[164 Pages Report] The 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 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 market. The U.S. National Highway Traffic Safety Administration (NHTSA) ruled that all new passenger cars shall be equipped with rear view cameras from 2018 onwards and also the Indian Ministry of Road Transport and Highway (MoRTH) is expected to make rear view sensors mandatory for all passenger vehicles in India. The base year considered for the study is 2015, and the forecast period is 2016 to 2021.

Market Dynamics

Drivers

Increased demand of vehicles leading to parking concerns

Increasing demand for (IoT) based technology

Restraints

High implementation cost and increased cost of vehicle

Opportunities

Initiative of developing 'smart cities'

Advancements in autonomous cars and smart park technology

Challenges

System integration

Non-availability of supporting infrastructure

Ultrasonic sensor to be the largest sensor technology used in 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.

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 smart parking 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

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.





The smart parking market for passenger cars ecosystem consists of component suppliers such as Robert Bosch GmbH (Germany), Continental AG (Germany), Aisin Seiki (Japan) etc. These components are supplied to park assist system suppliers such as Valeo S.A. (France) and this system is supplied to automotive OEMs such as BMW Group (Germany), Daimler AG (Germany), Volkswagen AG (Germany), and others. The parking management market ecosystem consists of parking management solution providers such as Siemens AG (Germany), Xerox Corporation (U.S.), Cubic Corporation (U.S.) among others.

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.

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

Report Scope

Smart Parking Market By System Type

Guided Park Assist

Smart parking

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 Vertical

Government

Commercial

Smart Parking Market By Solution

Security and Surveillance

Parking Reservation Management

Valet Parking Management

License Plate Recognition

Smart Parking Market By Region:

Asia-Oceania

Europe

North America

Rest of the World

Critical questions which the report answers

What are new application areas which the smart parking companies are exploring?

Which are the key players in the market and how intense is the competition?

Available Customizations

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

Company Information

Detailed analysis and profiling of additional market players (Up to 5)

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.

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.

Asia-Oceania is estimated to be the fastest growing smart parking market for parking sensors due to an increase in consumer awareness about smart parking systems in the region. Growing number of vehicles on the road combined with government initiatives such as smart cities are expected to develop better traffic and parking management solutions in Asia-Oceania, in the future. Parking management solutions use parking sensors such as cameras and ultrasonic sensors within an infrastructure that may or may not interact with in vehicle parking sensors to guide the vehicle to a suitable parking space. The demand for parking sensors will increase with an increase in implementation of parking management solutions that reduce time taken in finding a parking space and ease traffic congestion.

Smart parking verticals like government and commercial drive the growth of market

Government

Different governments across the world have diverse regulatory norms and conditions which is the reason local governments and municipalities are facing challenges in parking management. Most of the world�s population is moving from rural to urban areas, and hence, managing their vehicles becomes a challenge for the concerned government. The other challenge faced by this industry vertical includes providing sufficient and comfortable parking spaces to the city�s inhabitants, guests, and commuters. This vertical is among the largest adopters of parking management solutions and this trend is expected to continue during the forecast period.

Commercial

The commercial sector is the backbone of the economy and plays a significant role in development of the country. For the corporate and commercial parks industry, parking management solutions mainly include the installation of automated pay stations and advanced parking garages. These advanced parking garages are equipped with automated valet parking systems. The major challenge faced by the corporate and commercial parks industry is the management of a single parking facility for multiple companies with regular users. The efficient use of parking management solutions in this vertical results in optimized performance, increased productivity, and reduced delivery times for the people working in this sector.

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?

A key factor restraining the growth of smart parking components is the high cost of implementing the smart parking system in a passenger car. Adequate smart parking infrastructure is also crucial to the growth of smart parking market. An integration of in vehicle smart parking with smart parking infrastructure will drive higher growth of the smart parking components market in the coming years. The market for passenger cars is dominated by a few global players, and comprises several regional players.

Key players in the smart parking market include Valeo S.A. (France), Continental AG (Germany), Robert Bosch GmbH (Germany), Kapsch TrafficCom AG (Austria), Cubic Corporation (U.S.), TKH Group-Park Assist (Netherlands). These players are increasingly undertaking mergers and acquisitions, and product launches to develop and introduce new technologies and products in the smart parking market.

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