Asia-Oceania to be the Fastest Growing Smart Parking Market Due to Tight Parking Spaces

The demand for parking management solutions is increasing, owing to the growing concerns related to traffic congestion and environmental pollution. Parking space operators are offering various services such as security and surveillance, parking reservation management, valet parking management, and license plate recognition. These services reduce wastage of time, enable pre booking of parking spaces, provide cashless payment options, and enhanced security of vehicle. The parking management market in Asia-Oceania is estimated to be growing at a high CAGR due to the rising number of vehicles on the road, in this region and the need for better traffic and parking management.

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 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.

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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