Growing
economy in many developing countries have fostered high disposable income among
population which has given rise to increase in number of vehicle purchase. This
has led to sharp increase in the number of vehicles on road in recent years.
Passenger and goods carrier vehicles contribute to the most of the numbers of
vehicles compared to as compared other types. Increase in number of vehicles
have given rise to huge traffic congestion thereby leading to serious parking
issues in many countries.
Most of
these problems are associated with urban areas where parking problems arise due
to space constraint. Vehicle drivers waste substantial amount of their time
finding proper parking space thereby creating traffic congestion for other
vehicles. Lack of proper on-street parking lots and slow development of new
parking complexes is expected to further increase the traffic congestion in
coming years.
Further,
the current absence of parking slots in residential and commercial complexes
creates serious concerns for employers and residential societies. Thus, the
need for parking reservation or convenience parking is increasing owing to the
time wasted in finding a proper parking slot. Parking complex providers are
also facing problems in maintaining daily records related to parked vehicles
thereby leading to inability to ensure round the clock security. Thus, the
demand for parking reservation system is expected to witness trong growth owing
to the above factors in coming years.
Parking
reservation system provides information of parking availability for both
drivers and parking complexes providers in a certain area through continuous
monitoring. Parking reservation system comprises software and equipment such as
parking meters, cameras, sensors and automatic gates which help maintaining the
smooth flow of traffic. Additionally, parking reservation system also enhances
the aspect of security in parking lots.
Parking Reservation System Market: Segmentation
Parking
reservation system can be classified as on-street and off-street parking
system. Off-street parking system consists a single point of interaction
between parking areas and access points. Thus, the application of off-road
parking system is expected to see more adoption among parking complex and
garage providers in coming years. On-street parking system provides information
of parking slot on real-time basis through web, mobile and voice based
solution. Thus, the demand for on-street parking system is expected to increase
owing to the increase in rise in smart cities projects across various region.
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Parking Reservation System Market: Region-wise Outlook
Further,
the demand for parking reservation system is expected to increase in
transportation sector due to the traffic congestion caused in truck terminals.
Developed countries such as the U.S. and Germany are investing heavily in
implementing parking reservation system for trucks. The market can also be
segmented on the basis of end-use sector such as retail, government, hospitality,
transportation and logistics, airports and commercial and corporate parks. The
market for parking reservation system is expected to get a boost with the
adoption of smart parking system in developed countries. India and China is
expected to be a potential market for parking reservation system market in
coming years. However, a slower adoption rate of parking reservation system in
developing countries is expected to pose a challenge for this market in coming
years.
Parking Reservation System Market: Key Players
Some of
the key parking reservation system providers in the market are VINCI Park S.A.,
Streetline, Inc., National Car Parks Ltd., APCOA Parking AG, Ace Parking
Management, Inc., ParkMe, Inc., Siemens AG, 3M Company and Xerox Corporation.
The
report offers a comprehensive evaluation of the market. It does so via in-depth
qualitative insights, historical data, and verifiable projections about market
size. The projections featured in the report have been derived using proven
research methodologies and assumptions. By doing so, the research report serves
as a repository of analysis and information for every facet of the market,
including but not limited to: Regional markets, technology, types, and
applications.
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