Smart Parking Market Expected to reach US $ 5.25 Billion by 2021

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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.
Market Dynamics
Drivers
  • Increased demand of vehicles leading to parking concerns
  • Increasing demand for (IoT) based technology
Restraints
  • High implementation cost and increased cost of vehicle
Opportunities
  • Initiative of developing 'smart cities'
  • Advancements in autonomous cars and smart park technology
Challenges
  • System integration
  • Non-availability of supporting infrastructure
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 analyze micromarkets 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
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The smart parking market for passenger cars ecosystem consists of component suppliers such as Robert Bosch GmbH (Germany), Continental AG (Germany), Aisin Seiki (Japan) etc. These components are supplied to park assist system suppliers such as Valeo S.A. (France) and this system is supplied to automotive OEMs such as BMW Group (Germany), Daimler AG (Germany), Volkswagen AG (Germany), and others. The parking management market ecosystem consists of parking management solution providers such as Siemens AG (Germany), Xerox Corporation (U.S.), Cubic Corporation (U.S.) among others.
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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
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.
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