Growing Need for Business Agility is Expected to Drive the Growth of the Smart Parking MarketÂ

1. Smart Parking Market worth 5.25 Billion USD by 2021 The passenger car smart parking market is projected to grow at a CAGR of 17.94% from 2016 to 2021, to reach a market size of USD 5.25 Billion by 2021.The market is driven by factors such as limited parking space availability, growing number of accidents caused by vehicles reversing out of parking spaces and growing consumer demand for advanced vehicle and passenger safety systems in passenger cars. Browse 78 market data tables and 58 figures spread through 164 pages and in-depth TOC on “Smart Parking Market - Global Forecast to 2021” https://www.marketsandmarkets.com/Market-Reports/smart-parking-market-123959229.html Early buyers will receive 10% customization on reports. “Smart parking would be the fastest growing segment in the passenger cars park assist market” The smart parking market is projected to grow at the highest CAGR during the forecast period. The growth of this market is driven by factors such as increasing innovation and automation in vehicles, increasing consumer’s preference for driver assistance features in passenger cars, growing concern over parking damages and accidents caused by human error while parking and environmental concerns and stringent emission regulation. In order to reduce accidents caused during parking and while backing out of a parking space, traffic congestion and pollution, governments are promoting safe and smart vehicles. This in turn supports the growth of smart parking assist systems employed in passenger cars. Ultrasonic sensors is the largest segment of the sensor technology market globally, in terms of value. These sensors installed around the vehicle, assist the driver in identifying suitable parking spaces and also alert the driver of any obstacles around the car and within a short distance range. Currently, due to the high cost, radar sensors are not used as often as ultrasonic sensors in smart parking systems. Radar sensors provide more sophisticated functions and detect obstacles in long distance range. Radar sensors are frequently used in advanced driver assistance systems. With the U.S. government making rear view cameras mandatory in passenger cars from 2018 and the Indian government expected to implement the rule soon, the demand for camera sensors is expected to increase. Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownload.asp?id=123959229

2. “Europe to be the largest market and Asia-Oceania to be the fastest growing market for smart parking in passenger cars” Europe is estimated to dominate the smart parking market in passenger cars, owing 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. Additionally, the market is also driven by an increased demand for driver assistance and safety solutions features in passenger cars. Asia-Oceania is projected to grow at the highest CAGR during the forecast period. Parking in congested parking spaces is fast becoming a key concern for drivers in this region. Individual parking lots have become smaller, in order to accommodate more number of vehicles, in a limited parking space. This has led to increased parking related stress in drivers. Request Sample Copy @ https://www.marketsandmarkets.com/speaktoanalyst.asp?id=123959229 About MarketsandMarkets™ MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions. Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve. MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. Contact: Mr. Shelly Singh MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA : 1-888-600-6441 sales@marketsandmarkets.com