Parking Management Market Research Report
Parking Management Market Size, Share & Analysis Report by Offering (Solutions, and Services), By Parking Site (Off-Street Parking and On-Street Parking)
The GMI Research expects the parking management market to expand at a higher rate. From a regional perspective, North America is anticipated to lead the market. As per Organisation Internationale des Constructeurs d'Automobiles (OICA), in 2019, about 25 million vehicles were sold in the North America region, which will further drive the growth of the parking management market.
The major key factor contributing to the growth of the parking management market size include the increasing requirement and fuel saving. Traffic mobbing is growing various troubles, particularly in large cities densely population, which will further drive the growth of the parking management market. U.S. drivers spend around 14.5 million hours every day stuck in traffic, whereas Boston drivers lost 137 million hours per year in traffic jams. The increasing congestion on the road's consumers is getting traction towards parking management solutions. Moreover, the high adoption of smartphones is fuelling the growth of the parking management market. For example, smartphones use parking management apps dependent on the camera, GPS, and NFC to find the vacant space in a nearby parking. The increasing development in technologies has accelerated the major urban areas to transform them into smart cities. Various smart city initiatives adopted by governments globally are predicted to offer business opportunities for the providers of smart parking management solutions, which can be incorporated with smart city solutions. Smart cities require easy-to-manage, scalable, flexible, and space-efficient parking systems, which can be referred to by intelligent parking management systems.
Technological advancements have enhanced the consumer experience and surged car parking management solutions. For instance, e-payments using bank wallets and the internet have led to an increase in the growth of the parking management system. However, with the upsurge in demand for e-cars the charging stations are also needed. The parking management system consists of multiple software and hardware types for managing the designs and the infrastructure. On the other hand, combining all the sensors and traffic control devices in a single unit makes it a complicated operation process, thus acts as a hindering factor for the growth of the global parking management market.Parking Management Market’s leading Manufacturers:
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