Light Commercial Vehicle Real-Time Parking System Market Outlook – 2027
The real-time parking management system uses advanced technologies such as in-ground sensors, radio detection & ranging (RADAR) and light detection & ranging (LIDAR) to detect the presence of available parking slot for light commercial vehicles. The parking management system is an intelligent and effective system which uses mentioned technologies to help the driver and find a safe & secure parking space. Thereby, allowing the driver to park without any hassle one goes through while parking a light commercial vehicle. Furthermore, a real-time parking system has become very helpful for the drivers due to an increase in traffic, size of the light commercial vehicle and unavailability of parking slots for convenient parking. Real-time parking system has enhanced capacity, effectiveness, reduced emission, and increased safety & convenience. Therefore, the increasing demand for safety & convenience for the passengers & driver is expected to boost the growth for the light commercial vehicle real-time parking management system market in the future.
COVID-19 scenario analysis:
- Absenteeism of workforce in manufacturing plants is on the rise due to the reluctant behavior towards the work during the coronavirus pandemic which in turn has hampered the production productivity for the light commercial vehicle real-time parking management system manufacturers.
- The vendors in light commercial vehicle real-time parking system industry across the globe are suffering majorly due to the market disruptions in the supply chain owing to the government declared lockdown which in turn has affected the global light commercial vehicle real-time parking management system manufacturers worldwide.
- The rapidly changing demand is substantially disrupting the production & installation process for the light commercial vehicle real-time parking management system manufacturers during the coronavirus pandemic which in turn has severely impacted the light commercial vehicle real-time parking system market.
- Majority of light commercial vehicle real-time parking management system manufacturers are facing issues such as low liquidity and cash flow problems due to the government declared lockdowns which will further affects the production of the light commercial vehicle real-time parking management system, mainly due to covid-19 pandemic.
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
Increase in adoption of efficient real time parking system, upsurge in demand for internet of things (IoT) based technology and increase in parking concerns due to urbanisation are driving the growth of the market. However, issues with quality control norms and high implementation cost coupled with configuration complexity are expected to hamper the growth of the market. Contrarily, optimum utilization of parking spaces for light commercial vehicles is anticipated to create an opportunity for the market investments.
The global light commercial vehicle real-time parking management system market trends are as follows:
Optimum utilization of parking spaces
The parking spaces frequently remain unutilized as developers build additional parking spaces due to the regulations regarding the size of the vehicle and lesser number of parking space to accommodate the rising number of vehicles. Consistent parking management solutions, such as improved signage and real-time parking indicators, reduce the wastage of parking spaces by alerting the drivers by displaying any available parking space. Furthermore, parking management also results in an efficient use of parking resources through better revenue management. An effective and integrated parking management solution can reduce parking requirements by 20 to 40 percent, which helps in maintaining city infrastructure, reducing land consumption, increasing revenue generation for the government and improving user convenience. Therefore, optimum utilization of parking spaces is anticipated to boost the market growth for the global light commercial vehicle real-time parking management system during the forecast period.
Key benefits of the report:
- This study presents the analytical depiction of the light commercial vehicle real-time parking management system industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with challenges of the light commercial vehicle real-time parking management system market.
- The current market is quantitatively analyzed to highlight the light commercial vehicle real-time parking management system market growth scenario.
- We can also determine real-time parking system will remain a significant revenue shareholder in the global light commercial vehicle real-time parking management system market through the predictable future.
Questions answered in the global light commercial vehicle real-time parking system market research report:
- Which are the leading market players active in the light commercial vehicle real-time parking management system market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in taking further strategic steps?
Light Commercial Vehicle Real-Time Parking System Market Report Highlights
| Aspects | Details |
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 Key Market Players | T2 SYSTEMS, Spot Innovation Inc, ParkMe Inc, Cisco Systems Inc., Smart Parking Ltd, Parknav, Robotic Parking Systems Inc, INRIX Inc, Streetline, ParkWhiz API |
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