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From self-driving vehicles to the rate of urbanization to the buzz of the car-sharing economy, it’s easy to surmise the death of parking. Yes, vehicle ownership is down and, yes, as The New York Times reported, the millennial generation values technology over cars. But the death of parking? Not quite. According to a recent analysis by Frost & Sullivan, the $100 billion worldwide parking industry is expected to attract institutional and strategic investments to the tune of $200 million to $250 million over the next three to five years, mostly to spur innovation and smarter parking.  A big reason for this infusion of capital is to remedy the inefficiencies in the ways that we park, per recent findings. So why has the parking industry taken so long to innovate? Until recently, parking and innovation have mixed like water and oil. This is largely due to the slow-changing nature of the two-headed parking industry, which comprises both on-street and off-street parking. On-...

In early May, Warren Buffett divested all of his investment firm’s holdings in the four major U.S. airlines, warning that the “world has changed” for the aviation industry due to the coronavirus crisis.  In mid May, Boeing CEO Dave Calhoun said he saw a bumpy road ahead for the airline industry and predicted that a major carrier would not survive 2020 as a result. It appears Buffett and Calhoun were on to something as the numbers at the end of May are nothing less than shocking. As of the end of May, a full 50% of the airliners in the fleets of U.S. airlines – some 3,054 aircraft – were parked and many are unlikely to be used again in the future. Passenger loads have plummeted: almost three-quarters of all flights are less than 50% full, according to figures from Airlines for America, an industry trade group representing major U.S. carriers.  The group said that the average number of passengers on a domestic flight is 47, compared to 92 in the first two months of 2020. ...

Parking is an inherently transient activity in which most drivers don’t think about parking until they’re in their vehicles headed to their destinations. However, a few types of parking do seem to have tipped with regard to pre-planning and pre-booking. One type is “ event parking ,” or securing a space that is tied to a particular pre-planned activity with known start and end time, like a sporting event or theater performance. This type of parking activity now happens whether the parking space is at the actual venue itself, or simply nearby. Another is “ airport parking ,” an instance when a driver also fully knows the parameters of his or her parking duration. These types of pre-booked parking events make sense for the driver, who gets cost certainty and the benefit of guaranteeing a parking space amid a potentially stressful trip. But they also make sense for event parking operators, many of whom open solely to supply parking for those events. They can premium-price their guara...

Park-assist and automated parking functions make mundane tasks like parallel parking, parking in a crowded garage or a narrow parking space, or simply finding an available space easier for drivers.  Surveys of drivers consistently show parallel parking to be among the most anxiety inducing experiences we have behind the wheel. Moreover, low speed car accidents, such as those that occur in parking manoeuvres, can be a source of serious injuries that include whiplash, concussions and other soft tissue injuries. Parking assist features can help avoid these accidents and consumers love the convenience and peace of mind that these capabilities provide.  Basic surround-view systems use multiple cameras to give drivers an overhead view of the environment, along with visual cues that show the position of the car relative to objects nearby. More advanced systems add features like an animated 3D model of the car, the ability to change the vantage point, visibility through the botto...

Global Smart Parking Industry Smart Parking market worldwide is projected to grow by US$7. 6 Billion, driven by a compounded growth of 18. 3%. Guided Park Assist, one of the segments analysed and sized in this study, displays the potential to grow at over 17.   (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Smart Parking Industry" - 3%. The shifting dynamics supporting this growth makes it critical for businesses in this space to keep abreast of the changing pulse of the market. Poised to reach over US$6.9 Billion by the year 2025, Guided Park Assist will bring in healthy gains adding significant momentum to global growth. Representing the developed world, the United States will maintain a 19.7% growth momentum. Within Europe, which continues to remain an important element in the world economy, Germany will add over US$294.6 Million to the region’s size and clout in the next 5 to 6 years. Over US$364.9 Million worth of projected deman...