Smart Parking Market Segmentation And Future Possibilities

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Smart Parking Market worth 5.25 Billion USD by
2021
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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 The passenger
car 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. PDF Brochure _at_
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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 consumers
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.
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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.
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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.
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Browse gtgt 78 market data
tables 58 figures
164 pages and in-depth TOC on Smart
Parking Market Global Forecast to
2021 Early buyers will receive 10
customization on this report. This is a Premium
Report Priced at US 5650 for single
user. Corporate User US8150 This study
answers several questions for the stakeholders,
primarily which market segments to focus on in
the next two to five years to prioritize efforts
and investments.
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