January 18, 2018
WELLESLEY, Mass., Jan. 18, 2018 – 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.
“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.
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Smart Parking Technologies and Global Markets( ENG007A )
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