Off Street Parking Management System Market
A parking management system automates a car parking system by optimizing parking space and making the process efficient. Off-street parking is vehicle parking on streets or roads where permits are required as per regulations of each region or country. It provides real-time car parking information such as available slots display, vehicle & slots count, reserved parking, easy payments, pay-and-park options, reports, and more. Furthermore, off-street parking is designed for parking lots, garages, and driveways. Advancements in technology including smartphone applications for parking management systems and enhanced ticketing and payment solutions have boosted the demand for the off-street parking management systems.
The Off-Street Parking Management System Market was valued for US$ 5508.2 Mn in 2021.
Market Dynamics
Increasing the population worldwide has increased the demand for new vehicles on the road, thereby resulting in increased traffic congestion. Furthermore, parking convenience is crucial and hence, parking facilities are becoming the main point of concern across nations. Rising demand for parking spaces, effective traffic management, and facilities that offer viable travel and parking options to consumers are expected to boost the demand for enhanced parking facilities. According to Coherent Market Insights’ analysis, car park size in China is estimated to be around 200 Mn units as compared to 262 Mn units for the U.S., by 2020. Moreover, rapidly increasing motorization due to rising population are other factors expected to drive growth of the global off-street parking management system market in the near future.
However, Growing vehicle parking across the globe has led to demand for more available parking spaces primarily in countries such as Canada, China, and a few other European countries. This is owing to growth of commercial sectors, increased travel, and rising demand for safe and improved parking solutions. Furthermore, the demand for land availability is increasing rapidly, in order to mitigate the rising demand for parking space and parking management solutions. Thus, these factors are expected to hinder the global off-street parking management system growth over the forecast period.
Key features of the study
Market Segmentation
Table of Contents
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