The Smart Parking Market is projected to grow at a CAGR of 17.94% from 2016 to 2021, to reach a market size of USD 5.25 billion by 2021. The market is driven by factors such as limited parking space availability, growing number of accidents caused by vehicles reversing out of parking spaces and growing consumer demand for advanced vehicle and passenger safety systems in passenger cars.
Smart Parking market is defined as a consolidation of several information and communication technology systems which includes numerous electronic devices such as LCD displays, sensors (image, ultrasonic, radar), electronic control unit, and others. It also includes software platforms such as smartphone applications and vehicle on board navigation software systems which interacts with hardware platforms such as vehicle on board sensors and electronic devices, to integrate a system that helps drivers in finding a vacant spot for parking a vehicle and also guides the infrastructure outside the vehicles with parking solutions.
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Parking management solutions have seen rapid deployment across all the major verticals. The verticals have been segmented as government and commercial. Commercial parking management market includes the academic, recreational, transportation, retail, and hospitality sectors, among others. The proliferation of younger workforce in various sectors, coupled with an increased demand for vehicles worldwide, has led to increased traffic congestion as well as vehicular pollution, which has given rise to demand for parking management solutions. Growth in the parking management market is expected to increase during the forecast period, due to companies introducing new technologies in the field of parking management and entering into strategic mergers and acquisitions. Parking management solutions are required by varied industry verticals that require a smooth flow of vehicles in order to perform their day-to-day activities.
“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 frontrunners.
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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 TrafficCom AG (Austria).
Critical questions the report answers:
- Where will all these developments take the industry in the mid to long term?
- What are the upcoming industry applications for smart parking systems?
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