The Smart Parking Market is projected to grow at a CAGR of 17.94% during the forecast period, to reach a market size of USD 5.25 billion by 2021 from USD 2.13 billion in 2015. The market for park assist system is driven by factors such as increased consumer preference towards comfort and luxury, and increased competition between OEMs to offer such driver assistance features. Additionally, government policies supporting smart parking systems is also a major demand driver for passenger car smart parking market.
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The demand for passenger cars equipped with smart park assist systems is increasing, owing to the rising need for reducing the stress of parking a vehicle in tight parking spaces. OEMs are compelling smart park assist system manufacturers to focus on develop fully autonomous park assist systems. The smart park assist system market for passenger cars is projected to grow at a CAGR of 17.94% from 2016 to 2021, to reach a market size of USD 5.25 million by 2021. Market growth is driven by factors such as rising concern over growing traffic congestion in cities, limited parking space availability, stringent emission regulations and supporting government policies encouraging the market for passenger cars equipped with smart park assist systems.
The key strategy adopted by major players to gain traction in the market is new product development. Valeo S.A. (France) demonstrated its InBlue smartphone and smartwatch based virtual key at the 2015 International CES in Las Vegas. Valeo S.A.'s InBlue uses bluetooth technology to lock and unlock the vehicle with a smartphone or a smartwatch. It also enables secure vehicle sharing, remote parking, and access to vehicular data such as fuel usage, tire pressure, and last location where vehicle was parked. Additionally, Aisin Seiki Co., Ltd (Japan) entered the camera monitor aftermarket in 2016. The company is developing a rear multi-view camera which will provide high-definition images of 1 million pixels and provide clear images even at night. The second most widely followed strategy is mergers & acquisitions. In 2016, Kapsch TrafficCom AG (Austria) acquired Schneider Electric (France)'s transportation business. This acquisition helped Kapsch TrafficCom AG (Austria) expand its portfolio of intelligent transportation management solutions. Other companies that adopted this strategy include TKH Group's Park Assist (U.S.), Cubic Corporation (U.S.), Continental AG (Germany), Valeo S.A. (France), and Amano Corporation (Japan).
The passenger car smart parking market is dominated by a few global players, and comprises several regional players. Valeo S.A. (France) is a leading player in the market. The company manufactures and distributes components and integrated systems for the sector. The company operates four business divisions of which comfort and driving assistance systems division produces ultrasonic sensors, radar sensors, cameras, remote controls, receivers, immobilizers and telematics units, driver-passenger interface systems, head up displays, and steering sensors. The key strategies followed by the company are new product development, mergers &acquisitions, and joint ventures and partnerships. In December, 2015, the company announced the acquisition of Peiker (Germany), a supplier of on board telematics and mobile connectivity solutions. These systems will play a key role in connecting with advanced parking guidance systems. It will strengthen Valeo S.A.'s portfolio to cater to the requirements of the smart parking systems market.
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Kapsch TrafficCom AG (Austria) manufactures a range of intelligent transportation systems under the electronic toll collection business division and intelligent mobility solutions business division. Under the intelligent mobility solutions division, the company offers products for traffic management, connected cars, safety and security and future mobility. The company actively participates in strategic acquisitions of leading companies to enhance and support its parking management portfolio. This is reflected in the company's acquisition of Streetline, Inc. (U.S.) in 2015. Kapsch TrafficCom AG also acquired Schneider Electric (France)'s transportation segment in 2016, to complement its existing product portfolio. These acquisitions help the company to enhance its product and service offerings and supports business growth.
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