The global parking finder apps market is expected to reach USD 273.7 million in 2021. Demand for the market is estimated to rise at an astronomical CAGR of 17.6% from 2021 to 2031. Further, the parking finder apps market analysis forecasts the market to surge to USD 1,279.8 million by the end of the year 2031.
Global Parking Finder Apps Industry Assessment
| Attributes | Key Insights |
|---|---|
| Historical Size, 2020 | USD 234.3 million |
| Estimated Size, 2021 | USD 273.7 million |
| Projected Size, 2031 | USD 1,279.8 million |
| Value-based CAGR (2021 to 2031) | 17.6% |
Parking Finder Apps play a bigger role in cities these days due to very busy areas. These apps help drivers in finding open parking spaces while reducing downtime, frustration, and stress of looking for a place to park. By showing real-time information on free parking spots, these apps let drivers find parking quickly instead of driving around streets or garages. This also eases traffic jams, as fewer cars are on the road hunting for parking.
They also reduce environmental impact. Spending less time looking for parking results in less fuel consumption and lesser emissions production. This can make a meaningful difference in reducing pollution and promoting sustainability in cities.
Parking Finder Apps make life easier and improve the driving experience overall. They often come with features like ways to pay, options to book parking spots, and alerts when your parking time is almost up. This makes the whole process smoother and cuts down on the stress of parking in busy areas.
Moreover, these apps help city planners with valuable data for understanding parking needs and making decisions about building new parking facilities or setting parking prices to improve usage.
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Parking finder applications leverages machine learning (ML) technology to deliver parking demand data and real-time parking availability accurately, on and off the street. These applications put the power in the user hands for finding a parking spot or reserve a spot for later.
Drivers are paying quickly from their mobile devices for on-street parking. Such benefits of parking finder applications will help the market to grow in upcoming years.
Users find difficulties in parking at the time of meetings and interviews, concerts and sporting events, flights and food runs. With the help of parking application, they are able to reserve a parking spot before they leave home.
For day-to-day needs, it has been easier to pay for on-street parking or reservation of a parking space in a garage before the time with the help of these applications. Thus, saving the time for a user at parking location will increase the demand of parking finder apps.
It has been difficult to find a vacant parking space during peak hours in areas such as hotel, shopping malls, university, airport, hospital, exhibition and others. Due to growing population, there is an increase in issues for residential and commercial parking.
The parking finder technology addresses all these issues by finding out the vacant parking spot for users. Thus, the market of parking finder apps is projected to grow during the forecast period.
Companies like Tesla and Ford are introducing parking assistance function and testing the same in driverless vehicles. This function is capable of showing free parking space. These companies are continuously investing a good amount of money on building autonomous vehicles. Such trends are continuously contributing to the growth of parking finder apps.
Principal Consultant
North America is one of the advanced region for implementing parking finder technology in the market. Businesses in United States and Canada are deploying online systems to manage their visitors and employees parking.
These online systems save money and time for them. Vehicle manufacturers are launching autonomous cars in United States and Canada with in-built parking assistance function. The region is way ahead in adopting the technology of parking the cars with smartphones. In-addition, the region has most of key players of parking finder applications. All these factors will drive the demand of parking finder apps in the region.
The Europe region is going to hold a largest share of the parking finder apps market during the forecast period after North America. Hotels, hospitals, universities, airports and others are adopting parking finder solutions to save time and money for their employees.
Countries like United Kingdom and Germany in Europe have already adopted parking finder technology and also focusing on innovative ways to handle the vehicle using smartphones. There is a continuous advancement in technology in the Europe and it will create many opportunities for parking finder apps market in the upcoming years.
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Some of the leading vendors of parking finder apps include
These vendors are adopting various key strategies, to increase their customer base locally and globally. They are also spending millions of dollars into product R&D to fulfill the unmet needs of their customers for parking finder apps.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Parking Finder Apps Market
