Smart Parking Market Top Players | Industry Report 2021
The Smart Parking Market
is projected to grow at a CAGR of 17.94% from 2016 to 2021, to reach a market
size of USD 5.25 billion by 2021. The market is driven by factors such as
limited parking space availability, growing number of accidents caused by
vehicles reversing out of parking spaces and growing consumer demand for
advanced vehicle and passenger safety systems in passenger cars.
Smart Parking market is defined
as a consolidation of several information and communication technology systems
which includes numerous electronic devices such as LCD displays, sensors
(image, ultrasonic, radar), electronic control unit, and others. It also
includes software platforms such as smartphone applications and vehicle on
board navigation software systems which interacts with hardware platforms such
as vehicle on board sensors and electronic devices, to integrate a system that
helps drivers in finding a vacant spot for parking a vehicle and also guides
the infrastructure outside the vehicles with parking solutions.
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Parking management solutions have
seen rapid deployment across all the major verticals. The verticals have been
segmented as government and commercial. Commercial parking management market
includes the academic, recreational, transportation, retail, and hospitality
sectors, among others. The proliferation of younger workforce in various
sectors, coupled with an increased demand for vehicles worldwide, has led to
increased traffic congestion as well as vehicular pollution, which has given
rise to demand for parking management solutions. Growth in the parking
management market is expected to increase during the forecast period, due to
companies introducing new technologies in the field of parking management and
entering into strategic mergers and acquisitions. Parking management solutions
are required by varied industry verticals that require a smooth flow of vehicles
in order to perform their day-to-day activities.
“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. This has led to increased parking related stress in
drivers. Vehicles equipped with smart parking systems reduce the stress of
parking by assisting a driver in parking into tiny parking spaces. Asia-Oceania
will emerge as a large market for smart parking equipped passenger cars in the
coming years with China and Japan as frontrunners.
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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).
Critical questions the report answers:
- Where
will all these developments take the industry in the mid to long term?
- What
are the upcoming industry applications for smart parking systems?
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