Smart Parking Market Analysis | COVID-19 Impact

Overview The use of sensors allows free parking spaces to light up in color which indicates that a driver may park there. Such systems have become necessary with the expansion of urban areas where there is a rising number of automotive vehicles. Market Research Future has invest resources in uncovering vital details about the global smart packaging market during the assessment period from 2017 to 2023. the global Smart Parking Market Analysis is expected to grow at a CAGR of 10.97% during the assessment period.

Smart Parking Market Segmentation The global Smart Parking Market Analysis has been segmented on the basis of parking site, technology, and regions. Parking site has been segmented into on-street, and off-street. Off street parking is more commonly preferred as it is the safer parking method as opposed to on-street parking. The off-street parking segmented captured a market share of 68.45% and is expected to retain its leadership position. Regions covered in the report include Europe, North America, Asia Pacific and the Rest of the World.

Regional Analysis The Asia Pacific has emerged as the largest region in the global Smart Parking Market Analysis due to the presence of massive populations in economically booming countries of China, Japan, and India. The increasing rate of registration of new vehicles combined with expanding urbanization in the region is expected to drive the APAC market. Emerging countries in the APAC region are actively in the process of integrated smart city solutions in various tier 1 and tier 2 cities. Europe accounted for the second largest region in the global market, while North America comes in third in terms of market size. Both regions have significant market players as well as developed economies where smart parking solutions are being employed increasingly

Key Players The leading market players that have been included in MRFR’s report on the global Smart Parking Market Analysis size include Omnitec group (UAE), Robert Bosch GmbH (Germany), Smart Parking Limited (Australia), Dongyang Menics Co., Ltd (South Korea), Parklayer (India), IEM SA (Switzerland), Amano McGann