“European Smart Parking Market Size: Industry Analysis, Market Share, Trends, Application Analysis, Growth and Forecast, 2022-2027” provides a deep and thorough evaluation of the European smart parking market based on its segments including type, end use and region. The report comprises the latest trends in the industry and studies their impact on the overall market. It also evaluates the market dynamics by covering the critical demand and price indicators and analyzing the market in accordance with the SWOT and Porter’s Five Forces models.
Historical Year: 2016-2021
Base Year: 2021
Forecast Year: 2022-2027
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Smart parking is an intelligent parking solution that helps drivers with safe parking. It utilizes pavement sensors, video cameras, vehicle counting equipment, automatic number plate recognition readers, etc., to communicate the data to the control center for determining parking lot occupancy. Smart parking assists in reducing traffic, detecting parking space availability, improving user experience, promoting smooth traffic flow, etc.
Note: Our analysts are continuously monitoring the influence of the COVID-19 pandemic on the market. This insightful information is included in the report to improve the efficiency, resilience and overall performance of businesses.
European Smart Parking Industry Trends and Drivers:
The rising traffic congestion levels represent one of the key factors catalyzing the growth of the European smart parking market. Besides this, the elevating demand for comfortable and luxurious cars, owing to the growing urbanization and inflating disposable incomes, is fueling the market growth. Moreover, the extensive requirement for smart parking on account of the escalating environmental consciousness is acting as another growth-inducing factor. Apart from this, the development of automated valet robots for safely parking vehicles and enhancing space utilization is also positively impacting the European market. Furthermore, several other factors, such as the increasing adoption of the Internet of Things (IoT), the launch of green and smart cities, and the introduction of numerous government initiatives for safe and legal parking, are expected to stimulate the growth of the European smart parking market in the coming years.
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European Smart Parking Market Segmentation:
The market is segmented in on the basis of type, end use and region.
- End use
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The report also provides insights on the competitive landscape of the European smart parking industry with the leading players profiled in the report.
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