The Global Smart Parking Market report is a perfect source to acquire thorough synopsis on the market study, analysis, estimation and the factors influencing the Automotive Industry. The report also presents the statistics on the existing state of the industry. And proves to be an important source of guidance and direction for companies and investors that are interested in this market. It becomes easy to achieve supreme level of market insights and obtain knowhow of the best market opportunities into the specific markets with this market report. Moreover, this market report also explains a widespread evaluation of the market’s growth prospects and restrictions.
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.
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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.
Market Drivers:
- 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
Market Restraints:
- 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
- Government
- Commercial
- By Solution
- Security & Surveillance
- Parking Reservation Management
- Valet Parking Management
- License Plate Recognition
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.
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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.
Table of Content:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview and Industry Trends
6 Product Stewardship Market, By Type
7 Product Stewardship Market, By Organization Size
8 Product Stewardship Market Analysis, By Region
9 Competitive Landscape
10 Company Profiles
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
Data Bridge Market Research also provides customized specific regional and country-level reports for the following areas.
- North America: United States, Canada, and Mexico.
- South & Central America: Argentina, Chile, and Brazil.
- Middle East & Africa: Saudi Arabia, UAE, Turkey, Egypt and South Africa.
- Europe: UK, France, Italy, Germany, Spain, and Russia.
- Asia-Pacific: India, China, Japan, South Korea, Indonesia, Singapore, and Australia.
Key questions answered in this comprehensive study
What will the market size be in 2025 and what will the growth rate be?
What are the key market trends?
What is driving market?
What are the challenges market growths?
Where the key vendors in market space?
What are the key market trends impacting the growth?
What are the key outcomes of the five forces analysis?
What are the market opportunities and threats faced by the vendors in this market? Get in-depth details about factors influencing the market?
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