4th January 2020 – Global Smart
Parking System Market Research Report Presents Intellect by Leading
Players, Type, Applications, Distribution Channel, Consumption, Revenue (Mn/Bn
USD) and Region –Forecast to 2024.
Global smart parking system market is
expected to grow at a significant CAGR in the upcoming period as the scope and
its applications are rising enormously across the globe. The smart parking
system is a parking strategy that use sensing devices to determine occupancy at
the space level. It uses sensor technology, smart navigation mobile
application, variable road message signs, and flexible payment systems to
direct drivers in urban areas.
The factors that are playing a major
role in the growth of smart parking system market are rising demand from
customers for enhanced passenger and vehicle safety systems in passenger cars,
limited space availability, and increasing number of accidents during reversing
vehicles out of parking. However, the high cost of implementation may restrain
overall market growth in the years to come. Smart parking systems market is
segmented based on system type, sensor technology, components, vertical,
solutions, and region.
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Smart parking and guided park assist are
the system types that could be explored in a smart parking system in the
forecast period. An image sensor, ultrasonic sensor, and radar sensor are the
sensor technologies that could be explored in a smart parking system in the
forecast period. Ultrasonic sensor sector accounted for the significant market
share of the smart parking system and is estimated to lead the overall market
in the years to come. The reason could be its feature like assist the driver in
recognizing appropriate parking spaces and obstacles around the car. In
addition, radar sensor sector is estimated to grow at fastest pace in the years
to come.
ECUs, parking sensors, display units,
steering angle sensors, and other components could be explored in a smart
parking system in the forecast period. Parking sensor sector accounted for the
significant market share of the smart parking system and is estimated to
continue its dominance in the years to come. The reason could be rising
awareness among consumers regarding a smart parking.
Based on verticals, commercial and
government could classify smart parking system in the forecast period. License
plate recognition, security & surveillance, parking reservation management,
valet parking management, and other solutions could be explored in a smart
parking system in the forecast period.
Globally, Europe accounted for the
substantial market share of the smart parking system and is estimated to lead
the overall market in the years to come. The reason behind the overall market
growth could be rising use of ultrasonic sensors and cameras in passenger cars
and growing demand for safety solutions and driver assistance features in
passenger cars.
Instead, North America and the Asia
Pacific are also estimated to have a positive influence on future growth. North
America is the second largest region with significant market share. However,
Asia Pacific is estimated to grow at the highest CAGR in the forecast period.
The developing countries like India, China, and Japan are the major consumers
of smart parking system in this region.
The key players of the smart parking
system market are Aisin Seiki, Robert Bosch GmbH, Continental AG, TKH
Group-Park Assist, Valeo S.A., Cubic Corporation, and Kapsch Traffic Com AG.
These players are concentrating on inorganic growth to sustain themselves
amidst fierce competition.
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