The Global Market For Smart Parking Technology Solutions And Applications Should Reach $15.5 Billion In 2017 And $35.3 Billion By 2022
NEW YORK, Dec. 26, 2017 /PRNewswire/ -- The global market for smart parking technology solutions and applications should reach $15.5 billion in 2017 and $35.3 billion by 2022, increasing at a compound annual growth rate (CAGR) of 17.9% during 2017-2022.
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• Assisted parking technology solutions and applications should reach $12.2 billion in 2017 and $27.8 billion by 2022, at a CAGR of 17.9% during 2017-2022.
• Automotive park assist technology solutions and applications should reach $3.3 billion in 2017 and nearly $7.5 billion by 2022, at a CAGR of 17.8% during 2017-2022.
Chapter 1: Introduction
This report covers the global smart parking technology solutions and applications market. It discusses how the market has changed over time and gives an overview of the historical development of the smart parking market. The report also discusses future directions of the market and new technologies that are changing the dynamics of the market. It further provides in-depth financial analysis of the market and a detailed view of growth opportunity in various regions, segments and end-user segments.
Additionally, the report discusses various driving factors and challenges faced by the market, and also analyzes trends that are impacting the market. The report further discusses various stakeholders in the market covering their business overview, strengths, weaknesses, key strategies.
Study Goals and Objectives
The objective of this report is to discuss the changes and new developments in various smart parking segments, and the opportunities presented to various stakeholders in the market. To indicate the growth opportunity presented by smart parking technologies to various stakeholders and participants, the report forecasts market demand from 2017 through 2022, with historical data for 2016.
The report presents an opportunity for all stakeholders in the smart parking technologies market to understand various growth driving forces, key trends, growing segments and technologies.
Reasons for Doing This Study
BCC Research is publishing this study because it has identified smart parking technology solutions and applications as a growing market presenting strong growth opportunities for all stakeholders.
The market is dynamic and growing with new developments and adoption from new industries and sectors. Further, the market is witnessing strong growth across all regions, indicating a global growth opportunity in the coming years.
Scope of Report
For the scope of this report, smart parking is defined as a vehicle parking system where a set of hardware devices and software assist the driver finding a parking spot, signaling available locations and assisting the driver in parking the vehicle.
Smart parking includes both driver assistance systems (mentioned as "automotive park assist" throughout the report) that are inside the vehicle (such as sensors, display systems, etc.) as well as smart parking equipment and solutions (such as cameras, sensors, etc.) installed in the parking lot (both on-street and off-street) (this is mentioned as "assisted parking" throughout the report).
The report includes information about manufacturers and suppliers of smart parking technology products, and both are discussed and analyzed in the report. Also, the report talks about large companies that offer smart parking sensors and other products.
The report also discusses companies that provide smart parking equipment and solutions through partnership with other niche technology providers. Additionally, the coverage includes various strategic initiatives and strengths of companies that are expected to help them move forward in this market.
To calculate and segment the market, BCC Research has considered both hardware (equipment) and services in the smart parking technologies sector. Along with product and solutions revenue, BCC Research has also considered services revenue that a company reports within its total revenue.
However, the report has excluded software, which may form a very small portion of the market and whose market value is deemed to be insignificant compared with equipment and services.
The report includes distinct types of companies such as:
• Parking sensors and related component manufacturers.
• Large automotive technology providers.
• Other large technology companies.
• Other manufacturers that market smart parking technologies as their own.
In the services segment, the report covers all forms of services such as professional services, deployment and integration, as well as support and maintenance. However, stand-alone service providers that provide post sales services are out of scope of this report.
Additionally, the report also excludes sales of individual components used in smart parking solution that constitute a very small part of the overall market. Further, the report does not include revenue from those automotive companies that do not have smart parking technologies and solutions of their own.
The report begins by introducing the reader to how the market for smart parking technology solutions and applications has evolved over time and how various factors impact the market.
Building on this, the study proceeds to identify the following:
• Primary forces with a direct impact on the global smart parking technology solutions and applications.
• Secondary forces that have an indirect impact.
• Key funding and financing in this sector.
• Some key challenges that may hinder the growth of this market.
• Key trends visible in the market.
• Leading end users of smart parking technology solutions and applications.
• Demand in North America, Europe, Asia-Pacific, Middle East and Africa (MEA) and South America for smart parking technology solutions and applications.
Information Sources
BCC Research studied more than 100 companies to obtain data for this report. Studies prepared for peer-reviewed professional literature and reports by technical experts were also reviewed. Other data came from scientific and technical conferences, presentations prepared by the companies and associates, press releases, annual reports, white papers, investor webinars and government sources that are publicly available.
Methodology
To undertake this forecast, BCC Research analyzed the markets for related technologies and products, as available in the product literature and catalogs and forward-looking statements made by public companies. Press releases, innovations and research and development (R&D) papers, white papers and presentations were also consulted as well as data from other independent sources.
BCC Research used a dual approach to forecast and estimate the values for the smart parking technologies market.
Firstly, BCC Research analyzed spending by various key smart parking technology and sensor providers and end users. Global, regional and sector-specific smart parking technology spending was analyzed. Further, other factors, such as R&D spending by companies, increase in use of technology were considered. To arrive at the final figures, BCC Research also estimated the overall budget allocation and the forecast spending by major companies globally.
Secondly, BCC Research created a detailed survey and collected opinions from industry and domain experts, company executives and others with strong knowledge in the sector to provide a qualitative assessment of the trends in the market. Along with the qualitative data, the survey also indicated some quantitative data sets and figures.
The final values were obtained through a combination of the above methods. Compound annual growth rates were calculated by assigning the appropriate weight to various markets that majorly impact the smart parking technologies market. Calculations were performed using company growths that occurred in this sector over the past five to 10 years, along with other factors such as growth in budget allocation and growth of technology in energy and utilities in the past, as well as by analyzing the relationship between sectoral growth and the growth of smart parking technologies market in the past.
Estimated values used are based on manufacturers' total revenues.
Geographic Breakdown
In this report, the geographic regions considered for market analysis include, and only include:
North America
• U.S.
• Canada.
Europe
• France.
• Germany.
• Italy.
• Spain.
• U.K.
Asia-Pacific
• Australia.
• China.
• India.
• Japan.
MEA
• UAE.
Smart Parking Technology Solutions and Applications Market, by Type
Automotive Park Assist
Assisted Parking
On-street
Off-street
Smart Parking Technology Solutions and Applications Market, by End Use
Automotive Park Assist
Passenger Cars
Commercial Vehicles
Assisted Parking
Government
Commercial
Transport Transit
Smart Parking Technology Solutions and Applications Market, by Component
Automotive Park Assist
Camera
Sensors
ECU
Display Others
Assisted Parking
Chapter 2: Summary and Highlights
BCC Research examines the way in which the global smart parking technology solutions and applications market is changing and how it has evolved. This analysis includes a detailed survey of new organizations (innovators) in the market as well as existing organizations. At the industry level, BCC Research identifies, examines, describes and provides global and regional market sizes for 2016 and forecasts demand from 2017 through 2022.
While a wide range of companies operate in the market, below is a broad classification of these companies:
• Parking sensor manufacturers.
• Large automotive technology providers.
• Large technology companies that also provide sensors.
• Other manufacturers that market parking sensors and equipment as their own.
• Manufacturers and suppliers of other parking equipment such as electronic control units, displays.
North America is the largest smart parking technology solutions and applications market. This is because of several factors such as the presence of a large number of technology companies, government regulations, incentives and financial support, technological understanding.
Europe, and specifically Western Europe, is another large market with the presence of many companies, including sensor manufacturers. However, the Asia-Pacific region is expected to be the strongest-growing market, due to several initiatives from various governments.
In Asia-Pacific, countries such as China, India and Japan will see strong growth in the coming years. Although the Middle East and Africa (MEA) will see significant growth as well, its growth rate is expected to be slower than the average market growth. In South America, Brazil is the only country that will see some significant growth, and the rest of the region will remain sluggish.
Segmentation by type shows assisted parking to be a much larger segment, and off-street assisted parking to be the largest sector. However, both assisted parking and automotive park assist are witnessing similar growth and hence their market share will remain unchanged in the coming years. In some regions, especially the emerging regions, automotive park assist is expected to see stronger growth than assisted parking.
In the analysis presented in this report, BCC Research identified the following key points:
• Global demand for smart parking technology solutions and applications is estimated to have reached $13.2 billion in 2016.
• Global demand is expected to increase from $15.5 billion in 2017 to $35.3 billion in 2022.
• Total regional and technology-wide compound annual growth rate (CAGR) is projected to be 17.9% over the forecast period of 2017 through 2022, indicating a market with very strong growth.
Although the market has many driving forces, BCC Research identified the following to be the key forces driving this market:
• Government regulations and directives.
• Incentives and funding.
• Growing knowledge of automotive safety.
• Increase in number of vehicles and decrease in parking spaces.
• Declining price of sensors and other automotive parking equipments (such as cameras).
All the driving forces are expected to have a strong impact toward the growth of this market. Further, BCC Research expects the driving forces to have a varying impact based on region. For example, government regulations are expected to have a stronger impact on developed countries, while factors such as decline in price of sensors will have a bigger impact in the cost-sensitive emerging regions.
Overall, the market presents a strong growth opportunity for new entrants as well as existing players. BCC Research identifies technological readiness as well as partnerships with laboratories and research institutions as among the most important criteria for companies to survive in this market.
Read the full report: https://www.reportlinker.com/p05257942
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