Smart Parking Market by System (Guided & Smart Park), Technology (Ultrasonic, Radar, Image), Component & Region; Parking Management by Solution (Security & Surveillance, Valet & Parking Reservation, License Plate Recognition), & Vertical-Global Forecast to 2021
MarketsandMarkets: The passenger car smart parking market is projected to grow at a CAGR of 17.94%, to reach USD 5.25 billion by 2021. The market is primarily driven by factors such as rising concern over growing traffic congestion in cities, limited parking space availability, and stringent emission regulations. Favorable government policies are also encouraging the market growth of passenger cars equipped with smart parking system.
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“Smart parking would be the fastest growing segment in the passenger cars park assist market”
The smart parking market is projected to grow at the highest CAGR during the forecast period. The growth of this market is driven by factors such as increasing innovation and automation in vehicles, increasing consumer’s preference for driver assistance features in passenger cars, growing concern over parking damages and accidents caused by human error while parking and environmental concerns and stringent emission regulation. In order to reduce accidents caused during parking and while backing out of a parking space, traffic congestion and pollution, governments are promoting safe and smart vehicles. This in turn supports the growth of smart parking assist systems employed in passenger cars.
“Ultrasonic sensor to be the largest sensor technology used in passenger cars smart parking market”
Ultrasonic sensors are expected to dominate the smart parking market for passenger cars. The key application of ultrasonic sensors in smart parking is to assist the driver by identifying an appropriate parking space and provide short range detection of obstacles in the parking range. The ultrasonic sensors are preferred owing to their lower cost as compared with image and radar sensors. The average number of ultrasonic sensors employed in a smart park assist equipped passenger car are around 4-10 units according to MarketsandMarkets analysis. Many automotive component manufactures such as Continental AG (Germany) and Robert Bosch GmbH (Germany) manufacture ultrasonic sensors catering to various driver assistance functions in a passenger car.
“Europe to be the largest market and Asia-Oceania to be the fastest growing market for smart parking in passenger cars”
Europe is estimated to dominate the smart parking market in passenger cars, owing to the increased use of cameras and ultrasonic sensors in passenger cars. Cameras improve visibility of the surrounding of the car and ultrasonic sensors alert the driver of obstacles around the car. Additionally, the market is also driven by an increased demand for driver assistance and safety solutions features in passenger cars. Asia-Oceania is projected to grow at the highest CAGR during the forecast period. Parking in congested parking spaces is fast becoming a key concern for drivers in this region. Individual parking lots have become smaller, in order to accommodate more number of vehicles, in a limited parking space.
The smart parking market is dominated by a few global players, and comprises several regional players. Some of the key smart park assist manufactures operating in the market are Valeo S.A. (France), Delphi Automotive PLC (U.K.), Continental AG (Germany) and Robert Bosch GmbH (Germany). Some of the key players in the parking management solutions providing company are Siemens AG (Germany), Xerox Corporation (U.S.), Cubic Corporation (U.S.), Amano Corporation (Japan), and Kapsch TrafficCom AG (Austria).
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Study Coverage:
The report covers the smart parking market which includes smart parking system and parking management solutions for passenger cars in terms of volume (‘000/million units) and value (USD million/billion). It explains the qualitative and quantitative aspects of the park assist market on the basis of system type and region (guided park assist and smart park assist), components [parking sensors, steering angle sensors, electronic control unit (ECU) & display units] and sensor technology (ultrasonic sensors, radar sensors and image sensors). The report also covers parking management solutions market in terms of value (USD million) on the basis of parking management verticals (government and commercial) and parking management solutions (security & surveillance, valet parking management, parking reservation management, license plate recognition). This report offers various levels of analysis, Porter’s Five Forces Analysis and company profiles, which highlight emerging and high-growth segments of the smart parking market, a competitive landscape, high-growth regions, and market dynamics such as drivers, restraints, opportunities, and challenges.
“Brief information on the research methodology used in the report can be found in the report description provided on the website.”
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