Smart Parking Market by System, Technology, Component, Parking Management by Solution, and Vertical - Global Forecast to 2021
The 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 for park assist system is driven by factors such as increased consumer preference towards comfort and luxury, and increased competition between OEMs to offer such driver assistance features. Additionally, government policies supporting smart parking systems is also a major demand driver for passenger car smart parking market. The U.S. National Highway Traffic Safety Administration (NHTSA) ruled that all new passenger cars shall be equipped with rear view cameras from 2018 onwards and also the Indian Ministry of Road Transport and Highway (MoRTH) is expected to make rear view sensors mandatory for all passenger vehicles in India. The base year considered for the study is 2015, and the forecast period is 2016 to 2021.
The following are the major objectives of the study.
- To describe and forecast the smart parking system, in terms of value, by system type, component, sensor technology, vertical, solution and region
- To describe and forecast the market, in terms of volume, by system type, component, sensor technology, vertical, solution and region
- To describe and forecast the smart parking system, in terms of value, by region–Asia Oceania (APAC), Europe, North America, and Rest of the World (Row) along with their respective countries
- To provide detailed information regarding major factors influencing market growth (drivers, restraints, opportunities, and challenges)
- To strategically analyse micro-markets with respect to individual growth trends, prospects, and contributions to the overall market
- To study the complete value chain of smart parking system
- To analyze opportunities in the market for stakeholders by identifying the high-growth segments of the smart parking ecosystem
- To strategically profile key players and comprehensively analyze their market position in terms of ranking and core competencies, along with detailing competitive landscape for market leaders
- To analyze strategic approaches such as product launches, acquisitions, contracts, agreements, and partnerships in the smart parking system market
Smart Parking Market Target Audience
- Automotive smart park assist system manufacturers & component suppliers
- Parking Management Solution Providers
- Parking Management Hardware and Services Providers
- Automotive OEMs, Industry Associations, and other driver assistance manufacturers
- The automobile industry and related end-user industries
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 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.
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 front-runners.
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 Traffic-Com AG (Austria).
Source:
| https://futureautomotivemarkettrends.wordpress.com/2019/01/28/smart-parking-market/ |
ReplyDeleteThe 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.
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