the market for smart parking systems.
Market Overview for Smart Parking Systems
A parking technique called smart parking helps drivers park securely. The driver may fit into a neighbouring parking place without obstructing other vehicles thanks to the smart parking system, which offers real-time data on the availability of those spaces. Also, the long-term problem of parking, which has a detrimental effect on the environment, is addressed by this technology. The system includes low-cost sensors, real-time data interference, and clever mobile applications that let people keep track of parking places that are available and ones that are not. The time it takes a user to find a parking space is decreased because to the ability of smart phones to manage vehicle parking effectively and the development of infrastructure to enable such mobility.
An increase in parking-related worries, a rise in demand for Internet of Things (loT)-based technology, and a high vehicle adoption rate are driving the global smart parking market. Additionally, it is anticipated that increased government efforts to build smart cities across the globe and increased investment in the development of driverless vehicles will generate enormous prospects for market expansion. Providers of smart parking solutions now have more opportunities to explore due to the growth of cashless transactions and e-payment choices. Additionally, developments in machine learning and artificial intelligence are helping firms make ground-breaking discoveries.
The Global “Smart Parking System market” has been featured by Zion Market Research Organization and has Extensive information on factors that will amplify the growth of the Smart Parking System Market over the upcoming seven years. It also has an In-depth analysis of the industry’s competitive landscape, detailed information about different drivers, restraints, and opportunities. It Furnishes detailed information on the factors that will restrain the growth of Smart Parking System manufacturers. The report covers key strategic Points Regarding to developments of the market including acquisitions & mergers, agreements, partnerships, new type launches, research & development, collaborations & joint ventures, regional expansion of major participants involved in the Smart Parking System market on a global and regional basis.
Smart Parking System Market: Key Segment Analysis
Some of the Major Market Players are:
Valeo S.A. (France), Continental AG (Germany), Robert Bosch GmbH (Germany), Kapsch TrafficCom AG (Austria), Cubic Corporation (U.S.), TKH Group-Park Assist (Netherlands).
Segmentation by Type:
Guided Park Assist, Smart parking
Segmentation by Application:
Parking Sensors, Steering Angle Sensors, Electronic Control Unit (ECU), Display Unit
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- Graphical presentation of global as well as regional investigation
- A brief introduction to the Research and Business Overview of the market
- Selected illustrations of market trends
- Example pages from the Smart Parking System report
- Zion Market Research Methodology
Research Methodology
The process of market research at ‘Zion Market Research‘ is iterative in nature and usually follows the following path. Information from secondary is used to build data models, further the results obtained from data models are validated from primary participants. Then cycle repeats where, according to inputs from primary participants, additional secondary research is done and new information is again incorporated into the data model. The process continues till the desired level of information is not generated.
To calculate the Smart Parking System market size, the report considers the revenue generated from the sales of the market providers. The revenue generated from the sales of the market is calculated through primary and secondary research. The key players operating in the market across the globe are identified through secondary research and a corresponding detailed analysis of the top vendors in the market is done. The market size calculation also includes clinical trial phase segmentation determined using secondary sources and verified through primary sources.
Segment Assessment: Global Smart Parking System Market Research Analysis
In this dedicated section of the report, readers are presented with decisive clarity towards highlighting the most effective segment that enables heavy revenue flow. Relevant details about other market segments are also discussed in the report to derive logical conclusions about the most prominent segments in the global Smart Parking System market.
COVID-19 Impact Analysis
Smart Parking System Market study report analyses the impact of Coronavirus (COVID-19) on the leading manufacturers in the industry. In December 2019, the first case of the Covid-19 virus was reported in China. Since then, the disease has spread to nearly 180+ countries around the world. The outbreak of Covid-19 has affected many factors such as flight cancellations and isolation, declaration of a state of emergency in many countries, huge supply chain speed, stock market uncertainty, closure of restaurants, ban on all indoor events, declining business guarantees, growing population panic and panic among the population and Uncertainty about the future. This intensively researched report presentation has been prepared in real-time parlance, rendering substantial attention towards the COVID-19 outbreak that has lately wreaked unprecedented damage across industries, stagnating growth.
Global Smart Parking System Market offers an overview of Upcoming and existing market trends, drivers, Restraints, and also offers a point of view for important Segments. Our organization covers all the key points required for your Research Study. The market research includes historical and forecast market data, demand, application details, price, trends, and company shares of the leading Smart Parking System by geography, The Market Players focused for research analysis are company
Smart Parking System Regional and Country-wise Analysis:
- North America (U.S., Canada, Mexico)
- Europe (U.K., France, Germany, Spain, Italy, Central & Eastern Europe, CIS)
- Asia Pacific (China, Japan, South Korea, ASEAN, India, Rest of Asia Pacific)
- Latin America (Brazil, Rest of Latin America)
- The Middle East and Africa (Turkey, GCC, Rest of the Middle East and Africa)
- Rest of the World….
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