WELLESLEY, Mass., Jan. 18, 2018 (GLOBE NEWSWIRE) -- Rapidly-evolving technology and increasing worldwide demand is expected to result in rapid growth of the smart parking technologies market, according to a report by BCC Research. That market ranges from parking sensor manufacturers to automotive technology providers.
The industry is expected to see a compound annual growth rate (CAGR) of 17.9% through 2022, when its value could reach $35.3 billion, according to the report Smart Parking Technologies and Global Markets.
Government initiatives aimed at the implementation of smart parking infrastructure are one factor driving growth in this market. Smart parking is a large part of the smart city effort, and cities such as Barcelona and Singapore are pushing smart parking technology. Government regulations are seen to be particularly important for market growth in North America and Europe.
Leaders in the global industry mentioned is this report include Aisin Seiki, Cisco Systems, Delphi Automotive, Kapsch Trafficcom, Libelium, Mindteck, Nedap Identification Systems, Parkhelp, Robert Bosch, Siemens, Urbiotica, Valeo and Worldsensing, among others.
Research Highlights
- North America is the largest smart parking technology solutions and applications market due to the presence of technology companies, government regulations, financial support and technological understanding. Western Europe is another large segment of the market. However, the Asia-Pacific region is expected to see the most robust growth in the market through 2022.
- By type, assisted parking leads the market along with off-street assisted parking. Both types are expected to see similar growth rates through 2022.
- A decline in the price of sensors and other smart parking components is helping drive growth, particularly in developing regions, where end users are more cost conscious than consumers in other regions.
“All the driving forces are expected to have a strong impact toward growth of this market,” said report author and BCC Research analyst Ritam Biswas. “Overall, the market presents a strong growth opportunity for new entrants as well as existing players.”
From Backup Cameras to Fully Automated Parking Systems
Early iterations of parking technology included simple cameras that showed users the terrain behind them and sensors which detected the presence of stationary objects and rang a warning. The future of parking, however, is expected to be fully autonomous—one where machines do all the work. Advanced systems from Volvo can automatically parallel park using sensors and a computer to control steering, acceleration and braking. Toyota, Lexus and Jeep have added self-parking systems to many of their upscale models. Tesla, meanwhile, has introduced its “autopilot” feature which can drive and park its cars with no input from the driver. BMW is also offering a basic version of autonomous parking.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.