The primary growth drivers for the market are the rising number of vehicles on the road and the resulting rise in traffic jams. Due to the various degrees of lockdowns enacted globally, the COVID-19 pandemic outbreak has had a negative effect on the market. The demand for smart parking systems market is anticipated to increase as the lockdowns are gradually removed, and sales of personal vehicles may also increase as a result of growing worries about safety in public transportation.
Market Dynamics:
Increasing demand for the internet of things (IoT) based technology is expected to drive market growth during the forecast period. IoT is a system of interrelated computer devices that are connected to the internet in order to perform various tasks without any human interference. Globally, the maximum time spent on searching for parking is a major issue which is solved by the University of Kansas by developing a project on smart parking solutions using IoT technology. Moreover, an IoT-based smart parking system helps to manage parking and reduces driver’s time. For instance, in parking garages, the driver can identify the number of parking slots in the garage without entering the garage. This is done by receiving constant data information updates from sensors and providing this information to the driver.
Growing focus on improving customer service can present lucrative growth opportunities. Key companies in the market are focused on improving customer service. Better customer service leads to a longer operational cycle of smart parking systems market at lower costs. Moreover, during recent years, the number of electric vehicles has been increasing which is also aiding the demand for electric vehicle charging stations. Further, some companies are focusing on installing solar electric vehicle charging stations at parking spaces.
Key Developments
Key features of the study:
Detailed Segmentation:
Table of Contents
*Browse 24 market data tables and 28 figures on "Global Smart Parking Systems Market” - Global forecast to 2030
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