Market Research Report
Published: April 1, 2021
Global Industry Analysts, Inc.
Content info: 140 Pages
Delivery time: 1-2 business days
Global Smart Parking Market to Reach $12.5 Billion by 2027
Amid the COVID-19 crisis, the global market for Smart Parking estimated at US$4 Billion in the year 2020, is projected to reach a revised size of US$12.5 Billion by 2027, growing at aCAGR of 17.5% over the period 2020-2027. Guided Park Assist, one of the segments analyzed in the report, is projected to record 16.5% CAGR and reach US$7.8 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Smart Park segment is readjusted to a revised 19.3% CAGR for the next 7-year period.
The U.S. Market is Estimated at $1.2 Billion, While China is Forecast to Grow at 16.9% CAGR
The Smart Parking market in the U.S. is estimated at US$1.2 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$2.2 Billion by the year 2027 trailing a CAGR of 16.9% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 15.5% and 15.2% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 12.9% CAGR.
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