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.
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COVID-19 scenario Analysis:
- Coronavirus has majorly disrupted all operations process due to government declared lockdown across the affected countries which in turn has caused the passenger car real-time parking management system manufacturers to shutdown manufacturing factories.
- 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 forthe passenger car real-time parking management system manufacturers.
- The vendors in passenger car real-time parking system industry across the globe are suffering majorly due to the market disruptions in the supply chain owingto the government declared lockdown which in turn has affected the global passenger car real-time parking management system manufacturers worldwide.
- The rapidly changing demand is substantially disrupting the production & installation process for the passenger car real-time parking management system manufacturers during the coronavirus pandemic which in turn hasseverely impacted the passenger car real-time parking system market.
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, rise in investment for automation of passenger cars is anticipated to create an opportunity for the market investments.
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The global passenger car real-time parking management system market trends are as follows:
High implementation cost coupled with configuration complexity
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.
Key benefits of the report:
- This study presents the analytical depiction of the passenger car 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 passenger car real-time parking management system market.
- The current market is quantitatively analyzed to highlight the passenger car 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 passenger car real-time parking management system market through the predictable future.
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Questions answered in the global passenger carreal-time parking system market research report:
- Which are the leading market players active in the passenger car 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?
Passenger Car Real-Time Parking System Market Report Highlights
| Aspects | Details |
| By Type | On-Street Off-Street Others |
| By Region | North America (US, Canada, Mexico) Europe (UK, Germany, France, rest of Europe) Asia-Pacific (China, Japan, India, South Korea, rest of Asia-Pacific) LAMEA (Brazil, Turkey, Saudi Arabia, South Africa, Rest of LAMEA) |
| Key Market Players | ParkMeInc, INRIX Inc, ParkWhiz API, Cisco Systems Inc., Spot Innovation Inc, Robotic Parking Systems Inc, Smart Parking Ltd, Streetline, T2 SYSTEMS, Parknav |
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