Boston, MA -- (SBWIRE) -- 05/01/2017 -- 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

"Increasing vehicle sales and limited parking availability are expected to fuel the demand for smart parking in passenger cars"

The passenger car smart parking market is projected to grow at a CAGR of 17.94%, to reach a market size of USD 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. This rapid increase in the number of cars on the road has not led to a similar increase in availability of parking space. In order to accommodate more vehicles, parking garages provide tight parking spaces. Many cities are planning parking infrastructure more efficiently. This will drive the demand for passenger cars equipped with smart park assist system. The factors restraining the market from growing is the high cost of developing a smart park assist system, which thereby increases the cost of a passenger car.

Get More Details on this Report and a Full Table of Contents at Smart Parking Market - Global Forecast to 2021

"Parking sensors contribute the largest share, in terms of value and volume, in the smart parking components market for passenger cars"

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 vary 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.

"Radar sensor technology is the fastest growing segment of smart parking sensor technology market for passenger cars"

Radar sensor technology is majorly used for detecting obstacles in a long range distance. Although, currently widely used in advanced driver assistance features, demand for radar sensor technology would increase with technological developments in the smart park assist system. Ultrasonic sensors and image sensors are comparatively less expensive options for performing the basic function of obstacle detection, than radar sensors. However, developments in sophisticated smart parking such as fully autonomous parking, will drive the demand for radar sensors - long range distance detection feature.

"Asia-Oceania: Fastest growing smart park assist market for passenger cars"

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. 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.

BREAKDOWN OF PRIMARIES

The study contains insights provided by various industry experts, ranging from component suppliers to Tier-1 companies and OEMs. The break-up of the primaries is as follows:

By Company Type – Tier-1 - 70 %, Tier-2 - 20%, and OEMs - 10%

By Designation - D level - 64%, C level – 31%, Others – 5%

By Region - Europe - 50%, Asia-Oceania - 30%, North America – 20%

The report provides detailed profiles of the following companies:

Robert Bosch GmbH

Continental AG

Valeo S.A.

Delphi Automotive

About Fast Market Research
Fast Market Research is a leading distributor of market research and business information. Representing the world's top research publishers and analysts, we provide quick and easy access to the best competitive intelligence available. Our unbiased, expert staff is always available to help you find the right research to fit your requirements and your budget. For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156.

Browse all Transportation research reports at Fast Market Research

You may also be interested in these related reports:

-Smart Solutions Market for Mass Transit (Roadway & Railway), - Global forecast to 2021
-Automotive Glass Market - Global Forecast to 2021
-Smart Airports Market - Global Forecast to 2021
-Parking Management Market - Global Forecast to 2021
-Smart Building Market - Global Forecast to 2021