The primary objective of parking guidance system is to reduce search time, which, in addition, reduces congestion on roads for other traffic; hence, ultimately enhances the traffic management in urban areas. This guidance system combines traffic monitoring, processing, communication, and variable message sign technologies to offer the service. It led to significant decrease in vehicle emissions, eliminating the wandering effect of searching for a parking space. The parking guidance systems are proficient enough to handle the parking challenges to the best satisfaction level of the esteemed customers.
The parking guidance system reduces waiting time at car parking entrance and guides the individual to the nearest available parking space, hence aids in time-saving. Moreover, it saves fuel, resources, manual labor, and reduces tire wear. It also leads to increase in the car parking capacity, owing to the reduction of circulation space. The rising traffic congestion in the emerged and developing nations and increasing urbanization are the major drivers towards the market growth. Furthermore, it is well secured with sophisticated security provisions and the vehicle users or owners are assured on grounds of security. The system prohibits unapproved entry or exit and is appropriate for single and multiple entry points. With such a system, public places like shopping malls, hospitals, cinema halls, stadiums, airports, railway stations, markets, and hotels can manage the entire parking system. Apart from this the rising demand for these systems due to the affordable maintenance cost and efficient functioning of these systems have made them quite user-friendly and are likely to boost the market growth.
However, the demand for these systems in developed countries is attributed to gradually reduce; whereas, in emerging economies, these technologies will take time for implementation. This may restrain the market growth.
The parking guidance systems could be a challenge for the new-users or for the non-tech savvy, also the heavy cost expenditure associated with the construction of space.
The parking guidance system market is bifurcated on the following bases:
• Passenger Vehicles
• Commercial Vehicles
Geographically the global parking guidance system market is divided into North America, Europe, Asia Pacific, and Latin America, Middle East and Africa. North America is attributed to have the significant share in the market with countries like U.S and Canada, owing to the presence of market leaders and high-end technologies. As per the study of INRIX, Americans spend 17 hours per year on an average, searching for parking, this result in a cost of approximately $345 per driver in wasted time and fuel.
Europe market is expected to share the same potential with the countries like Germany, France, U.K, Spain, Italy, and others, the parking guidance systems are widely used in Germany, U.K, and France.
Rising urbanization and demand for parking systems owing to rise in the number of car users across Asia Pacific countries such as India, Japan, China, Russia, Pakistan, and others, in order to control the traffic congestion, the market is attributed to grow. Japan has a unique set of policies for parking that have resulted in a bizarrely market-oriented parking system with universal commercial market priced parking. Latin America and Middle East Africa market is also attributed to grow in the upcoming years with the countries such as Brazil, Argentina, Turkey, South Africa, Saudi Arabia, and others.
The global key manufacturers of global Parking Guidance System market are:
• Parking Guidance Systems, LLC. (U.S)
• Google, Inc (U.S)
• Cass Parking (U.S)
• Omnitec Group (Dubai)
• SWARCO AG (Austria)
• Xerox Corporation (U.S.)
• Robert Bosch GmbH (Germany)
• Expert Parking System Pvt Ltd. (India)
• Eito & Global Inc. (Japan)
• Park Assist, LLC (U.S)
• Kapsch TrafficCom (Austria)
In Jan, 2018 Clarion Co., Ltd (Tokyo) have been collaborating with Hitachi Automotive Systems to develop an autonomous-parking technology that uses a smartphone. They announced the development of Park-by-Memory, which is an advanced autonomous parking technology system that remembers the local Environment and surroundings around the home parking spaces.