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Global Smart Parking Market is expected to rise from its initial estimated value of USD 3.38 billion in 2018 to an estimated value of USD 12.60 billion by 2026, registering a CAGR of 17.85% in the forecast period of 2019-2026. This rise in market value can be attributed to the increasing concerns of parking amid growth in the number of vehicles.
Some of the major competitors currently working in the smart parking market are Robert Bosch GmbH, Continental AG, Valeo, Delphi Technologies, AISIN SEIKI Co. Ltd., Siemens AG, Cubic Corporation, Amano Corporation, Kapsch TrafficCom AG, AppyParking, Smart Parking, TKH GROUP, and Nedap.
Smart parking is a parking technology that involves usage of combined resources of modern technology and human resources so that there is least amount of resources consumed and there is an increased efficiency. Smart parking connects with the different sensors situated on the street and on the parking infrastructures and connects with the vehicle sensors, using the combined data to safely park the vehicles, without any collision.
Rise in number of vehicles leading to concerns regarding the solutions for parking is expected to drive the market growth
Growing demand and adoption of IoT applied technology is also expected to be driving the market growth
High cost of implementing and subsequent increase in cost of the vehicles is expected to act as a restraint to the market growth
Lack of awareness regarding the benefits of smart parking is also expected to act as a restraint to the market growth
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Segmentation: Global Smart Parking Market
By System Type
Guided Park Assist
Smart Park Assist
Steering Angle Sensors
Electronic Control Unit (ECU)
By Sensor Technology
Security & Surveillance
Parking Reservation Management
Valet Parking Management
License Plate Recognition
Middle East & Africa
Key Developments in the Market:
In January 2019, China launched a first of its kind diagonal smart parking garage that drives and allocates the vehicles to a unique spot. In this smart parking system, the driver parks the car on a driving platform and the platform parks the vehicles in a free parking spot, retrieving the vehicle afterwards whenever the driver requires it.
In November 2016, Thai government announced their plans to adopt the 4.0 initiative with Bosch backing this initiative and planning to roll out automated valet parking based on this interconnection.
Global smart parking market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of smart parking market for global, Europe, North America, Asia Pacific, South America and Middle East & Africa.
Table of Contents:
2. Market Segmentation
3. Market Overview
4. Executive Summary
5. Premium Insights
6. Global, By Component
7. Product Type
9. Industry Type
10.2. North America
10.5. South America
10.6. Middle East & Africa
1. Company Landscape
2. Company Profiles
3. Related Reports
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