Smart Parking Market Worth 5.25 Billion USD by 2021

PUNE, India, February 24, 2017 /PRNewswire/ --

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", published by Markets and Markets. 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.

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Browse 78 market data Tables and 58 Figures spread through 164 Pages and in-depth TOC on "Smart Parking Market"

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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.

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"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 consumer's 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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"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.