Lucintel anticipates that Europe Pacific will be the fastest growing region in the smart parking market

   October 18, 2019
According to a new market report by Lucintel, the future of the smart parking market looks promising with opportunities in the ultrasonic, radar, and image sensor markets. The smart parking market is expected to grow with a CAGR of 18% from 2019 to 2024. The major drivers for this market are 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.

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Within the smart parking market, security & surveillance, smart payment system, e-parking, and license plate recognition are the major end use segments. Security & surveillance is the largest end use segment for smart parking.

Guided park assist and smart parking are the major system type segments of the smart parking market.

Europe will remain 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.

Robert Bosch, Continental, Aisin Seiki, Valeo, Siemens, Xerox Corporation, and Cubic Corporation are among the major players of smart parking systems.

Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the smart parking market by system type, sensor technology, component, end use, application, and region. Lucintel has prepared a comprehensive research report titled "Smart Parking Market 2019-2024: Trends, Forecast, and Opportunity Analysis". This Lucintel report serves as a catalyst for growth strategies, as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes trends and forecast for the smart parking market by system type, sensor technology, component, end use, application, and region as follows:

By System Type [$M shipment analysis for 2013 – 2024]

  • Guided Park Assist

  • Smart Parking

 By Sensor Technology [$M shipment analysis for 2013 – 2024]

  • Ultrasonic Sensor

  • Radar Sensor

  • Image Sensor

By End Use [$M shipment analysis for 2013 – 2024]

  • Government

  • Commercial

  • Corporate Institutions

  • Transport Facilities

By Application [$M shipment analysis for 2013 – 2024]

  • Security & Surveillance

  • Valet Parking Management

  • Parking Reservation Management

  • License Plate Recognition

By Region [$M shipment analysis for 2013 – 2024]

  • North America

    • US

    • Canada

    • Mexico

  • Europe

    • Germany

    • Russia

    • France

    • United Kingdom

    • Italy

  • Asia Pacific

    • China

    • Japan

    • India

    • South Korea

    • Indonesia

  • The Rest of the World

    • Brazil

    • Turkey

This 150-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link or

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

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