Rising Interest of Major Car Manufacturing Brands in Smart Parking Systems to Boost the Growth of the Market at a CAGR of 12.4%Published Date: Oct 2016
According to a new market research study titled ‘Smart Parking System Market to 2025 – Global Analysis and Forecast by parking site (On-street & Off-street, components (Hardware, Software & Services) and end-user industry (Commercial Institute, Industrial Institute, Government & Municipality and Corporate Institutes)’ , the global smart parking systems market was valued at US$ 220.0 Mn in 2015 and is estimated to reach US$ 1099.4 Mn by 2025. The report highlights the trends prevalent in the global market and the factors driving the market along with those that act as deterrents to its growth.
In order to support sustainable development and safety of the drivers all major car manufacturing brands such as Audi, Mercedes, BMW, Ford and PSA Peugeot Citroën are coming up with hi-tech auto-parking technologies. For instance, BMW has pioneered in understanding the importance of connectivity between the cars and its surroundings, and has partnered with INRIX to introduce an application that would help BMW drivers to shorten the time consumed while searching for a vacant parking space. Furthermore, Ford is planning to design a smart car, integrated with sensors to detect empty parking spaces and to provide the correct information to the MIS; it was also capable of informing if the parking space is valid or not. Other automobile firms are also reframing there strategies to include smart parking as an important component in their upcoming car models.
These transformations in the automobile industry is expected to propel the demand for more efficient and effective smart parking systems. Also, the demand for the hardware components in the initial stage of the market is anticipated to be at a peek.
The smart parking system market is broadly segmented into parking site, components and end-user industry. Furthermore, the parking site is bifurcated into on-street parking and off-street parking. Components segment is sub divided into hardware, software and services. The end-user segment comprises of transport facilities, commercial institution, government & municipalities and corporate institution. The commercial institutes are predicted to dominate the market in the coming years. The market region wise is segmented in North America, Europe, Middle East & Africa, South America and Asia Pacific.
Geographically, if we notice, Europe is leading continent in smart parking systems market not only because of its strong economic foundation and robust IT infrastructure, but also because it homes several major Automobile manufacturers. German cars are popular worldwide and majority of smart initiatives for automobile root from there. Large number of vehicles, in future are anticipated to be connected vehicles where communication from machine to machine and machine to person will become a necessity, rather than need. Such initiatives by the automobile OEMs today are expected to thoroughly impact the buying behavior of the customers, as this would change the way cars would be valued in future.
The report segments the global smart parking systems market as follows:
Global Smart Parking Systems Market – By Parking Sites
- On-Street Parking
- Off-Street Parking
Global Smart Parking Systems Market – By Components
Global Smart Parking Systems Market – By End-User Industries
- Transport Facilities
- Government & Municipalities
- Commercial Institutions
- Corporate Institutions
Global Smart Parking Systems Market – By Geography
- North America
- Rest of Europe
- Asia Pacific (APAC)
- Rest of APAC
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of MEA
- South America (SAM)