The global real-time parking system market is projected to grow at a phenomenal CAGR of 8.9% throughout the forecast period from 2022 to 2032. The global market reached a valuation of US$ 40,523.3 Million in 2022 and is likely to surpass a valuation of around US$ 96,406.7 Million by the end of 2032.
The growth of the market is attributed to the escalating traffic congestion due to which the mandate for real-time parking systems is likely to aid the city administrations in streamlining dispersed parking spaces.
Significant parking problems have arisen, particularly in urban areas, as a result of the increasing number of vehicles and increasing traffic. Parking takes a lot of time and fuel because there is no structural process or system. Up to 25% of traffic can be made up of cars cruising for space. When parking spots are scarce or only good for a short period of time, problems are made worse.
Real-time information on parking availability in specific regions and locations is strongly required as one of the growing effects. Additionally, the parking industry has undergone a technological transformation, making it possible to conduct efficient and practical parking operations with the addition of new technologies and tools.
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Compelling Market Trends
The accelerating adoption of such mechanisms in urban areas has stimulated the worldwide market for real-time parking systems. The demand is further increased by the extra features provided by modern real-time parking systems, such as parking place pricing, location mentoring, airport and transit associations, and other amenities
Nowadays, real-time parking devices that are more efficient are more common. Airports, hospitals, mall parking, business parking garages, universities, on-street municipalities, and other special event streets are expected to adopt real-time parking management systems. Real-time parking systems, the Internet of Things, and cloud data are being streamlined to create new possibilities for users and automakers.
Customers can observe real-time parking criteria thanks to the assimilation. Users are given the option to choose a simple payment method via payment wallet for structures with paid parking. Real-time parking system implementation is currently relatively low due to the expensive initial cost of the equipment, but with the reasonable cost of these systems, it is anticipated that this will change.
Growth Drivers
There is a significant surge in concerns regarding insufficient parking spaces which are one of the major determinants of the region’s market growth. Moreover, the International Road Transport Union (IRTU) actively participated in an EU-funded study that discovered that a lack of adequate and protected parking spots is a major concern in Europe, with 85 to 90% of transport motorists and operators reporting that the existing parking supply is inadequate.
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Restraints
The surging lack of land is making it difficult to build more parking spaces worldwide. Owing to the rise in population causes difficulties with both residential and commercial parking. This issue is addressed by optimizing the additional functionality but due to the expansion of automotive industry, these factors are likely to create hindrances in the growth of the overall market.
Competitive landscape
Key manufacturers operating in the global real-time parking system market are working on strategies such as new product launches, geographical expansion, mergers and acquisitions, partnerships, and collaboration to identify the interest of potential buyers and create a larger customer base.
Some of the leading real-time parking system providers include Streetline, Smart Parking Ltd., ParkMe Inc., Parknav, T2 SYSTEMS, Spot Innovation, Inc., INRIX, Inc., ParkWhiz API, Robotic Parking Systems, Inc., Cisco Systems, Inc., and PARKMATIC.
In 2006, Smart Parking Limited was established. The latest SmartPark system from Smart Parking is a comprehensive, end-to-end solution that incorporates a sensor network with feature displays, and live gateways.
More Insights into the Real-Time Parking System Market
The real-time parking system market in the United Kingdom is anticipated to augment throughout the assessment period with a significant CAGR. The growth of the region is attributed to the federal policy intervention in intelligent parking systems as part of pollution-reduction efforts.
The adoption of real-time parking systems is increasing due to increased demand for these systems from a variety of sources, including commercial parking garages, universities, on-street municipalities, airports, hospitals, mall parking, and other event avenues.