Smart parking market is projected to grow at a CAGR of 17.94%, to reach a market size of $ 5.25 billion by 2021. Worldwide vehicle production has increased from 84.2 million in 2012 to 90.8 million in 2015. Furthermore since 2012, with a growth of 8.6%, total passenger car production increased to 68.5 million in 2015.
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Top Companies Analyzed for Smart Parking Market are –Robert Bosch GmbH, Continental AG, Valeo S.A., Delphi Automotive, Aisin Seiki, Siemens AG, Xerox Corporation, Cubic Corporation, Amano Corporation, Kapsch TrafficCom AG, TKG Group, Nedap Identification Systems.
Asia-Oceania is estimated to be the fastest growing smart park assist market for passenger cars, and is projected to grow at the highest CAGR during the forecast period. According to OICA, Asia-Oceania is the largest contributor to the world’s passenger car production.
Passenger car production in Asia-Oceania totaled to 40.0 million vehicles in 2015.
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China, Japan, and India are the largest contributors to the total passenger car production in Asia-Oceania. As the number of vehicles on the road increases, the demand for parking space also increases.
In order to meet the growing demand for parking spaces, governments are planning efficient parking infrastructure which minimizes wastage of space and accommodates more number of vehicles. Such factors will increase the demand for passenger cars equipped with smart parking.
Smart park assist system reduces the stress of parking into tight parking spaces and enables optimum utilization of the parking space. Thus, increasing investment in parking infrastructure and improvement in traffic and parking management will drive the market for smart parking in Asia-Oceania.
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Parking sensors dominate the smart parking component market for passenger cars. Parking sensors not only help in reducing the damage caused to vehicle during parking and reverse but can also help in reducing traffic congestion by offering a better view or idea about the rear environment by alerting the driver.
The number of parking sensors used in a smart park assist system varies according to OEM and vehicle model. In order to reduce accidents caused by vehicles reversing out of a parking space, 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. Even the Indian Ministry of Road Transport and Highway (MoRTH) is expected to make rear view sensors mandatory for all passenger vehicles in India.
Governments across the world are in the process of implementing regulations to make reverse parking sensors mandatory in vehicles.
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- 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
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The smart parking market has been segmented based on park assist system type (guided park assist, smart park assist), components (parking sensors, steering angle sensors, display units, ECU), sensor technology (ultrasonic, radar and image), parking management market by vertical (government and commercial) and parking management solutions (security and surveillance, valet parking management, parking reservation management and license plate recognition). The market has been given in terms of volume (000/million units) and value (USD million/billion).
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