The global smart parking systems market is growing at a significant rate, due to a mounting number of vehicles, and escalating requirement for IoT based technology.

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Different system type contributed to the smart parking systems market size. The market has witnessed high demand for smart park assist systems due to expanding invention and automation in vehicles, strict emission regulation, and environmental concerns, and mounting concern over parking damages and accidents instigated by human error during parking.

Augmented parking concerns, a mounting number of vehicles, a mounting number of accidents triggered by vehicles reversing out of parking spaces, strict emission regulation, and environmental concerns, and escalating requirement for IoT based technology are the primary growth drivers for smart parking systems market.

Government initiatives and schemes of developing smart cities, mounting consumer need for innovative vehicle and passenger safety systems in passenger cars, and progressions in independent cars and smart park technology are also facilitating the growth for the smart parking systems market.

Elevated implementation cost, augmented price of vehicle, system integration and configuration complexity, and non-availability of reinforcing infrastructure are the major challenges for the growth of smart parking systems market. In addition, are also hindering the growth of the market.

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Geographically, Europe is the largest smart parking systems market due to upsurge use of camera and ultrasonic sensor. In addition, Asia-Oceania is observed to witness the fastest growth in the market due to mounting consumer awareness about smart parking. In addition, augmented parking concerns, and a mounting number of vehicles are also up surging growth of the Asia-Pacific smart parking systems market.

Key players in the smart parking systems market are catering the demand by collaborating with small players and investing in technologically advanced products across the globe. In June 2017, Valeo S.A. and Cisco Corporation collaborated to develop innovations in smart mobility service. Robert Bosch GmbH, Aisin Seiki Co., Ltd, Cubic Corporation, Continental AG, Amano Corporation, Valeo S.A., Kapsch Trafficcom AG, Siemens AG, TKH Group–Park Assist, Delphi Automotive PLC, Xerox Corporation, and Nedap Identification Systems are the key players offering smart parking systems.

Source: VynZ Research

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