Smart Parking Market Trends and Growth 2017 - 2021

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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 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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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.

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

Available Customisation

With the given market data, MarketsandMarkets offers customizations in accordance with the company’s specific needs. Geographic Analysis
  • Smart Parking Market, by Country
  • Europe, other countries
  • Asia-Oceania, other countries
“Radar sensor technology is the fastest growing segment of smart parking sensor technology market for passenger cars”
Radar sensor technology is majorly used for detecting obstacles in a long range distance. Although, currently widely used in advanced driver assistance features, demand for radar sensor technology would increase with technological developments in the smart park assist system. Ultrasonic sensors and image sensors are comparatively less expensive options for performing the basic function of obstacle detection, than radar sensors. However, developments in sophisticated smart parking such as fully autonomous parking will drive the demand for radar sensors – long range distance detection feature.
“Asia-Oceania: Fastest growing smart park assist market for passenger cars”
Asia-Oceania is estimated to be the fastest growing smart park assist market for passenger cars, and is projected to grow at the highest CAGR during the forecast period. According to OICA, Asia-Oceania is the largest contributor to the world’s passenger car production. Passenger car production in Asia-Oceania totaled to 40.0 million vehicles in 2015. China, Japan, and India are the largest contributors to the total passenger car production in Asia-Oceania. As the number of vehicles on the road increases, the demand for parking space also increases. In order to meet the growing demand for parking spaces, governments are planning efficient parking infrastructure which minimizes wastage of space and accommodates more number of vehicles. Such factors will increase the demand for passenger cars equipped with smart parking. Smart park assist system reduces the stress of parking into tight parking spaces and enables optimum utilization of the parking space. Thus, increasing investment in parking infrastructure and improvement in traffic and parking management will drive the market for smart parking in Asia-Oceania.

Key Players:

  • Robert Bosch GmbH
  • Continental AG
  • Valeo S.A.
  • Delphi Automotive
  • Aisin Seiki
  • Siemens AG
  • Xerox Corporation
  • Cubic Corporation
  • Amano Corporation
  • Kapsch TrafficCom AG
  • TKG Group
  • Nedap Identification Systems
To speak to our analyst for a discussion on the above findings, click Speak to Analyst

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