Frequently Asked Questions:
COVID-19 harmed the smart parking market owing to social distancing and the strict lockdowns to contain the spread of the virus. Economic uncertainty, partial shutdown of the business, and low consumer confidence impacted demand for the smart parking market.
North America will dominate the smart parking system market over the forecast period. The increasing vehicle number on the road and to reduce the traffic congestion in this region is expected to drive the market for the smart parking system.
The expansion of the smart parking industry is primarily being driven by worries about parking solutions caused by an increase in the number of automobiles.
The smart meters segment had a major global market share in 2021.
The parking guidance system segment had a major share in the global market.