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.
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.
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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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