Smart Parking Market Analysis, Trends, Growth and Forecast 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.
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.
“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.
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“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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Key
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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