Market Trends of Europe Car Parking Industry
This section covers the major market trends shaping the Europe Car Parking Market according to our research experts:
Technological Advancements to Boost the Market Growth
- Vehicles, infrastructure, and public transportation are rapidly linked with smart technology to improve mobility and safety. Streets are equipped with sensors that track data on the roads and through cars and mobile phones to acquire insight into traffic flow patterns, roadblocks, roadwork, and road conditions, among other things.
- Technological advancements such as the Internet of Things (IoT), parking sensors, and electronic payment methods also support the market's growth. Firms are trying to deliver an enhanced customer experience and offer hassle-free parking that can help them gain a competitive advantage over others. With the help of real-time data and analytics, organizations can allocate spaces, provide access control, and reduce administrative overhead spent on parking.
- Additionally, car parking management gives customers a sense of security as parking on the street is not considered the safest option. Still, with the car parking management, there can be an increase in the number of customers and the time they spend at any outlet.
- Furthermore, by optimizing vacant parking spaces, parking management technologies assist in raising overall revenue. Simultaneously, they play a critical role in lowering overall operational and capital expenditures (OPEX and CAPEX) (CAPEX). All governments worldwide attempt to reduce traffic congestion by providing enough parking spots for their population.
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Increase in purchase of Cars
- Though the overall growth rate of new car registrations has kept declining over the past few months in Europe, there is a significant number of new purchases. Total new passenger vehicle registrations in Europe (including the EU, EFTA, and the UK) were down 19% in March 2021, according to JATO Dynamics statistics for 27 European markets, with 1,116,419 new passenger cars registered. While registrations grew by 33% from March 2020 to March 2019, the market has failed to return to pre-pandemic levels, falling 37% short of March 2019.
- In March 2022, new passenger vehicle registrations in Europe fell by a fifth, with recent automobile sales falling 11% in the first quarter of 2022 to the lowest levels since 1985. EVs increased market share in Europe in March 2022, outselling diesel vehicles once more. In March 2022, the Tesla Model 3 was Europe's best-selling car model and best-selling battery-electric vehicle, but the Peugeot 208 was Europe's favorite automobile during the first quarter.
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