Space constraints due to urbanization has aggravated the problem of car parking. Smart parking systems provide information about available parking spaces in a particular area; thereby leading to optimized utilization of available parking spaces. This system assists in parking vehicles at the vacant positions by using sensors and real-time data. Smart Parking is becoming one of the most trending smart city solutions worldwide including airports, universities, shopping centers, and city garages. These systems have been adopted worldwide due to their ability to connect, analyze, and automate data gathered from devices.
Furthermore, the market is expected to grow at a lucrative rate during the forecast period, owing to the associated advantages such as optimized usage of parking space, reduced traffic, reduced pollution, enhanced user experience, and increased safety.
The global smart parking market is driven by increased parking concern and growth in demand for Internet of Things (IoT)-based technology. However, high implementation cost and increased cost of vehicles restrain the market growth. Conversely, initiatives to develop smart cities have propelled the market growth. Moreover, advancements in autonomous cars & smart park technology are expected to provide numerous opportunities for the market growth.
The global smart parking market is segmented based on system, technology, and solution. On the basis of system, it is bifurcated into guided and smart park. Based on technology, it is classified into ultrasonic, radar, and image.
On the basis of solution, it is categorized into security & surveillance, valet & parking reservation, and license plate recognitions. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the report include Robert Bosch GmbH (Germany), Continental AG (Germany), Aisin Seiki (Japan), BMW Group (Germany), Daimler AG (Germany), Volkswagen AG (Germany), Siemens AG (Germany), Amano Corporation (Japan), Xerox Corporation (U.S.), and Cubic Corporation (U.S.).
- This report provides an extensive analysis of the current and emerging market trends and dynamics in the automotive smart parking system market.
- In-depth analysis of the industry is provided based on the market estimations of the key segments from 2017 to 2023.
- The report provides the quantitative analysis of the current trends and future estimations to identify the prevailing market opportunities.
- Competitive intelligence of the industry helps in understanding the competitive scenario across geographies.
Smart Parking Market Key Segments:
- Security & Surveillance
- Valet & Parking Reservation
- License Plate Recognition
- North America
- Rest of Asia-Pacific
- Rest of Europe
- Latin America
- Middle East
Key Players In The Value Chain
- Robert Bosch GmbH
- Valeo S.A.
- BMW Group
- Daimler AG
- Volkswagen AG
- Aisin Seiki
- Xerox Corporation
- Cubic Corporation
- Continental AG
- Amano Corporation (Japan)