Smart Parking Market to Reach High CAGR by 2021, According to Recent Study

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The Smart Display Market for automotive is projected to grow at a CAGR of 12.77% during the forecast period, to reach USD 9.80 billion by 2022. The improving per capita income of consumers and growing awareness of in-vehicle advanced technologies have led to the increase in demand for technologically advanced cars. OEMs are adopting in-vehicle advanced electronics in economic and mid-size vehicles, which is projected to drive the growth of the smart display market for automotive. Other factors impacting the smart display market for automotive are the increase in trend of connected cars and progress in developing semi-autonomous and autonomous vehicles.
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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
Research Methodology
The research methodology used in the report involves primary and secondary sources and follows a bottom-up as well as top-down approach for the purpose of data triangulation. Secondary sources include associations such as International Organization of Motor Vehicle Manufacturers (OICA), American Association of Motor vehicle Administrators (AAMVA), Automotive Components Manufacturers Association of India (ACMAI) and paid databases and directories such as Factiva and Bloomberg. In the primary research stage, experts from related industries, manufacturers, and suppliers have been interviewed to understand the present situation and future trends of the smart parking system market for passenger cars and parking management solutions market. The park assist market for passenger cars, in terms of volume (‘000/million units) and value (USD million/billion), for system type and various regions, by components and sensor technology has been derived by forecasting techniques based on production of smart parking system equipped passenger cars and the parking management market in terms of value (USD million) for vertical and solutions type has been derived by forecasting techniques based on the key solutions providers around the globe and summation of their segmental revenues. The OEM prices of smart parking system,sensor technology and components have been verified through primary sources.
Major Market Developments
  • In December 2016, based on the Thai government’s 4.0 initiative, Robert Bosch aims to create automated valet parking by 2018.
  • In November 2014, Continental AG (Germany) opened a new automotive R&D center for Surround View system, in Lewes East Sussex (U.K.). The Surround View system uses cameras to provide drivers with a 360-degree view of the vehicle. The new center will monitor the ongoing and future trends of the Surround View systems. Future Surround View systems will provide 3D views to the driver of the vehicle and improve situational awareness. The company aims to realize fully automated parking based on camera technology from 2018.
  • In February 2014, Valeo S.A. (France) signed a partnership agreement with Leddartech (Canada), a manufacturer of advanced detection and ranging solutions. The agreement enables both companies to develop an infrared sensor for obstacle detection on road and tracking functions. This partnership is in line with Valeo S.A.’s goal of developing high end ultrasonic sensors, radar, cameras, laser scanners and software to make cars safer and more intuitive driven.
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