Theparking finder apps market is projected to grow at an expected CAGR of 17.6% during the forecast period 2021-2031. Due to growing number of vehicles on the street, it takes good amount of time for a driver to look for a spot of parking at all places.
All parking spots are filled with vehicles on the road leaving the driver to dismay. Car drivers take several rounds of a parking lot to park their car.
Parking finder applications address all these issues of car drivers by taking them directly to the vacant parking spots for parking their vehicles. The application is designed for users to find the location with the help of features of GPS (Global Positioning System) and navigation.
Users also get a choice of booking online and book the spot as per their preferences by making an online payment. Rising parking concern across the globe will drive the demand of parking finder apps.
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What is Driving Demand for Parking Finder Apps?
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.
What are the Key Trends for 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.
North America Demand Outlook for Parking Finder Apps
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.
Europe Demand Outlook for Parking Finder Apps
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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Who are the Key Parking Finder Apps Vendors?
Some of the leading vendors of parking finder apps include
- ParkMobile
- PayByPhone
- BestParking
- Streetline
- SpotHero
- ParkMe
- Parking Mate
- Parking Panda
- IEM Group and others are some of the key players in the market.
Key Segments
By App Type:
- Free Version
- Paid Version
By Operating System:
- IOS System Phone
- Android System Phone
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
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