A major issue with buying a vehicle is parking-related concerns. As per the industry experts, about 30.0% of traffic congestion is the result of people searching for parking spaces. This has further led to a surging amount of traffic congestion on roads, along with growing number of vehicles, particularly in major cities. In addition to this, various people do not follow parking rules and park their vehicles in an incorrect manner, thereby leading them to pay parking fines. It is because of these reasons that various countries are making use of smart parking systems.
According to a report by P&S Intelligence, the global smart parking market size is projected to reach a value of $9.1 billion by 2024, rising from $3.4 billion in 2018, advancing at a 16.1% CAGR during the forecast period (2019–2024).
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As the number of vehicles on roads in urban cities has increased, there is pressing need for making use of advanced technologies to make the flow of traffic smooth. Within the region, the U.S. has been the largest user of smart parking systems up till now. Other than this, the demand for these systems is also expected to increase considerably in Asia-Pacific, thereby making the region the fastest-growing smart parking systems market in the coming years. This is due to the increasing requirement for connected and automated vehicles and rapid development of smart cities.
In conclusion, the demand for smart parking systems is increasing due to the surging traffic congestion on roads and development of smart cities.
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Market Segmentation by Parking Site
Market Segmentation by Technology
Market Segmentation by End User