Smart parking market worth 5.25 billion usd by 2021

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MarketsandMarkets Presents
Smart Parking Market worth 5.25 Billion USD by
2021
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art-parking-market-123959229.html
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• The report "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 during the forecast
  period, to reach a market size of USD 5.25
  Billion by 2021 from USD 2.13 Billion in 2015.
• 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 2021
• http//www.marketsandmarkets.com/Market-Reports/s
  mart-parking-market-123959229.html

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• The market is primarily driven by factors such as
  rising concern over growing traffic congestion in
  cities, limited parking space availability, and
  stringent emission regulations. Favorable
  government policies are also encouraging the
  market growth of passenger cars equipped with
  smart parking system.
• 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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art-parking-market-123959229.html
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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. 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.
• 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.

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• 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. This has led to increased parking
  related stress in drivers. Vehicles equipped with
  smart parking systems reduce the stress of
  parking by assisting a driver in parking into
  tiny parking spaces. Asia-Oceania will emerge as
  a large market for smart parking equipped
  passenger cars in the coming years with China and
  Japan as frontrunners.
• The smart parking market is dominated by a few
  global players, and comprises several regional
  players. Some of the key smart park assist
  manufactures operating in the market are Valeo
  S.A. (France), Delphi Automotive PLC (U.K.),
  Continental AG (Germany) and Robert Bosch GmbH
  (Germany). Some of the key players in the parking
  management solutions providing company are
  Siemens AG (Germany), Xerox Corporation (U.S.),
  Cubic Corporation (U.S.), Amano Corporation
  (Japan), and Kapsch TrafficCom AG (Austria).

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