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Smart Parking Market Dynamics, Forecast, Analysis And Supply Demand 2017-2021

By Author: Aaron N Smith
Total Articles: 6
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The report “Smart Parking Market by System (Guided & Smart Park), Technology (Ultrasonic, Radar, Image), Component, Parking Management by Solution (Security & Surveillance, Valet & Parking Reservation, License Plate Recognition), and Vertical – Global Forecast to 2021″, The passenger car smart parking market is projected to grow at a CAGR of 17.94% during the forecast period, to reach a market size of USD 5.25 Billion by 2021 from USD 2.13 Billion in 2015.

Browse 78 market data tables and 58 figures spread through 164 pages and in-depth TOC on “Smart Parking Market

Read Report Overview –

http://www.marketsandmarkets.com/Market-Reports/smart-parking-market-123959229.html

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.

The Key Players of Smart parking Market Are:

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).

Regional Analysis:

Asia-Oceania is estimated to be the fastest growing market for parking sensors due to an increase in consumer awareness about smart parking systems in the region. Growing number of vehicles on the road combined with government initiatives such as smart cities are expected to develop better traffic and parking management solutions in Asia-Oceania, in the future. Parking management solutions use parking sensors such as cameras and ultrasonic sensors within an infrastructure that may or may not interact with in vehicle parking sensors to guide the vehicle to a suitable parking space. The demand for parking sensors will increase with an increase in implementation of parking management solutions that reduce time taken in finding a parking space and ease traffic congestion

“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”

An ultrasonic sensor is 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.

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About MarketsandMarkets

MarketsandMarkets is the largest market research firm worldwide in terms of annually published premium market research reports. Serving 1700 global fortune enterprises with more than 1200 premium studies in a year, M&M is catering to a multitude of clients across 8 different industrial verticals. We specialize in consulting assignments and business research across high growth markets, cutting edge technologies and newer applications. Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors.

M&M’s flagship competitive intelligence and market research platform, “RT” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. The new included chapters on Methodology and Benchmarking presented with high quality analytical infographics in our reports gives complete visibility of how the numbers have been arrived and defend the accuracy of the numbers.

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