Hardware Components for Smart Parking

By Aditi Basu, Marketing Head at Future Market Insights

Securing a parking spot has become an arduous task in many geographies as urbanization and traffic congestion become common. Time taken to find parking spots results not only in traffic congestion but also increased carbon emissions.  This has led to the invention of smart parking systems.

Smart parking systems are not the future. These systems are present and developing at a rapid speed. Automotive industries and smart parking technology companies are collaborating to build smart parking systems technology that is hassle-free, easy to use and time-saving. According to Future Market Insights, the smart parking market is expected to register a register a staggering double-digit CAGR of 18% by garnering a market value of US$ 28,757 Mn by the end of 2029. With the integration of Internet of Things (IoT) and artificial intelligence, smart parking technology has now become a reality.

Smart cameras, sensors and GPS systems are integral components of smart parking. While some auto makers are developing these components by themselves, other companies are outsourcing these components to the EMS industry. This not only assures the integration of the latest technologies but also helps in better connectivity.   Key automotive industry players like Mercedes-Benz, Bosch and Tesla are designing vehicles that are integrated with technology that can self-park vehicles. In addition, the development of smart cities along with the easy adoption of smart parking systems is helping people to park vehicles easily.

GPS and Driverless Smart Parking

Smart parking focuses on saving time by searching for free parking spaces beforehand. With the use of mobile applications and GPS, tracking an empty parking space has become easier. This, in turn, saves time and helps in finding the correct parking spot according to the vehicle size. Reports state that drivers in Europe and North America spend an average of fifty-five hours searching for parking spots. This leads to an increase in carbon emissions, traffic congestion and time wastage. To combat the same key players in the automotive industry are designing future-ready cars that can self-park without the presence of a driver.

For instance, Bosch in collaboration with Daimler obtained approval from relevant authorities in Baden-Württemberg for an automated parking system in the parking garage of the Mercedes-Benz Museum. The automated parking space can be accessed through a mobile application and requires no driver. In addition, Bosch is offering intelligent technology that is required for smart parking infrastructure. This technology not only supports automated valet parking but also supports manually steered vehicles.

Outsourcing Smart Hardware Components

Automotive companies have exhibited a keen inclination towards integrating technologically advanced components such as smart cameras and sensors that measure parking areas, detect objects and alert drivers or cars to prevent mishaps while parking. Most automotive companies outsource smart hardware components from other companies to ensure integration of latest technology that keeps the driver well connected with the technologically advanced parking system.

One such company that provides smart cameras and sensors is Cleverciti. The company provides smart hardware components that can be installed in the vehicle and the parking area. Most vehicle companies outsource these hardware components from companies like Cleverciti as it not only offers internal components of smart parking but also transforms normal parking spaces into technologically advanced parking systems.

Conclusion: Hassle-Free Parking of Vehicles

Advancement in technology promises to change the overall existing model of parking systems. Increasing integration of IoT in vehicles is making car parking easier and more efficient. As most urban cities are undergoing drastic change technologically, systematic and time-saving parking too has become important. Smart cities and smart parking systems go hand-in-hand. Thus, technologically advanced parking systems along with smart vehicles will make vehicle parking a hassle-free process. Smart parking has the potential to spot empty parking spaces along with notifying people beforehand.

Outsourcing hardware components for vehicles is expected to commercialize on a large scale. Vehicle manufacturers are focusing on hiring hardware component manufacturers as they offer components that are updated with the latest technology and offer strong connectivity. In addition, outsourcing hardware components from technology companies offers more than one benefit. With constant up-grades in IoT and penetration of Industry 4.0, vehicle companies and smart parking system providers are looking forward to completely creating driverless parking systems. In the upcoming years, the possibility of booking parking slots along with reserving parking spaces for a longer time is expected to become common.

Moving ahead, outsourcing hardware components for parking meters and digital guidance signage will prove beneficial as it can be updated according to the latest advancement in the automotive and IoT industry. As more people look for efficient parking solutions, the use of advanced parking systems is expected to increase. Moreover, the integration of smart cameras, sensors, GPS and parking meters will make parking well planned and organized.

Author Bio: Aditi Basu, Marketing Head at Future Market Insights

Aditi is the Marketing Head at Future Market Insights (FMI), an ESOMAR-certified market research and consulting Market Research Company. The award-winning firm is headquartered in Dubai, with offices in the US, UK, and India. You can connect with Aditi on LinkedIn.