Automotive Parking Guide System Market to Perceive Substantial Growth During 2018 – 2028

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Automotive Parking Guide System Market: Introduction

Automotive parking guide systems are a type of parking management system that use a variety of technologies to help drivers/motorists find vacant parking space as well as manage parking congestion. Automotive parking guide systems reduce the vehicle parking search time, which in turn, reduces traffic congestion, therefore ultimately easing traffic management, especially in public areas. Automotive parking guide systems combine traffic monitoring, communication, processing and variable message sign technologies to manage the traffic. Moreover, automotive parking guide systems help to reduce vehicle emission through proper circulation of traffic. Automotive parking guide systems are capable of handling all kinds of parking challenges.

In the current scenario, due to rapid modernization and growing demand for automobile from domestic and commercial sectors, parking congestion has become a huge problem. This, in turn, will propel the demand for automotive parking guide systems during the forecast period.

Automotive Parking Guide System Market: Dynamics

Rising traffic congestion across developed and developing nations is one of the key factors responsible for the growth of the automotive parking guide system market. Increasing urbanization and rising spending power of the middle class population will propel the demand for new automobiles, which in turn, will boost the growth of automotive parking guide system market during the forecast period. Moreover, these automotive parking guide systems provide assured security to the owner of the vehicle. This is another factor which will accelerate the growth of the automotive parking guide system market in near future. Automotive parking guide systems increase parking capacity and also manage the parking space in such a way that no traffic congestion occurs. Increasing demand for traffic management system in public places, such as malls, shopping complexes, multiplex, hospitals, airports and railway stations, among others, will boost the growth of automotive parking guide system market in near future. Furthermore, the efficient working of automotive parking guide systems make them user-friendly, which is another a key factor for the growth of global market over the forecast period.

Lack of awareness in emerging and developing countries across the globe is expected to stagnate the growth of the automotive parking guide system.

Automotive Parking Guide System Market: Segmentation

The Automotive Parking Guide System Market can be segmented by product type and vehicle type.

On the basis of product type, the Automotive Parking Guide System market can be segmented into:

  • Sensors
  • Software
  • Hardware

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On the basis of vehicle type, the Automotive Parking Guide System market can be segmented into:

  • Passenger Cars
  • Light Commercial Vehicles
  • Heavy Commercial Vehicles

Automotive Parking Guide System Market: Regional Outlook

In automotive parking guide system market, North America and Western Europe are expected to dominate the market throughout the forecast period. Countries of Western Europe, such as Germany, France, U.K., Spain and Italy, among others, are expected to show significant potential for growth of automotive parking guide system market. In North America, the government has taken many initiatives to control traffic congestion and this will boost the growth of the automotive parking guide system market over the forecast period. Moreover, expanding fleet size in emerging and developing economies of Asia Pacific, such as India and China, will propel the demand for parking management systems, which in turn, will boost the growth of the automotive parking guide system market throughout the assessment period. In Latin America, Brazil & Mexico are expected to accelerate the growth of automotive parking guide system market due to increasing automotive production as well as increasing traffic congestion in the region. Eastern Europe and Middle East & Africa are estimated to grow at a healthy growth rate in near future.

Automotive Parking Guide System Market: Market Participants

Examples of some of the market participants identified across the value chain of the global Automotive Parking Guide System Market are:

  • INDECT
  • Automated Valet Parking Manager, LLC.
  • Omnitec Group
  • SWARCO AG
  • Robert Bosch GmbH
  • TKH Group
  • Eito & Global Inc.
  • Kapsch TrafficCom
  • Cass Parking

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