Automotive

Global Smart Parking Market Estimated to Grow at a CAGR of 17.85% During the Forecast Period 2019 To 2026

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. 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.

Global Smart Parking Market report is a precise study of the Automotive industry which explains what the market definition, classifications, applications, engagements, and global industry trends are. The Global Smart Parking Market report makes it effortless to identify the types of consumers, their response and views about particular products, their thoughts for the improvement of a product and appropriate method for the distribution of certain product. The report endows with the abundant insights and business solutions that will help you attain the new horizons of success. Well, for better decision making, sustainable growth, and maximum revenue generation today’s businesses call for such comprehensive market research report.

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Segmentation: Global Smart Parking Market

By Vertical

  • Government
  • Commercial
  • By Solution
  • Security & Surveillance
  • Parking Reservation Management
  • Valet Parking Management
  • License Plate Recognition

By Sensor Technology

  • Ultrasonic Sensor
  • Radar Sensor
  • Image Sensor

By System Type

  • Guided Park Assist
  • Smart Park Assist

By Component

  • Parking Sensors
  • Steering Angle Sensors
  • Electronic Control Unit (ECU)
  • Display Unit

By Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa)

Some of the leading key players profiled in this study:

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.

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This Global Smart Parking Market research report has several benefits which can be projected to varied aspects of Automotive industry. This Global Smart Parking Market report takes into account diverse segments of the market analysis that today’s business ask for. In this report, market is segmented based on mainly type, application, and region. The report includes market analysis based on regional as well as global level. Moreover, this Global Smart Parking Market report serves the purpose of validating the information that has been gathered through internal or primary research. The report describes estimations of CAGR values, market drivers and market restraints about the Automotiv industry which are helpful for businesses in deciding upon numerous strategies

Market Drivers:

  • Growing demand and adoption of IoT applied technology is also expected to be driving the market growth
  • Rise in number of vehicles leading to concerns regarding the solutions for parking is expected to drive the market growth

Market Restraints:

  • Lack of awareness regarding the benefits of smart parking is also expected to act as a restraint to the market growth
  • High cost of implementing and subsequent increase in cost of the vehicles is expected to act as a restraint to the market growth

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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