Global Smart Parking Market is Expected to Register a Healthy CAGR in the Forecast Period of 2019 to 2026

According to Data Bridge Market Research new Market report, global smart parking market will account to reach an estimated USD 3.38 billion in 2018 growing at a CAGR of 17.85% during the forecast period of 2019 to 2026.

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Global Smart Parking Market

Smart parking can be defined as an automotive technology which combines various sensors and modern technology which results in reduced consumption of other resources achieving an efficiency of operations. The sensors connected on the parking infrastructure, parking areas, vehicles, are interconnected which combine the information collected to park the vehicles without the risk of any harm towards the vehicle.

Segmentation: Global Smart Parking Market

Global smart parking market is segmented on the basis of system type, component, sensor technology, vertical, solution and geography.

By System Type (Guided Park Assist, Smart Park Assist), Component (Parking Sensors, Steering Angle Sensors, ECU, Display Unit), Sensor Technology (Ultrasonic Sensor, Radar Sensor, Image Sensor), Vertical (Government, Commercial), Solution (Security & Surveillance, Parking Reservation Management, Valet Parking Management, License Plate Recognition), Geography (North America, South America, Europe, Asia-Pacific, Middle East & Africa)


Innovations and adoption of technology from the various regions

  • In January 2019, China launched a first of its kind diagonal smart parking garage that drives and allocates the vehicles to a unique spot. In this smart parking system, the driver parks the car on a driving platform and the platform parks the vehicles in a free parking spot, retrieving the vehicle afterwards whenever the driver requires it
  • In November 2016, Thai government announced their plans to adopt the 4.0 initiative with Bosch backing this initiative and planning to roll out automated valet parking based on this interconnection

Key Market Competitors: Global Smart Parking Market

Few of the major competitors currently working in the smart parking market are Robert Bosch GmbH, Continental AG, Valeo, Delphi Technologies, AISIN SEIKI Co. Ltd., Siemens AG, Cubic Corporation, Amano Corporation, Kapsch TrafficCom AG, AppyParking, Smart Parking, TKH GROUP, and Nedap.

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