Smart Parking Market (3)

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• Smart Parking Market Expected to reach US 5.25
  Billion by 2021

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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 for
park assist system 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 smart parking market.

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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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Target audience for Smart Parking Market

• 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

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Scope of the Smart Parking Market

• 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

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Key players of Smart Parking Market
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. Key players in the 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 market.
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Browse 78 market data tables and 58 figures
spread through 164 pages and in-depth TOC
on 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 2021This 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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