Smart Parking Market worth 5.25 Billion USD by 2021

Smart Parking Market - Global Forecast to 2021 The passenger car smart parking market is projected to grow at a CAGR of 17.94% from 2016 to 2021, to reach a market size of USD 5.25 Billion by The market is driven by factors such as limited parking space availability, growing number of accidents caused by vehicles reversing out of parking spaces and growing consumer demand for advanced vehicle and passenger safety systems in passenger cars. PDF

“Smart parking would be the fastest growing segment in the passenger cars park assist market” The smart parking market is projected to grow at the highest CAGR during the forecast period. The growth of this market is driven by factors such as increasing innovation and automation in vehicles, increasing consumer’s preference for driver assistance features in passenger cars, growing concern over parking damages and accidents caused by human error while parking and environmental concerns and stringent emission regulation. In order to reduce accidents caused during parking and while backing out of a parking space, traffic congestion and pollution, governments are promoting safe and smart vehicles. This in turn supports the growth of smart parking assist systems employed in passenger cars.

“Ultrasonic sensor to be the largest sensor technology used in passenger cars smart parking market” Ultrasonic sensors is expected to dominate the smart parking market for passenger cars. The key application of ultrasonic sensors in smart parking is to assist the driver by identifying an appropriate parking space and provide short range detection of obstacles in the parking range.

“Europe to be the largest market and Asia-Oceania to be the fastest growing market for smart parking in passenger cars” Europe is estimated to dominate the smart parking market in passenger cars, owing to the increased use of cameras and ultrasonic sensors in passenger cars. Cameras improve visibility of the surrounding of the car and ultrasonic sensors alert the driver of obstacles around the car. Additionally, the market is also driven by an increased demand for driver assistance and safety solutions features in passenger cars. Asia- Oceania is projected to grow at the highest CAGR during the forecast period. Parking in congested parking spaces is fast becoming a key concern for drivers in this region.

Browse >> 78 market data tables 58 figures 164 pages and in-depth TOC on “Smart Parking Market - Global Forecast to 2021” Early buyers will receive 10% customization on this report. This is a Premium Report Priced at US $5650 for single user. Corporate User : US$8150 This study answers several questions for the stakeholders, primarily which market segments to focus on in the next two to five years to prioritize efforts and investments.

Contact: Mr. Shelly Singh MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL USA :