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Smart Parking Market Worth 5.25 Billion USD by 2021


News provided by

MarketsandMarkets

24 Feb, 2017, 10:30 GMT

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PUNE, India, February 24, 2017 /PRNewswire/ --

The report "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", published by Markets and Markets. 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.

     (Logo: http://photos.prnewswire.com/prnh/20160303/792302 )

Browse 78 market data Tables and 58 Figures spread through 164 Pages and in-depth TOC on "Smart Parking Market"

http://www.marketsandmarkets.com/Market-Reports/smart-parking-market-123959229.html

Early buyers will receive 10% customization on this report. 

The market is primarily driven by factors such as rising concern over growing traffic congestion in cities, limited parking space availability, and stringent emission regulations. Favorable government policies are also encouraging the market growth of passenger cars equipped with smart parking system.

Download PDF Brochure: http://www.marketsandmarkets.com/pdfdownload.asp?id=123959229

"Smart parking would be the fastest growing segment in the passenger cars park assist market" 

The Smart Parking Market is projected to grow at the highest CAGR during the forecast period. The growth of this market is driven by factors such as increasing innovation and automation in vehicles, increasing consumer's preference for driver assistance features in passenger cars, growing concern over parking damages and accidents caused by human error while parking and environmental concerns and stringent emission regulation. In order to reduce accidents caused during parking and while backing out of a parking space, traffic congestion and pollution, governments are promoting safe and smart vehicles. This in turn supports the growth of smart parking assist systems employed in passenger cars.

Make an Inquiry: http://www.marketsandmarkets.com/Enquiry_Before_Buying.asp?id=123959229

"Ultrasonic sensor to be the largest sensor technology used in passenger cars 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.

"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.

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).

Browse related reports: 

ADAS Market by Type (ACC, HUD, TPMS, LDWS, Blind Spot Detection, Adaptive Front Lights, Electronic Brake Assist, Park Assist, Night Vision, Pedestrian Detection, Road Sign Recognition, Drowsiness Monitor), Sensor Technology (Ultrasonic, Image, RADAR, LIDAR, Infrared), Vehicle Type, & by Region - Forecast to 2021

http://www.marketsandmarkets.com/Market-Reports/driver-assistance-systems-market-1201.html

Semi-Autonomous Market for Passenger Car by Type (Adaptive Cruise Control, Lane Keep Assist, Autonomous Park Assist & Adaptive Lights), By Technology, By Geography, & Autonomous Car (Qualitative Trends & Technologies) - Global Trends & Forecast To 2018

http://www.marketsandmarkets.com/Market-Reports/near-autonomous-passenger-car-market-1220.html

About MarketsandMarkets 

MarketsandMarkets is the largest market research firm worldwide in terms of annually published premium market research reports. Serving 1700 global fortune enterprises with more than 1200 premium studies in a year, M&M is catering to a multitude of clients across 8 different industrial verticals. We specialize in consulting assignments and business research across high growth markets, cutting edge technologies and newer applications. Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors.

M&M's flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. The new included chapters on Methodology and Benchmarking presented with high quality analytical infographics in our reports gives complete visibility of how the numbers have been arrived and defend the accuracy of the numbers.

We at MarketsandMarkets are inspired to help our clients grow by providing apt business insight with our huge market intelligence repository.

Contact:
Mr. Rohan
MarketsandMarkets
701 Pike Street,
Suite 2175, Seattle,
WA 98101, United States
Tel : 1-888-600-6441
Email: sales@marketsandmarkets.com


Visit MarketsandMarkets Blog @ http://mnmblog.org/market-research/automotive-transportation
Connect with us on LinkedIn @ http://www.linkedin.com/company/marketsandmarkets

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