Rise in number of vehicles globally increases the demand for parking management

Market - Mohit Shah - Jul 27,2017

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rise in number of vehicles globally increases the demand for parking management

As per analytics, the revenue generated from the global parking management solution market is likely to surge at a strong CAGR of 9.3% until 2025. 

In order to be precise, parking management solution is basically a set of hardware that is designed in order to manage and maintain parking spaces primarily in high-demand areas. The major hardware used in parking management solutions comprise of single space parking meters and multi-space parking meters.

The integration of various components such as LED light indicators, monochrome displays, solar panel/battery, sensors, RFID tags, automated payment systems, and centralized data management permits people to spot parking spaces in desired locations.

In the current scenario, the demand for parking management solution market is anticipated to increase in the coming years owing to rapid advancement in automobile usage along with growing adoption for smart city projects across the globe. As per a recent report published by Market Research Hub (MRH), the global parking management solution market is expected to grow at an impressive CAGR of 9.3% between 2017 and 2025. Moving at this pace, the market revenue is likely to reach a valuation of US$614.59 bn by the end of the above-stated duration.

Presently, considering the geographical reach the market for parking management solution has spread its effectiveness in various parts of North America, Asia Pacific, Europe, Middle East & Africa (MEA), and South America. It has been noted that a large number of vehicles in the U.S. demand for well-organized parking management solutions, thereby presenting a high revenue contribution from the North American market. Moreover, the Asia-Pacific region is also targeted to display notable growth in the coming years.

Also, the efficient contribution from prominent providers such as Parkeon S.A.S., Parking BOXX, Worldwide Parking, Inc., POM Inc., IPS Group, Inc., and Ventek, is indeed working to push the growth of the parking management solution market.

 

For more information on this report visit- http://www.marketresearchhub.com/report/parking-management-solution-market-global-industry-analysis-size-share-growth-trends-and-forecast-2017-2025-report.html