Smart Parking Systems Market Expected to Reach US$ 177.10 Mn by 2022 Globally
Global Smart Parking Systems Market, Smart Parking Systems Market,
According to a new market report published by Transparency Market Research “Smart Parking Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 - 2022”, the global smart parking systems market is expected to reach a value of US$ 177.10 Mn by 2022. The market is estimated to grow at a CAGR of 20.2% during the forecast period from 2015 to 2022. The increasing number of vehicles all over the world, the need for scalable, flexible and easy to use parking systems, and growing adoption in municipalities are the key factors driving the growth of smart parking systems market, globally.
Browse the full Smart Parking Systems Market report at http://www.transparencymarketresearch.com/smart-parking-systems-market.html
North America was the largest market for smart parking systems in the year 2014 with a market share of around 37%. The adoption of smart parking systems in the parking facilities of North America have improved the parking experience as well as helped in balancing the parking demand and supply across its major cities. Large smart parking projects in the cities of San Francisco, New York and Los Angeles have made North America a key market for smart parking systems. The Asia Pacific region is expected to be the fastest growing market for smart parking systems with an estimated CAGR of 32.7% during the forecast period (2015 - 2022). Rising income level due to favorable economic condition has increased the vehicle ownership in Asia Pacific region. The consumer awareness regarding various worldwide technological developments has led to increased infrastructure investments which is expected to aid the growth of smart parking systems market in this region.
Global Smart Parking Systems Market
, Smart Parking Systems Market