Dublin, Nov. 11, 2019 (GLOBE NEWSWIRE) -- The "Saudi Arabia Smart Parking Market By System Type (Smart Park Assist System & Guided Park Assist System), By Component (Steering Angle Sensors, Parking Sensors & Others), By Sensor Technology, By Solution , By Vertical, Competition, Forecast & Opportunitie" report has been added to ResearchAndMarkets.com's offering.
The Saudi Arabian smart parking market stood at around $90 million in 2018 and is projected to grow at a CAGR of over 19% to cross $263 million by 2024, on account of growing adoption of intelligent transportation systems, expanding vehicle fleet, increasing adoption of cloud computing and smart devices.
Moreover, increasing penetration of IoT in various applications like building & home automation, smart cities, etc., is further pushing its demand in the country. Additionally, surge in cloud platform adoption, advent of advanced data analytics and development of wireless networking technologies in parking are further likely to propel the Saudi Arabian smart parking market during forecast period.
The Saudi Arabian smart parking market can be broadly segmented into system type, component, sensor technology, solution, vertical and region.
In terms of system type, the market can be categorized into guided park assist system and smart park assist system. Among these system types, smart park assist system dominates the market on account of expanding vehicle fleet in the country.
The Saudi Arabian smart parking caters two verticals, namely government and commercial. The Commercial sector is leading the Saudi Arabian smart parking market owing to the increasing construction in the commercial sector and smart cities project across the country.
The market of smart parking in Saudi Arabia is gaining traction and is expanding to various regions such as Riyadh, Mecca, Eastern Province and others. Riyadh is expected to the largest demand generator for smart parking during forecast period on account of growing need of traffic management and increasing inclination towards smart cities.
List of major players operating in the Saudi Arabian Smart Parking market include IDEX Services, Desert Services, Aflak Electronic Industries Co. Ltd, Omnitec Group, N Parking, Smart Parking Co., Makani, NEDAP Mobility, Parkeon Inc., Next Wave Technology, etc. Major companies are developing advanced technologies and launching new products in order to stay competitive in the market.
Other competitive strategies include mergers & acquisitions and new product developments. For instance, IDEX Services and N Parking (a subsidiary of Bin Dayel Contracting Co.) are working together to supply and install parking management and revenue control systems in several locations in Saudi Arabia that are operated by N Parking based on Scheidt & Bachmann's range of products and services.
Years Considered
- Historical Years: 2014-2017
- Base Year: 2018
- Estimated Year: 2019
- Forecast Period: 2020-2024
Objectives of the Study
- To analyze and forecast the market size of the Saudi Arabian smart parking market.
- To classify and forecast the Saudi Arabian smart parking market based on system type, component, sensor technology, solution, vertical and regional distribution.
- To identify drivers and challenges for the Saudi Arabian smart parking market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the Saudi Arabian smart parking market.
- To identify and analyze the profile of leading players involved in the Saudi Arabian smart parking market.
Key Topics Covered
1. Product Overview
2. Research Methodology
3. Executive Summary
4. Voice of Customer
4.1. Product Awareness
4.2. Product Pricing
4.3. Challenges & Unmet Needs
4.4. Factors Influencing Purchase Decision
5. Saudi Arabia Smart Parking Market Landscape
6. Saudi Arabia Smart Parking Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value & Volume
6.2. Market Size & Forecast
6.2.1. By System type (Guided Park Assist System and Smart Park Assist System)
6.2.2. By Component (Parking Sensors, Steering Angle Sensors, Electronic Control Unit (ECU) and Display Unit)
6.2.3. By Sensor Technology (Ultrasonic Sensor, Image Sensor and Radar Sensor)
6.2.4. By Solution (Security & Surveillance, Valet Parking Management, License Plate Recognition and Parking Reservation Management)
6.2.5. By Vertical (Government and Commercial)
6.2.6. By Region
6.2.7. By Company
6.3. Market Attractiveness Index (By System Type, By Component, By Sensor Technology, By Region)
7. Saudi Arabia Steering Angle Sensors Market Outlook
7.1. Market Size & Forecast
7.1.1. By Value
7.2. Market Size & Forecast
7.2.1. By Sensor Technology
7.2.2. By Solution
7.2.3. By Vertical
7.2.4. By Region
8. Saudi Arabia Parking Sensors Market Outlook
8.1. Market Size & Forecast
8.1.1. By Value
8.2. Market Size & Forecast
8.2.1. By Sensor Technology
8.2.2. By Solution
8.2.3. By Vertical
8.2.4. By Region
9. Saudi Arabia Electronic Control Unit (ECU) Market Outlook
9.1. Market Size & Forecast
9.1.1. By Value
9.2. Market Size & Forecast
9.2.1. By Sensor Technology
9.2.2. By Solution
9.2.3. By Vertical
9.2.4. By Region
10. Saudi Arabia Display Unit Market Outlook
10.1. Market Size & Forecast
10.1.1. By Value
10.2. Market Size & Forecast
10.2.1. By Sensor Technology
10.2.2. By Solution
10.2.3. By Vertical
10.2.4. By Region
11. Price Point Analysis
12. Market Dynamics
12.1. Drivers
12.2. Challenges
13. Market Trends & Developments
14. Policy & Regulatory Landscape
15. Saudi Arabia Economic Profile
16. Competitive Landscape
16.1. Competition Outlook
16.2. Company Profiles (Top 10 Companies)
16.2.1. IDEX Services Co.
16.2.2. Desert Services
16.2.3. Aflak Electronic Industries
16.2.4. Omnitec Group
16.2.5. N Parking
16.2.6. Smart Parking Co.
16.2.7. Makani Parking Services Co. Ltd.
16.2.8. NEDAP Mobility
16.2.9. Parkeon Inc.
16.2.10. Next Wave Technology
17. Strategic Recommendations
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