Report Code: A07800 | Pages: NA | Apr 2023 | 2772 Views | ||
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Request Now !Real-time parking system is an intelligent parking system for the passenger cars which helps the driver to find a safe and secure parking space, indicated by displaying a sign on the infotainment display. The parking system uses advanced technologies such as radio detection & ranging (RADAR), light detection & ranging (LIDAR) and in-ground sensors to detect the presence of available parking slot. Thereby, allowing the driver to park without any hassle one goes through while parking a car. Furthermore, a real-time parking system has become very helpful for the passenger cars due to an increase in traffic 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 is expected to boost the growth for the passenger car real-time parking management system market in the future.Â
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, rise in investment for automation of passenger cars is anticipated to create an opportunity for the market investments.
The global passenger car real-time parking management system market trends are as follows:
The passenger car real-time parking management system requires a frequent upgrade for the software as well as the hardware infrastructure of the system.The software is required to keep the data compatible with external environment due to constant technological advancements in the system such as software upgrade. Furthermore, the cost of all component assembly for sensor such as light detection & ranging (LIDAR), radio-frequency identification (RFID) and fuzzy logics required in smart parking system increases the cost for the passenger car real-time parking management system.Moreover, the system takes higher implementation cost as it needs to be connected with the wireless devices for the proper operation. Therefore, high implementation cost coupled with configuration complexity is anticipated to hamper the market growth for the global passenger car real-time parking management system during the forecast period.
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Questions answered in the global passenger carreal-time parking system market research report:
Passenger Car Real-Time Parking System Market Report Highlights
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Key Market Players | Streetline, Smart Parking Ltd, ParkMeInc, Parknav, T2 SYSTEMS, Spot Innovation Inc, INRIX Inc, ParkWhiz API, Robotic Parking Systems Inc, Cisco Systems Inc. |
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