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.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.
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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) – Forecast to 2026
The key players on the Global Smart Parking Market are making moves for all industry such as product launches, joint ventures, developments, merges and accusations that affect the market and Automotive Industry as a whole and also affect sales, import, export, revenue and CAGR values. The market research report is a resource that provides the industry up to 2026 with current as well as upcoming technical and financial details. The Global Smart Parking Market data and information are taken from reliable sources such as websites, company annual reports, newspapers, and others, and the market experts have checked and validated them. The report also identifies and analyzes emerging trends in the Global Smart Parking Market as well as major drivers, challenges and opportunities. The focus of this report is on the volume and value of Smart Parking Market at global, regional and business level. Also discussed are the new strategic plan and suggestions that will help both old and new players on the market to maintain competitiveness.
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.
- 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
Segmentation: Global Smart Parking Market
By System Type
- Guided Park Assist
- Smart Park Assist
- Parking Sensors
- Steering Angle Sensors
- Electronic Control Unit (ECU)
- Display Unit
By Sensor Technology
- Ultrasonic Sensor
- Radar Sensor
- Image Sensor
- Security & Surveillance
- Parking Reservation Management
- Valet Parking Management
- License Plate Recognition
- North America
- South America
- Middle East & Africa
- Rest of Middle East & Africa
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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.
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
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