The global market for smart parking technology solutions and applications reached $13.1 billion in 2016. The market should reach $15.5 billion in 2017 and $35.3 billion by 2022, increasing at a compound annual growth rate (CAGR) of 17.9% during 2017-2022.
Smart parking is defined as a vehicle parking system where a set of hardware devices and software assist the driver finding a parking spot, signaling available locations and assisting the driver in parking the vehicle.
Smart parking includes both driver assistance systems (mentioned as “automotive park assist” throughout the report) that are inside the vehicle (such as sensors, display systems, etc.) as well as smart parking equipment and solutions (such as cameras, sensors, etc.) installed in the parking lot (both on-street and off-street).
Large companies offer smart parking sensors and other products. Companies provide smart parking equipment and solutions through partnership with other niche technology providers. Additionally, various strategic initiatives and strengths of companies are expected to help them move forward in this market.
To calculate and segment the market, BCC Research has considered both hardware (equipment) and services in the smart parking technologies sector.
Along with product and solutions revenue, BCC Research has also considered services revenue that a company reports within its total revenue.
BCC Research examines the way in which the global smart parking technology solutions and applications market is changing and how it has evolved.
This analysis includes a detailed survey of new organizations (innovators) in the market as well as existing organizations.
At the industry level, BCC Research identifies, examines, describes and provides global and regional market sizes for 2016 and forecasts demand from 2017 through 2022.
While a wide range of companies operate in the market, below is a broad classification of these companies:
– Parking sensor manufacturers.
– Large automotive technology providers.
– Large technology companies that also provide sensors.
– Other manufacturers that market parking sensors and equipment as their own.
– Manufacturers and suppliers of other parking equipment such as electronic control units, displays.
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North America is the largest smart parking technology solutions and applications market.
This is because of several factors such as the presence of a large number of technology companies, government regulations, incentives and financial support, technological understanding. Europe, and specifically Western Europe, is another large market with the presence of many companies, including sensor manufacturers.
However, the Asia-Pacific region is expected to be the strongest-growing market, due to several initiatives from various governments.
In Asia-Pacific, countries such as China, India and Japan will see strong growth in the coming years.
Although the Middle East and Africa (MEA) will see significant growth as well, its growth rate is expected to be slower than the average market growth.
In South America, Brazil is the only country that will see some significant growth, and the rest of the region will remain sluggish.
Segmentation by type shows assisted parking to be a much larger segment, and off-street assisted parking to be the largest sector.
However, both assisted parking and automotive park assist are witnessing similar growth and hence their market share will remain unchanged in the coming years.
In some regions, especially the emerging regions, automotive park assist is expected to see stronger growth than assisted parking.
In the analysis presented in this report, BCC Research identified the following key points:
– Global demand for smart parking technology solutions and applications is estimated to have reached $13.2 billion in 2016.
– Global demand is expected to increase from $15.5 billion in 2017 to $35.3 billion in 2022.
– Total regional and technology-wide compound annual growth rate (CAGR) is projected to be 17.9% over the forecast period of 2017 through 2022, indicating a market with very strong growth