Smart Parking Systems Market by Systems, Technology, Component, Solution, Vertical Type and Parking Site

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Smart Parking Systems Market by Systems, Technology, Component, Solution, Vertical Type and Parking Site

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The global smart parking systems market is expected to witness a CAGR of 15.8% during the forecast period, to reach $4,800 million by 2023. The parking sensors have emerged as the largest segment in the global smart parking systems market. In 2016, Asia-Pacific was among the fastest growing markets, due to growing awareness of end-users about smart parking systems in the region. – PowerPoint PPT presentation

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Title: Smart Parking Systems Market by Systems, Technology, Component, Solution, Vertical Type and Parking Site


1
Smart Parking Systems Market Insights by
Technology, Application, Growth and Demand
Forecast, 2024
2
Smart parking systems help the vehicle user to
find the nearest parking space and provides
information on the availability of parking slots
in the parking area. The smart parking systems
market includes sensors, real-time data and
smart-phone-enabled automated payment systems
that allow the users to reserve parking slot in
advance. The systems identify the exact state of
a parking space, if vacant or occupied, and
examines and transmits information to various
sources, which include mobile applications,
signage and web-based applications. The smart
parking systems uses well-improvised technologies
and equipment for consistent operation during the
forecast period (2017-2023). The systems are
expected to expand its reach from parking at
shopping malls and company parking to various
multiple platforms, including public parking by
giving parking information, based on cost in real
time. Additionally, smart parking systems play a
major role in reducing the CO2 emission and help
traffic movement in the city more efficiently.
3
Market Dynamics The global smart parking systems
market is expected to witness a CAGR of 15.8
during the forecast period, to reach 4,800
million by 2023. The parking sensors have emerged
as the largest segment in the global smart
parking systems market. In 2016, Asia-Pacific was
among the fastest growing markets, due to growing
awareness of end-users about smart parking
systems in the region. With the sudden surge in
the number of passenger cars in China and India,
initiatives taken by different state governments
such as smart cities mission is expected to
develop better parking and traffic management
solutions in India. Due to huge adoption of
parking management systems in different cities of
Europe, the region dominated the global smart
parking systems in 2016. Under the market
segmentation by technology, the parking sensor
dominated the market as compared to other
components in the global smart parking systems
market in 2016 however, the steering angle
sensors is growing at a faster rate than other
technologies.
4
The smart parking systems are being widely
adopted by major cities and universities,
especially in Europe and North America. In Europe
and North America railway platforms, airports,
public places and corporate complexes,
authorities are planning to set up smart parking
systems for better management of their parking
areas and heavy traffic congestions. Competitive
Landscape The global smart parking market
reported a consolidated structure in 2016, where
the market is led by a few global players. The
key regional players operating in the market
include Valeo S.A., Continental AG, Robert Bosch
GmbH, Kapsch TrafficCom AG, Cubic Corporation and
TKH Group-Park Assist. Request to Get the Sample
Report_at_ https//www.psmarketresearch.com/market-an
alysis/smart-parking-systems-market/report-sample
5
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