The global smart parking market is projected to grow at a CAGR of 18% during 2019-2024. The growth of smart parking market is driven by increasing traffic congestion, development of smart parking infrastructure, stringent government regulations, easy accessibility of smart parking systems, and increased consumer preference towards comfort and luxury.
Some of the Key Questions answered in this exclusive report are:
Q.1 What are some of the
most promising, high-growth opportunities for the smart parking market by
system type (guided park assist, and smart parking), sensor technology
(ultrasonic sensor, radar sensor, and image sensor), component (parking
sensors, steering angle sensors, display units, and ECUs), vertical
(government, commercial, corporate institutions, and transport facilities),
solution (security & surveillance, valet parking management, parking
reservation management, and license plate recognition), and region (North
America, Europe, Asia Pacific, and Rest of World)?
Q.2 Which segments will
grow at a faster pace and why?
Q.3 What are the
business risks and threats to the smart parking market?
Q.4 What are some
changing demands of customers in the smart parking market?
Q.5 What are the new
developments in the smart parking market? Which companies are leading these
developments?
Q.6 What strategic
initiatives are being implemented by key players for business growth?
Q.7 What are some of the
competitive products and processes in this smart parking area and how big of a
threat do they pose for loss of market share via product substitution?
Q.8 What M&A
activity has occurred in the last 5 years in this smart parking market?
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Market Segmentation:
Based on solution, the
smart parking market is segmented into security & surveillance, valet
parking management, parking reservation management, and license plate
recognition. The security & surveillance segment accounted for the largest
share of the market in 2020.
Europe is expected to be
the largest region over the forecast period due to the increased use of cameras and ultrasonic sensors in
passenger cars. Cameras improve visibility of the surrounding of the car, and
ultrasonic sensors alert the driver of obstacles around the car.
Key Players in the smart
parking market are Robert Bosch, Continental, Aisin Seiki, Valeo, Siemens,
Xerox Corporation, and Cubic Corporation, and others.
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The report helps stakeholders understand the
pulse of the market and provides them with information on key drivers,
restraints, challenges, and opportunities for market growth. It would also help
to understand the competitors better and gain more insights to improve their
position in the business.
To read more about this market please click on
https://www.lucintel.com/smart-parking-market.aspx
About
Lucintel
Lucintel,
the premier global management consulting and market research firm, creates
winning strategies for growth. It offers market assessments, competitive
analysis, opportunity
analysis, growth
consulting, M&A, and due diligence services to executives and
key decision-makers in a variety of industries. For further information, visit www.lucintel.com.
Brandon
Fitzgerald
Lucintel
Dallas,
Texas, USA
Email: brandon.fitzgerald@lucintel.com
Tel. 972.636.5056
Cell: 303.775.0751
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