“Smart Parking” Market Could Jump 150% by 2021

The global market for “smart parking” technologies and services is expected to grow at an annual rate of nearly 18% to reach $5.25 billion by 2021 from more than $2.1 billion in 2015, according to MarketsandMarkets.

The Pune, India-based research and consulting firm says the increase will be driven by increased urban congestion, limited and smaller parking spaces, favorable government policies and continued technical innovations—including automated vehicle functions. The report says Europe will be the largest market for smart parking systems, and Asia will be the fastest growing region for the technology.

Ultrasonic sensors are expected to be the leading technology for automated parking thanks to cost advantages over radar- and camera-based systems. MarketsandMarkets says such features use 4-10 ultrasonic sensors.

Leading suppliers listed in the report include Bosch, Continental, Delphi and Valeo. Some of the top global service providers cited are Japan’s Amano, San Diego-based Cubic, Kapsch TrafficCom of Australia, Siemens and Xerox.