CROWDSOURCED SMART PARKING MARKET ANALYSIS

Crowdsourced Smart Parking MarketSize and Trends

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.

Market Trends

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.