Global Smart Parking Market, 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 and Africa)– Industry Trends and Forecast to 2026
Market Analysis: Global Smart Parking Market
Global Smart Parking Market is expected to rise from its initial estimated value of USD 3.38 billion in 2018 to an estimated value of USD 12.60 billion by 2026, registering a CAGR of 17.85% in the forecast period of 2019-2026. This rise in market value can be attributed to the increasing concerns of parking amid growth in the number of vehicles.
Market Definition: Global Smart Parking Market
Smart parking is a parking technology that involves usage of combined resources of modern technology and human resources so that there is least amount of resources consumed and there is an increased efficiency. Smart parking connects with the different sensors situated on the street and on the parking infrastructures and connects with the vehicle sensors, using the combined data to safely park the vehicles, without any collision.
- Rise in number of vehicles leading to concerns regarding the solutions for parking is expected to drive the market growth
- Growing demand and adoption of IoT applied technology is also expected to be driving the market growth
- High cost of implementing and subsequent increase in cost of the vehicles is expected to act as a restraint to the market growth
- Lack of awareness regarding the benefits of smart parking is also expected to act as a restraint to the market growth
Segmentation: Global Smart Parking Market
- By System Type
- Guided Park Assist
- Smart Park Assist
- By Component
- Parking Sensors
- Steering Angle Sensors
- Electronic Control Unit (ECU)
- Display Unit
- By Sensor Technology
- Ultrasonic Sensor
- Radar Sensor
- Image Sensor
- By Vertical
- By Solution
- Security & Surveillance
- Parking Reservation Management
- Valet Parking Management
- License Plate Recognition
- By Geography
- North America
- South America
- Rest of South America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East & Africa
- North America
Key Developments in the Market:
- 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.
Competitive Analysis: Global Smart Parking Market
Global smart parking market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of smart parking market for global, Europe, North America, Asia Pacific, South America and Middle East & Africa.
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.
Research Methodology: Global Smart Parking Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analysed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request an Analyst Call or can drop down your inquiry.
The key research methodology used by DBMR Research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key Market players involved in this industry
- Detailed analysis of the Market Segmentation
- Competitive analysis of the key players involved