South Korea Smart Parking Sensors Market was valued at USD 0.2 Billion in 2022 and is projected to reach USD 0.9 Billion by 2030, growing at a CAGR of 17.5% from 2024 to 2030.
The South Korea Smart Parking Sensors Market is experiencing rapid growth, driven by the increasing need for efficient urban management and the demand for technology that improves the parking experience. As South Korean cities continue to expand, the necessity of optimizing parking spaces becomes more crucial, leading to a significant demand for smart parking sensors. These sensors, which detect the availability of parking spots in real time, are gaining traction among industries and consumers alike due to their ability to reduce traffic congestion, save time, and improve overall parking efficiency.
In the South Korean market, smart parking sensors come in various types, such as ultrasonic, infrared, and electromagnetic sensors. Each type has its specific use cases, depending on the environment in which they are installed. Ultrasonic sensors, for example, are widely used in parking lots due to their ability to detect vehicles in close proximity. Infrared sensors, on the other hand, are used in open-air environments where temperature variations can affect other types of sensors. Electromagnetic sensors are becoming increasingly popular due to their robustness and ability to function under challenging conditions like extreme weather or heavy vehicle traffic.
Industries are increasingly relying on smart parking solutions to address various parking-related challenges. Urban planners and government authorities are particularly interested in these technologies as they support smarter city initiatives and reduce the carbon footprint of unnecessary traffic. Moreover, private enterprises such as shopping malls, airports, and office complexes are adopting smart parking systems to enhance customer satisfaction and optimize the use of limited parking spaces. These businesses are also interested in integrating these sensors with mobile apps, allowing drivers to locate available parking spots seamlessly.
The growing adoption of electric vehicles (EVs) in South Korea is another factor driving the demand for smart parking sensors. As more EVs hit the road, the need for charging stations within parking spaces becomes vital. Smart parking sensors play a crucial role in efficiently managing these charging stations, ensuring that parking spaces are available for EVs when needed. This, in turn, is fueling the market's expansion as industries seek to implement integrated solutions that cater to both traditional and electric vehicle parking needs.
The South Korea Smart Parking Sensors Market is poised for significant growth as the demand for technology-driven parking solutions continues to rise. With the increasing need for efficient urban infrastructure and the growing trend of electric vehicle adoption, industries are turning to smart parking sensors to meet these needs and improve overall parking management.
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Valeo
Proxel
Texas Instruments
NXP Semiconductors
Heraeus Sensor Technology
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By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the South Korea Smart Parking Sensors Market
On-Street Parking Sensors
Off-Street Parking Sensors
Ultrasonic Technology
Infrared Technology
Magnetic Technology
Radar Technology
Hardware
Software
Services
Smart Parking Management
Vehicle Detection Systems
Real-Time Parking Data Analysis
Government Sector
Commercial Sector
Residential Sector
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
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1. Introduction of the South Korea Smart Parking Sensors Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. South Korea Smart Parking Sensors Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. South Korea Smart Parking Sensors Market, By Type
6. South Korea Smart Parking Sensors Market, By Application
7. South Korea Smart Parking Sensors Market, By Geography
Asia-Pacific
China
Japan
Korea
India
Australia
Indonesia
Thailand
Philippines
Malaysia and Vietnam
8. South Korea Smart Parking Sensors Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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