Smart Parking System Market Outlook, Top Manufacturer and Supply Chain Analysis 2021 – 2024

Global Smart Parking System Market is expected to grow at a significant CAGR in the upcoming period as the scope and its applications are rising enormously across the globe. The smart parking system is a parking strategy that use sensing devices to determine occupancy at the space level. It uses sensor technology, smart navigation mobile application, variable road message signs, and flexible payment systems to direct drivers in urban areas.

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.

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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.

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.

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.

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Key questions answered in the report include:

·         What will be the market size in 2024?

·         What are the growth opportunities of Smart Parking System market in upcoming period?

·         What strategies are the market players adopting to ensure sustainability?

·         Which region or country driving the demand of Smart Parking System market?

·         How and where market players should focus to gain maximum ROI?

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