Smart Parking Systems Market: Transport Transit Segment Is Expected To Witness Significant Growth
Smart Parking Systems Industry Overview The global smart parking systems market size is expected to reach USD 30.16 billion by 2030, registering a significant CAGR of 21.2% from 2022 to 2030, according to new reports of Grand View Research, Inc. The increasing number of automobiles on roads and the subsequent rise in traffic congestions are the key growth drivers for the market. The outbreak of the COVID-19 pandemic has negatively impacted the market due to the varying levels of lockdowns implemented across the world. However, with the lockdowns being slowly lifted, the demand for smart parking systems is expected to bounce back, and sales of personal vehicles might also witness a rise due to growing concerns over safety in public transport. Additionally, an increase in the number of smartphones users worldwide simultaneously increases the number of users to park, pay, and book the slots in advance over mobile apps. Favorable regulations, government pol...