HOME Top Market Reports 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

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

By: marketsandmarkets.com
Publishing Date: February 2017
Report Code: AT 5041

 

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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. The market for park assist system is driven by factors such as increased consumer preference towards comfort and luxury, and increased competition between OEMs to offer such driver assistance features. Additionally, government policies supporting smart parking systems is also a major demand driver for passenger car smart parking market. The U.S. National Highway Traffic Safety Administration (NHTSA) ruled that all new passenger cars shall be equipped with rear view cameras from 2018 onwards and also the Indian Ministry of Road Transport and Highway (MoRTH) is expected to make rear view sensors mandatory for all passenger vehicles in India. The base year considered for the study is 2015, and the forecast period is 2016 to 2021.

Objectives of the Study:

  • To define, segment, analyze, and forecast (2016–2021) the size of the passenger cars smart parking market, in terms of volume (‘000 units) and value (USD million)
  • To identify the market dynamics and analyze its impact on the passenger car smart parking assist system market
  • To segment the market for smart park assist systems for passenger cars and forecast the market size, based on technology (ultrasonic sensors, image sensors, radar sensors)
  • To segment the market for passenger car smart parking assist systems and forecast the market size, based on components used (parking sensors, steering angle sensors, display units, and electronic control unit)
  • To segment the market for parking management solutions and forecast the market size, based on verticals (government and commercial) and by solutions (security and surveillance, parking reservation management, valet parking management, and license plate recognition)

The research methodology used in the report involves primary and secondary sources and follows a bottom-up as well as top-down approach for the purpose of data triangulation. Secondary sources include associations such as International Organization of Motor Vehicle Manufacturers (OICA), American Association of Motor vehicle Administrators (AAMVA), Automotive Components Manufacturers Association of India (ACMAI) and paid databases and directories such as Factiva and Bloomberg. In the primary research stage, experts from related industries, manufacturers, and suppliers have been interviewed to understand the present situation and future trends of the smart parking system market for passenger cars and parking management solutions market. The park assist market for passenger cars, in terms of volume (‘000/million units) and value (USD million/billion), for system type and various regions, by components and sensor technology has been derived by forecasting techniques based on production of smart parking system equipped passenger cars and the parking management market in terms of value (USD million) for vertical and solutions type has been derived by forecasting techniques based on the key solutions providers around the globe and summation of their segmental revenues. The OEM prices of smart parking system, sensor technology and components have been verified through primary sources.

Smart Parking Market

To know about the assumptions considered for the study, download the pdf brochure

The smart parking market for passenger cars ecosystem consists of component suppliers such as Robert Bosch GmbH (Germany), Continental AG (Germany), Aisin Seiki (Japan) etc. These components are supplied to park assist system suppliers such as Valeo S.A. (France) and this system is supplied to automotive OEMs such as BMW Group (Germany), Daimler AG (Germany), Volkswagen AG (Germany), and others. The parking management market ecosystem consists of parking management solution providers such as Siemens AG (Germany), Xerox Corporation (U.S.), Cubic Corporation (U.S.) among others.

Target Audience

  • Automotive smart park assist system manufacturers & component suppliers
  • Parking Management Solution Providers
  • Parking Management Hardware and Services Providers
  • Automotive OEMs, Industry Associations, and other driver assistance manufacturers
  • The automobile industry and related end-user industries

Scope of the Report

  • Passenger Car Park Assist Market, By System Type
    • Guided Park Assist
    • Smart parking
  • Passenger Car Smart Parking Market, By Sensor Technology
    • Ultrasonic Sensor
    • Radar Sensor
    • Image Sensor
  • Passenger Car Smart Parking Market, By Components
    • Parking Sensors
    • Steering Angle Sensors
    • Display Units
    • ECUs
  • Parking Management Market, By Vertical
    • Government
    • Commercial
  • Parking Management Market, By Solutions
    • Security & Surveillance
    • Valet Parking Management
    • Parking Reservation Management
    • License Plate Recognition

Available Customizations

  • Smart Parking Sensor Technology Market, By Country
    • Radar Sensor Market for Smart Parking, By Country
    • Lidar Sensor Market for Smart Parking, By Country
    • Image Sensor Market for Smart Parking, By Country
  • Smart Parking Component Market, by Country
    • Display Unit Market for Smart Parking, By Country
    • ECU Unit Market for Smart Parking, By Country
  • Smart Parking Market, By Country
    • Europe, Other Countries
    • Asia Oceania, Other Countries

    Market will be provided at country level

  • Company Information
    • Detailed analysis and profiling of additional market players (up to 5)

Table of Contents

1 Introduction (Page No. - 15)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Market Scope
           1.3.1 Markets Covered
           1.3.2 Years Considered for the Study
    1.4 Currency
    1.5 Limitations
    1.6 Stakeholders

2 Research Methodology (Page No. - 18)
    2.1 Research Data
    2.2 Secondary Data
           2.2.1 Key Secondary Sources
           2.2.2 Key Data From Secondary Sources
    2.3 Primary Data
           2.3.1 Sampling Techniques & Data Collection Methods
           2.3.2 Primary Participants
    2.4 Factor Analysis
           2.4.1 Introduction
           2.4.2 Demand-Side Analysis
                    2.4.2.1 Impact of Per Capita Income on Total Vehicle Sales
                    2.4.2.2 Increasing Consumer Preference for Smart Park Assist Technology
           2.4.3 Supply-Side Analysis
                    2.4.3.1 Technological Advancements in Autonomous Vehicles
    2.5 Market Estimation
           2.5.1 Bottom-Up Approach
           2.5.2 Top Down Approach
           2.5.3 Market Breakdown & Data Triangulation
           2.5.4 Assumptions

3 Executive Summary (Page No. - 29)
    3.1 Passenger Car Park Assist Market, By System Type
    3.2 Passenger Car Smart Parking Market, By Component
    3.3 Passenger Car Smart Parking Market, By Sensor Technology
    3.4 Parking Management Market, By Vertical
    3.5 Parking Management Market, By Solution

4 Premium Insights (Page No. - 35)
    4.1 Attractive Opportunities in the Smart Parking Market
    4.2 Smart Parking Market, By Country
    4.3 Smart Parking Market, By Sensor Technology
    4.4 Smart Parking Market, By Type
    4.5 Smart Parking Market, By Component
    4.6 Parking Management Market, By Solution

5 Market Overview (Page No. - 39)
    5.1 Introduction
           5.1.1 Smart Parking Market - Key Players in the Supply Chain
    5.2 Drivers
           5.2.1 Increased Demand of Vehicles Leading to Parking Concerns
           5.2.2 Increasing Demand for (IoT) Based Technology
    5.3 Restraints
           5.3.1 High Implementation Cost and Increased Cost of Vehicle
    5.4 Opportunities
           5.4.1 Initiative of Developing ‘Smart Cities’
           5.4.2 Advancements in Autonomous Cars and Smart Park Technology
    5.5 Challenges
           5.5.1 System Integration
           5.5.2 Non-Availability of Supporting Infrastructure
    5.6 Porter’s Five Forces Analysis
           5.6.1 Smart Park Assist Market for Passenger Cars
           5.6.2 Competitive Rivalry
           5.6.3 Threat of New Entrants
           5.6.4 Threat of Substitutes
           5.6.5 Bargaining Power of Suppliers
           5.6.6 Bargaining Power of Buyer’s

6 Automotive Park Assist System Market, By System Type & Region (Page No. - 53)
    6.1 Introduction
    6.2 Automotive Park Assist Market, By System Type & Region
           6.2.1 Guided Park Assist System, By Region
                    6.2.1.1 Asia-Oceania: Guided Park Assist Market, By Country
                    6.2.1.2 Europe: Guided Park Assist Market, By Country
                    6.2.1.3 North America: Guided Park Assist Market, By Country
                    6.2.1.4 RoW: Guided Park Assist Market, By Country
           6.2.2 Smart Park Assist System, By Region
                    6.2.2.1 Asia–Oceania: Smart Park Assist System, By Country
                    6.2.2.2 Europe: Smart Park Assist System, By Country
                    6.2.2.3 North America: Smart Park Assist System, By Country
                    6.2.2.4 Rest of the World (RoW): Smart Park Assist System, By Country

7 Passenger Car Smart Parking Market, By Component (Page No. - 68)
    7.1 Introduction
    7.2 Passenger Car Smart Parking Market, By Component
           7.2.1 Parking Sensors Market, By Region
           7.2.2 Steering Angle Sensors Market, By Region
           7.2.3 Electronic Control Unit (ECU) Market, By Region
           7.2.4 Display Unit Market, By Region

8 Passenger Car Smart Parking Market, By Sensor Technology (Page No. - 76)
    8.1 Introduction
    8.2 Passenger Car Smart Parking Market, By Sensor Technology
           8.2.1 Ultrasonic Sensor Market
                    8.2.1.1 Asia-Oceania: Ultrasonic Sensor Market Size, By Country
                    8.2.1.2 Europe: Ultrasonic Sensor Market Size, By Country
                    8.2.1.3 North America: Ultrasonic Market Size, By Country
                    8.2.1.4 Rest of the World: Ultrasonic Sensor Market Size, By Country
           8.2.2 Radar Sensor Market
                    8.2.2.1 Asia-Oceania: Radar Sensor Market Size, By Country
                    8.2.2.2 Europe: Radar Sensor Market Size, By Country
                    8.2.2.3 North America: Radar Sensor Market Size, By Country
                    8.2.2.4 Rest of the World: Radar Sensor Market Size, By Country
           8.2.3 Image Sensor Market
                    8.2.3.1 Asia-Oceania: Image Sensor Market Size, By Country
                    8.2.3.2 Europe: Image Sensor Market Size, By Country
                    8.2.3.3 North America: Image Sensor Market Size, By Country
                    8.2.3.4 Rest of the World: Image Sensor Market Size, By Country

9 Parking Management Market, By Vertical (Page No. - 94)
    9.1 Introduction
    9.2 Parking Management Market, By Vertical
    9.3 Government
           9.3.1 Government Parking Management Market, By Region
    9.4 Commercial
           9.4.1 Commercial Parking Management Market, By Region

10 Parking Management Market, By Solution (Page No. - 98)
     10.1 Introduction
     10.2 Parking Management Market, By Solution
     10.3 Security and Surveillance
             10.3.1 Security and Surveillance Parking Management Market, By Region
     10.4 Parking Reservation Management
             10.4.1 Parking Reservation Management Market, By Region
     10.5 Valet Parking Management
             10.5.1 Valet Parking Management Market, By Region
     10.6 License Plate Recognition
             10.6.1 License Plate Recognition Market, By Region

11 Competitive Landscape (Page No. - 102)
     11.1 Introduction
     11.2 Competitive Situation & Trends
     11.3 New Product Development
     11.4 Mergers & Acquisitions and Others
     11.5 Joint Ventures, Agreements & Partnerships
     11.6 Expansions

12 Company Profiles (Page No. - 117)
(Company at A Glance, Recent Financials, Products & Services, Strategies & Insights, & Recent Developments)*
     12.1 Smart Park Providers and Component Manufacturers
             12.1.1 Robert Bosch GmbH
             12.1.2 Continental AG
             12.1.3 Valeo S.A.
             12.1.4 Delphi Automotive PLC
             12.1.5 Aisin Seiki Co., Ltd
     12.2 Smart Parking Solution Providers
             12.2.1 Siemens AG
             12.2.2 Xerox Corporation
             12.2.3 Cubic Corporation
             12.2.4 Amano Corporation
             12.2.5 Kapsch Trafficcom AG
             12.2.6 TKH Group–Park Assist
             12.2.7 Nedap Identification Systems

*Details on Company at A Glance, Recent Financials, Products & Services, Strategies & Insights, & Recent Developments Might Not Be Captured in Case of Unlisted Companies.

13 Appendix (Page No. - 155)
     13.1 Insights of Industry Experts
     13.2 Discussion Guide
     13.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     13.4 Introducing RT: Real Time Market Intelligence
     13.5 Available Customizations
             13.5.1 Smart Parking Sensor Technology Market, By Country
                        13.5.1.1 Radar Sensor Market for Smart Parking, By Country
                        13.5.1.2 Lidar Sensor Market for Smart Parking, By Country
                        13.5.1.3 Image Sensor Market for Smart Parking, By Country
             13.5.2 Smart Parking Component Market, By Country
                        13.5.2.1 Display Unit Market for Smart Parking, By Country
                        13.5.2.2 ECU Market for Smart Parking, By Country
             13.5.3 Smart Parking Market, By Country
                        13.5.3.1 Europe, Other Countries
                        13.5.3.2 Asia-Oceania, Other Countries
             13.5.4 Company Information
                        13.5.4.1 Detailed Analysis and Profiling of Additional Market Players (Up to 5)
     13.6 Related Reports
     13.7 Author Details


List of Tables (78 Tables)

Table 1 Key Players in the Supply Chain
Table 2 Porter’s Five Force Analysis
Table 3 Automotive Park Assist System Market, By System Type, 2014–2021 (Million Units)
Table 4 Automotive Park Assist System Market, By System Type, 2014–2021 (USD Million)
Table 5 Guided Park Assist System: Automotive Guided Park Assist System Market Size, By Region, 2014–2021 (‘000 Units)
Table 6 Guided Park Assist System: Automotive Guided Park Assist System Market Size, By Region, 2014–2021 (USD Million)
Table 7 Asia-Oceania: Automotive Guided Park Assist System Market Size, By Country, 2014–2021 (‘000 Units)
Table 8 Asia-Oceania: Automotive Guided Park Assist System Market Size, By Country, 2014–2021 (USD Million)
Table 9 Europe: Automotive Guided Park Assist System Market Size, By Country, 2014–2021 (‘000 Units)
Table 10 Europe: Automotive Guided Park Assist System Market Size, By Country, 2014–2021 (USD Million)
Table 11 North America: Automotive Guided Park Assist System Market Size, By Country, 2014–2021 (‘000 Units)
Table 12 North America: Automotive Guided Park Assist System Market Size, By Country, 2014–2021 (USD Million)
Table 13 RoW: Automotive Guided Park Assist System Market Size, By Country, 2014–2021 (‘000 Units)
Table 14 RoW: Automotive Guided Park Assist System Market Size, By Country, 2014–2021 (USD Million)
Table 15 Automotive Smart Park Assist System: Automotive Smart Park Assist System Market Size, By Region, 2014–2021 (‘000 Units)
Table 16 Automotive Smart Park Assist System: Automotive Smart Park Assist System Market Size, By Region, 2014–2021 (USD Million)
Table 17 Asia-Oceania: Automotive Smart Park Assist System Market Size, By Country, 2014–2021 (‘000 Units)
Table 18 Asia-Oceania: Automotive Smart Park Assist System Market Size, By Country, 2014–2021 (USD Million)
Table 19 Europe: Automotive Smart Park Assist System Market Size, By Country, 2014–2021 (‘000 Units)
Table 20 Europe: Automotive Smart Park Assist System Market Size, By Country, 2014–2021 (USD Million)
Table 21 North America: Automotive Smart Park Assist System Market Size, By Country, 2014–2021 (‘000 Units)
Table 22 North America: Automotive Smart Park Assist System Market Size, By Country, 2014–2021 (USD Million)
Table 23 RoW: Automotive Smart Park Assist System Market Size, By Country, 2014–2021 (‘000 Units)
Table 24 RoW: Automotive Smart Park Assist System Market Size, By Country, 2014–2021 (USD Million)
Table 25 Passenger Car Smart Parking Market, By Component, 2014–2021 (Million Units)
Table 26 Passenger Car Smart Parking Market, By Component, 2014–2021 (USD Million)
Table 27 Passenger Car Smart Parking Market : Parking Sensors Market Size, By Region, 2014–2021 (‘000 Units)
Table 28 Passenger Car Smart Parking Market : Parking Sensors Market Size, By Region, 2014–2021 (USD Million)
Table 29 Passenger Car Smart Parking Market : Steering Angle Sensors Market Size, By Region, 2014–2021 (‘000 Units)
Table 30 Passenger Car Smart Parking Market : Steering Angle Sensors Market Size, By Region, 2014–2021 (USD Million)
Table 31 Passenger Car Smart Parking Market : ECU Market Size, By Region, 2014–2021 (‘000 Units)
Table 32 Passenger Car Smart Parking Market: ECU Market Size, By Region, 2014–2021 (USD Million)
Table 33 Passenger Car Smart Parking Market : Display Unit Market Size, By Region, 2014–2021 (‘000 Units)
Table 34 Passenger Car Smart Parking Market : Display Unit Market Size, By Region, 2014–2021 (USD Million)
Table 35 Passenger Car Smart Parking Market, By Sensor Technology, 2014–2021 (Million Units)
Table 36 Passenger Car Smart Parking Market, By Sensor Technology, 2014–2021 (USD Million)
Table 37 Passenger Car Smart Parking Market: Ultrasonic Sensor Technology, By Region, 2014–2021 (‘000 Units)
Table 38 Passenger Car Smart Parking Market: Ultrasonic Sensor Technology, By Region, 2014–2021 (USD Million)
Table 39 Asia-Oceania: Ultrasonic Sensor Technology Market Size, By Country, 2014–2021 (‘000 Units)
Table 40 Asia-Oceania: Ultrasonic Sensor Technology Market Size, By Country, 2014–2021 (USD Million)
Table 41 Europe: Ultrasonic Sensor Technology Market Size, By Country, 2014–2021 (‘000 Units)
Table 42 Europe: Ultrasonic Sensor Technology Market Size, By Country, 2014–2021 (USD Million)
Table 43 North America: Ultrasonic Sensor Technology Market Size, By Country, 2014–2021 (‘000 Units)
Table 44 North America: Ultrasonic Sensor Technology Market Size, By Country, 2014–2021 (USD Million)
Table 45 RoW: Ultrasonic Sensor Technology Market Size, By Country, 2014–2021 (‘000 Units)
Table 46 RoW: Ultrasonic Sensor Technology Market Size, By Country, 2014–2021 (USD Million)
Table 47 Passenger Car Smart Parking Market: Radar Sensor Technology Market Size, By Region, 2014–2021 (‘000 Units)
Table 48 Passenger Car Smart Parking Market : Radar Sensor Technology Market Size, By Region 2014–2021 (USD Million)
Table 49 Asia-Oceania: Radar Sensor Technology Market Size, By Country, 2014–2021 (‘000 Units)
Table 50 Asia-Oceania: Radar Sensor Technology Market Size, By Country, 2014–2021 (USD Million)
Table 51 Europe: Radar Sensor Technology Market Size, By Country, 2014–2021 (‘000 Units)
Table 52 Europe: Radar Sensor Technology Market Size, By Country, 2014–2021 (USD Million)
Table 53 North America: Radar Sensor Technology Market Size, By Country, 2014–2021 (‘000 Units)
Table 54 North America: Radar Sensor Technology Market Size, By Country, 2014–2021 (USD Million)
Table 55 RoW: Radar Sensor Technology Market Size, By Country, 2014–2021 (‘000 Units)
Table 56 RoW: Radar Sensor Technology Market Size, By Country, 2014–2021 (USD Million)
Table 57 Passenger Car Smart Parking Market: Image Sensor Technology Market Size, By Region, 2014–2021 (‘000 Units)
Table 58 Passenger Car Smart Parking Market: Image Sensor Technology Market Size, By Region, 2014–2021 (USD Million)
Table 59 Asia-Oceania: Image Sensor Technology Market Size, By Country, 2014–2021 (‘000 Units)
Table 60 Asia-Oceania: Image Sensor Technology Market Size, By Country, 2014–2021 (USD Million)
Table 61 Europe: Image Sensor Technology Market Size, By Country, 2014–2021 (‘000 Units)
Table 62 Europe: Image Sensor Technology Market Size, By Country, 2014–2021 (USD Million)
Table 63 North America: Image Sensor Technology Market Size, By Country, 2014–2021 (‘000 Units)
Table 64 North America: Image Sensor Technology Market Size, By Country, 2014–2021 (USD Million)
Table 65 RoW: Image Sensor Technology Market Size, By Country, 2014–2021 (‘000 Units)
Table 66 RoW: Image Sensor Technology Market Size, By Country, 2014–2021 (USD Million)
Table 67 Parking Management Market, By Vertical, 2016–2021 (USD Million)
Table 68 Government: Parking Management Market, By Region, 2014 – 2021 (USD Million)
Table 69 Commercial: Parking Management Market, By Region, 2014 – 2021 (USD Million)
Table 70 Parking Management Market, By Solution, 2014–2021 (USD Million)
Table 71 Security and Surveillance Market, By Region, 2014–2021 (USD Million)
Table 72 Parking Reservation Management Market, By Region, 2014–2021 (USD Million)
Table 73 Valet Parking Management Market, By Region, 2014–2021 (USD Million)
Table 74 License Plate Recognition Market, By Region, 2014–2021 (USD Million)
Table 75 New Product Development, 2012–2016
Table 76 Mergers, Acquisitions and Other Developments, 2012–2016
Table 77 Agreements, Joint Ventures & Partnerships, 2012–2016
Table 78 Expansions –2012- 2016


List of Figures (58 Figures)

Figure 1 Smart Parking Market Segmentation
Figure 2 Research Design
Figure 3 Research Methodology Model
Figure 4 Breakdown of Primary Interviews: By Company Type, Designation, & Region
Figure 5 Impact of Per Capita Income on Total Vehicle Sales, 2014
Figure 6 Market Size Estimation Methodology: Bottom-Up Approach
Figure 7 Market Size Estimation Methodology: Top Down Approach
Figure 8 Data Triangulation
Figure 9 Guided Park Assist is Estimated to Hold the Largest Market Value, (USD Billion), 2016
Figure 10 Parking Sensors Component is Estimated to Hold the Largest Market Value in 2016
Figure 11 Ultrasonic Sensor Technology is Estimated to Hold the Largest Market Value During the Forecast Period, 2016 vs 2021
Figure 12 Commercial Vertical is Estimated to Hold the Largest Size in the Parking Management Market, 2016
Figure 13 Security & Surveillance is Estimated to Hold the Largest Size in the Parking Management Solutions Market, 2016
Figure 14 Rising Trend of Vehicle Automation to Drive the Market for Smart Park Assist
Figure 15 Chinese Market to Witness the Highest Growth From 2016 to 2021
Figure 16 Ultrasonic Sensor Technology to Lead the Market in 2016
Figure 17 Smart Park is Poised to Grow at A CAGR of 17.94% From 2016 to 2021
Figure 18 Parking Sensor to Hold the Largest Market Size in 2016
Figure 19 Security & Surveillance Solution Segment Estimated to Lead Parking Management Market in 2016
Figure 20 Market Dynamics
Figure 21 Vehicle PARC vs Passenger Car Sales, 2014
Figure 22 Automotive IoT Market, By Region, 2016 vs 2021 (USD Million)
Figure 23 Porter’s Five Forces Analysis: Smart Park Assist Market for Passenger Cars
Figure 24 Competitive Rivalry is Medium in the Global Smart Parking Assist System Market for Passenger Cars
Figure 25 Less Number of Players and High Innovation Leads to Medium Degree of Competition in the Global Smart Parking Assist System Market for Passenger Cars
Figure 26 High R&D Expenditure and Capital Cost has the Highest Impact on New Entrants in the Global Smart Parking Assist System Market for Passenger Cars
Figure 27 Low Availability of Substitutes Makes Threat of Substitutes Low
Figure 28 Presence of Low Number of Suppliers in Smart Parking Assist System Market Makes Bargaining Power Moderate for Suppliers
Figure 29 Low Number of Suppliers in the Market Impacts the Bargaining Power of Buyers
Figure 30 Smart Park Assist System Segment is Set to Register the Highest Growth in Automotive Park Assist System Market From 2016 to 2021
Figure 31 Parking Sensors are Estimated to Have the Largest Market Share of the Passenger Car Smart Parking Market, By Component, 2016–2021 (USD Million)
Figure 32 Ultrasonic Sensor Technology Estimated to Be the Largest Market in Automotive Park Assist System Market, 2016–2021 (USD Million)
Figure 33 Parking Management Market, By Vertical, 2016 vs 2021
Figure 34 Parking Management Market, By Solution, 2016 vs 2021
Figure 35 Companies Adopted New Product Development as the Key Growth Strategy From 2012 to 2016
Figure 36 Market Evolution Framework - New Product Development Boosted Growth From 2012 to 2016
Figure 37 Battle for Market Share: New Product Development is the Key Strategy
Figure 38 Robert Bosch GmbH: Company Snapshot
Figure 39 Robert Bosch GmbH: SWOT Analysis
Figure 40 Continental AG : Company Snapshot
Figure 41 Continental AG: SWOT Analysis
Figure 42 Valeo S.A.: Company Snapshot
Figure 43 Valeo S.A.: SWOT Analysis
Figure 44 Delphi Automotive PLC: Company Snapshot
Figure 45 Delphi Automotive PLC : SWOT Analysis
Figure 46 Aisin Seiki: Company Snapshot
Figure 47 Siemens AG: Company Snapshot
Figure 48 Siemens AG : SWOT Analysis
Figure 49 Xerox Corporation: Company Snapshot
Figure 50 Xerox Corporation : SWOT Analysis
Figure 51 Cubic Corporation: Company Snapshot
Figure 52 Cubic Corporation : SWOT Analysis
Figure 53 Amano Corporation: Company Snapshot
Figure 54 Amano Corporation: SWOT Analysis
Figure 55 Kapsch Trafficcom AG: Company Snapshot
Figure 56 Kapsch Trafficcom AG: SWOT Analysis
Figure 57 TKH Group: Company Snapshot
Figure 58 Nedap Identification Systems: Company Snapshot

The passenger car smart parking market is projected to grow at a CAGR of 17.94% from 2016 to 2021, to reach a market size of USD 5.25 Billion by 2021. The market is driven by factors such as limited parking space availability, growing number of accidents caused by vehicles reversing out of parking spaces and growing consumer demand for advanced vehicle and passenger safety systems in passenger cars.

Ultrasonic sensors is the largest segment of the sensor technology market globally, in terms of value.  These sensors installed around the vehicle, assist the driver in identifying suitable parking spaces and also alert the driver of any obstacles around the car and within a short distance range. Currently, due to the high cost, radar sensors are not used as often as ultrasonic sensors in smart parking systems. Radar sensors provide more sophisticated functions and detect obstacles in long distance range. Radar sensors are frequently used in advanced driver assistance systems. With the U.S. government making rear view cameras mandatory in passenger cars from 2018 and the Indian government expected to implement the rule soon, the demand for camera sensors is expected to increase. Ultrasonic sensors in a guided park assist system perform the basic function of alerting the driver of obstacles around the vehicle. In smart parking, they also assist with identifying suitable parking spaces according to the type of vehicle.

Parking sensors is the largest segment of the passenger car smart park assist component market. Asia-Oceania is estimated to be the fastest growing market for parking sensors due to an increase in consumer awareness about smart parking systems in the region. Growing number of vehicles on the road combined with government initiatives such as smart cities are expected to develop better traffic and parking management solutions in Asia-Oceania, in the future. Parking management solutions use parking sensors such as cameras and ultrasonic sensors within an infrastructure that may or may not interact with in vehicle parking sensors to guide the vehicle to a suitable parking space. The demand for parking sensors will increase with an increase in implementation of parking management solutions that reduce time taken in finding a parking space and ease traffic congestion.

Rising population, increasing disposable income, and rising urbanization have played a major role in the growth of the passenger vehicles production and sales in Asia-Oceania. In the coming years, limited parking space availability and tight parking lots will drive the demand for passenger cars equipped with smart parking assist system. The enforcement of stringent parking policies will drive the need for parking management solutions in Asia-Oceania. On street parking in this region, is still haphazard and does not account for severe fines as in Europe and North America. However, enforcement of parking policies is expected to improve the parking infrastructure in countries with high traffic density such as India and Japan, which are estimated to be large markets for parking management solutions, in Asia-Oceania. Due to an already existing market for passenger cars equipped with smart park assist systems, Europe is estimated to dominate the passenger car smart park assist market. Increased adoption of parking management solutions makes North America the largest market in terms of value.

Smart Parking Market

A key factor restraining the growth of smart parking components is the high cost of implementing the smart parking system in a passenger car. Adequate smart parking infrastructure is also crucial to the growth of smart parking market. An integration of in vehicle smart parking with smart parking infrastructure will drive higher growth of the smart parking components market in the coming years. The smart parking market for passenger cars is dominated by a few global players, and comprises several regional players. Some of the key players operating in the market are Valeo S.A. (France), Continental AG (Germany), Robert Bosch GmbH (Germany), Kapsch TrafficCom AG (Austria), Cubic Corporation (U.S.), TKH Group-Park Assist (Netherlands).

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