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.
For the scope of this report, 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) (this is mentioned as “assisted parking” throughout the report).
The report includes information about manufacturers and suppliers of smart parking technology products, and both are discussed and analyzed in the report. Also, the report talks about large companies that offer smart parking sensors and other products. The report also discusses companies that provide smart parking equipment and solutions through partnership with other niche technology providers. Additionally, the coverage includes various strategic initiatives and strengths of companies that are expected to help them move forward in this market.
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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. However, the report has excluded software, which may form a very small portion of the market and whose market value is deemed to be insignificant compared with equipment and services.
The report includes distinct types of companies such as:
- Parking sensors and related component manufacturers.
- Large automotive technology providers.
- Other large technology companies.
- Other manufacturers that market smart parking technologies as their own.
In the services segment, the report covers all forms of services such as professional services, deployment and integration, as well as support and maintenance. However, stand-alone service providers that provide post sales services are out of scope of this report. Additionally, the report also excludes sales of individual components used in smart parking solution that constitute a very small part of the overall market. Further, the report does not include revenue from those automotive companies that do not have smart parking technologies and solutions of their own.
The report begins by introducing the reader to how the market for smart parking technology solutions and applications has evolved over time and how various factors impact the market. Building on this, the study proceeds to identify the following:
- Primary forces with a direct impact on the global smart parking technology solutions and applications.
- Secondary forces that have an indirect impact.
- Key funding and financing in this sector.
- Some key challenges that may hinder the growth of this market.
- Key trends visible in the market.
- Leading end users of smart parking technology solutions and applications.
- Demand in North America, Europe, Asia-Pacific, Middle East and Africa (MEA) and South America for smart parking technology solutions and applications.
- 80 data tables
- An overview of the global market for smart parking technologies.
- Analyses of global market trends, with data from 2016, estimates for 2017, and projections of compound annual growth rates (CAGRs) through 2022.
- Analysis of key market drivers, including desire for luxury and increasing disposable income at the consumer level (especially in the Asia-Pacific region), strong growth of the automated vehicles market, and the need for automotive manufacturers to distinguish their vehicles in an otherwise similar feature set.
- A look at various strategic initiatives and strengths of companies, along with large companies that offer smart parking sensors and other products.
- An in-depth patent analysis, specifically smart parking technologies currently under investigation or newly in the market.
- Profiles of major manufacturers and suppliers in the industry.
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.
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.
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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
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