11% of global public parking spaces are now “smart" - Smart Parking Market Report

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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 demand for passenger cars equipped with smart park assist systems is increasing, owing to the rising need for reducing the stress of parking a vehicle in tight parking spaces. OEMs are compelling smart park assist system manufacturers to focus on develop fully autonomous park assist systems. The smart park assist system market for passenger cars is projected to grow at a CAGR of 17.94% from 2016 to 2021, to reach a market size of USD 5.25 Million by 2021. Market growth is driven by factors such as rising concern over growing traffic congestion in cities, limited parking space availability, stringent emission regulations and supporting government policies encouraging the market for passenger cars equipped with smart park assist systems.
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Ultrasonic sensor to be the largest sensor technology used in 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.

Key Players

The company is developing a rear multi-view camera which will provide high-definition images of 1 Million pixels and provide clear images even at night. The second most widely followed strategy is mergers & acquisitions. In 2016, Kapsch TrafficCom AG (Austria) acquired Schneider Electric (France)’s transportation business. This acquisition helped Kapsch TrafficCom AG (Austria) expand its portfolio of intelligent transportation management solutions. Other companies that adopted this strategy include TKH Group’s Park Assist (U.S.), Cubic Corporation (U.S.), Continental AG (Germany), Valeo S.A. (France), and Amano Corporation (Japan).
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Smart Parking Market By Component

  • Parking Sensors
  • Steering Angle Sensors
  • Electronic Control Unit (ECU)
  • Display Unit

Smart Parking Market By Sensor Technology:

  • Ultrasonic Sensor
  • Radar Sensor
  • Image Sensor

Smart Parking Market By Solution

  • Security and Surveillance  
  • Parking Reservation Management
  • Valet Parking Management
  • License Plate Recognition
Kapsch TrafficCom AG (Austria) manufactures a range of intelligent transportation systems under the electronic toll collection business division and intelligent mobility solutions business division. Under the intelligent mobility solutions division, the company offers products for traffic management, connected cars, safety and security and future mobility. The company actively participates in strategic acquisitions of leading companies to enhance and support its parking management portfolio. This is reflected in the company’s acquisition of Streetline, Inc. (U.S.) in 2015. Kapsch TrafficCom AG also acquired Schneider Electric (France)’s transportation segment in 2016, to complement its existing product portfolio. These acquisitions help the company to enhance its product and service offerings and supports business growth.
Related Reports:
Smart Parking Market by System (Guided & Smart Park), Technology (Ultrasonic, Radar, Image), Component, Parking Management by Solution (Security & Surveillance, Valet & Parking Reservation, License Plate Recognition), and Vertical – Global Forecast to 2021
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