Smart Parking Systems Market Size, Share, Opportunity, Trends, Analysis and Forecast by 2024


Posted June 25, 2019 by vynzresearch

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.

 
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.

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.

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On the basis of technology, the market is subdivided into the ultrasonic sensor, a radar sensor, and an image sensor. Of all the technologies, the ultrasonic sensor segment accounted the largest share in the market due to lower cost.

On the basis of application, the market is subdivided into security and surveillance, valet parking management, license plate recognition, and parking reservation management.

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.

Europe is the largest smart parking systems market due to upsurge use of camera and ultrasonic sensor.

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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.

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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Tags smart parking systems , smart parking systems market
Last Updated June 25, 2019