Increasing Use of Electric Vehicles to Expand Demand for Smart Parking Systems

Technology has now become an integral part of our lives. With each passing minute, we are interlinking closely with technology and internet. Nowadays, electronic devices, electric cars, connected building, and others have become an essential part of our lives. The close inclusion of these technologies has undoubtedly improved the way humans’ lives. Taking the example of smart parking, where one can park electric cars at much ease and hassle is astonishing. As the demand for electric vehicles has increased dramatically, the need for appropriate environment is also needed equally. Moreover, increasing traffic across the globe and increasing number of car owner urged the need for smart parking. 

Implementation of smart parking systems are expected to improve the efficiency to deal with parking problems and provide flexibility while parking. Number of governments are carrying out smart cities projects which will help in developing and growing the global market for smart parking in the forthcoming years. Moreover, integration of machine-2-machine communication and internet of things at a large scale has helped in building smart parking systems appropriately. 

What are the key benefits driving the demand in the global smart parking market?

Other benefits of smart parking systems are it provides real-time data to determine the availability of parking space. This helps in saving cost, time and fuel. Implementation of parking systems will also help in reducing traffic and remove congestion on roads even on peek timings. Smart parking system will have a positive effect on environment as well. 

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Adding further, supportive government policies in implementing these solutions and initiatives are presumed to expand the growth in this market at a remarkable rate. Economic development taking place in developing regions, where government is trying to integrate advanced technology will also provide a fillip in the smart parking market. Moreover, the use of low-cost sensors and mobile phone enabled automated payment systems that make these smart parking more users friendly will accelerate the market’s growth.