This report provides detailed synopsis about opportunities, competitive landscape, emerging technologies, key trends and dynamics in the Parking Management Market.
Northrook, IL -- (SBWIRE) -- 11/13/2019 -- MarketsandMarkets expects the global Parking Management Market size to grow from USD 3.39 billion in 2018 to USD 5.15 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 8.7% during the forecast period. The major drivers of the parking management market include the the growing focus on seamless traffic flow with fuel consumption reduction, adoption of cloud computing and IoT technologies, increasing vehicular sales, and proliferation of smart phones.
The introduction of autonomous cars will open up new revenue opportunities to the parking management vendors. At present, Volkswagen Group, a Germany-based multinational automotive manufacturing company, is testing autonomous parking at Hamburg Airport in Germany using Audi, Porsche, and Volkswagen vehicles. This system is expected to be available from 2020 in parts. Initially, it will operate in autonomous dedicated areas where there is no human-driven cars or pedestrians. Then the system will expand to operate in a mixed environment comprising humans and autonomous cars.
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Why technological advancement in autonomous cars is creating an opportunity for market growth?
Carmakers are slowly building the market for autonomous cars by first releasing connected and partially automated cars. Autonomous cars sense their surroundings with GPS and sensor technologies, such as ultrasonic and radar. Advanced control systems in these cars interpret the sensory information to identify appropriate navigation paths, identify parking spaces, obstacles, and relevant signage. Autonomous driving is expected to grow, as driver assistance systems become more sophisticated. Many technology giants, such as Google and Microsoft, and major car manufacturers including Daimler, BMW, Volkswagen, Audi, Tesla, and Volvo, are expected to launch fully automated cars by 2025. ZF Friedrichshafen AG is developing an advanced urban vehicle, a solution for the urban individual transport in the compact and sub-compact segments. The advanced urban vehicle will be able to identify suitable parking spaces and autonomously park itself in parallel and perpendicular spaces. The introduction of autonomous vehicles will disrupt the business model for parking management and will offer a new revenue stream for vendors in the parking management market.
Are rapid changes in technologies challenging market growth?
Technological changes require the solution vendors to update solutions on the upcoming technology, along with gaining the required technical expertise. The parking management solutions have witnessed the transition from on-premises to cloud-based deployments. Additionally, there are solutions which offer advanced analytics functionalities. These differentiated offerings lead to a different set of demand by end users, which needs to be catered to by the vendors, else they lose out on the customer base, and customers may switch to a different vendor who can offer the features/functionalities as per their requirements. It intensifies competition among the vendors and makes them rethink their product offering strategy as to how they can differentiate their offerings from their counterparts.
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As per the geographic analysis, Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. The increasing adoption of smart technologies in the parking space, the increasing vehicle sales in the countries, and the steady growth in the developing economies are the major factors contributing to the growth of parking management solutions in the APAC region. The implementation of smart city projects is also expected to significantly drive the market growth. These smart city projects address infrastructure, transit, utilities, and connectivity challenges. The major countries that are expected to witness the high growth rates in this region include China, Japan, Australia, New Zealand, Singapore, and the rest of Association of Southeast Asian Nations (ASEAN) countries.
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