The smart parking systems market is expected to witness a CAGR of 10.57% during the forecast period. The smart parking system optimizes parking space through an automatic access control system, parking guidance system (PGS), parking reservation barrier, and ticketing system. Smart parking system offers real-time information about the availability of parking space and helps drivers about available parking slots by navigating them via a smartphone application.

The key dynamics that influence the global smart parking system market are rising consumer preference towards comfort and luxury, rising competition between OEMs to provide driver assistance features, increasing government initiatives, limited parking space availability, an increasing number of accidents caused by vehicles during reversing out parking spaces, and rising consumer demand for advanced vehicle and passenger safety systems in passenger cars.

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However, high employment costs, configuration complexity, and low internet penetration in emerging economies may hinder the market growth of the smart parking system market. Nevertheless, the increasing investment to build driverless vehicles and rising government initiatives to build smart cities globally will create promising opportunities for the growth of the smart parking system market.

The COVID-19 pandemic had a negative impact on the global smart parking system market owing to the use of smart parking systems for isolation centers and quarantine homes to a proper shelter for patients to recover.

Browse 95 market data Tables and 55 Figures spread through 201 Pages and in-depth TOC on " Smart Parking Systems Market by Vehicle Type (Hardware, Software, and Services), by System Type (Smart Park Assist System, and Guided Park Assist System), by Parking Site (On-Street, and Off-Street), by Technology (Ultrasonic Sensor, Radar Sensor, and Image Sensor), by Application (Security and Surveillance, Valet Parking Management, License Plate Recognition, and Parking Reservation Management), by Component (Parking Sensors, Display Unit, Steering Angle Sensors, and Electronic Control Unit (ECU)), and End User (Commercial and Government), and Region - Global Forecast to 2027"

Off-street smart parking systems have high demand as they can be easily implemented and fine-tuned. They are privately owned and can be made of commercial parking lots and garages. Off-street parking spaces are the easiest place to implement effective smart parking systems and are robot-assisted or automated parking services. These systems help improve the comfort and safety of all passengers.

Source: VynZ Research