India Smart Parking Systems Market to Expand at Significant CAGR of 11.6% during 2023-2029.
India smart parking systems market is flourishing because of rapid urbanization and space constraints, increasing demand for personal vehicles, rising vehicle ownership, and growing adoption of IoT in parking management.
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Report Ocean, a leading strategic consulting and market research firm, in its recent study, expects India smart parking systems market size to expand at a CAGR of 11.6% during the forecast period between 2023 and 2029. Major factors for the expansion of India smart parking systems market include increasing traffic congestion, growing vehicle ownership, and limited parking space. The growing adoption of integrated automated solutions, as well as developments in wireless and digital payment technologies, are likely to boost market expansion. Machine-to-machine (M2M) connectivity, data analytics, improved sensors, smart parking meters, and mobile applications for slot bookings and online payments are among the technologies utilized to create effective solutions. Also, the growing trend of city automation has increased reliance on many types of smart parking solutions, such as smart meters, navigation systems, analytics solutions, and engineering services. However, high cost of maintenance and investments is anticipated to restrain the market growth
India Smart Parking Systems Market – Overview
Smart parking is a safe parking option for conscientious drivers. Using embedded software and sensors, the sign or symbol shows the available parking spot on the lot. The driver is well familiar with the unoccupied area due to effective vehicle management. Smart parking gives drivers real-time information on the availability of adjacent parking spaces, allowing them to reserve a spot without having to wait. The smart parking system eliminates the need for guards who assist in finding a parking spot and collect tickets. The parking experience is being transformed by powerful technologies. Wireless sensor-based technology, dynamic messaging, parking sensors, and administrative facilities for examining parking data, providing real-time parking data to citizens, and quick management of parking zones are examples of innovations.
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India Smart Parking Systems Market – By Service
Based on service, India smart parking systems market is divided into Consulting Services, Engineering Services, and Mobile App Parking Services. The engineering segment held the highest market share during forecast period. The increasing usage of autonomous and semi-autonomous vehicles, particularly in developed countries, can be credited to the segment’s rise. These vehicles necessitate specially planned parking lots and garages, as well as robotic engineering facilities and custom-built instrumentation and solutions. Smart parking technologies are predicted to be widely adopted in the near future in autonomous vehicle production hubs. The consulting services segment is expected to dominate the market. These services address various management requirements, such as learning how to use a smart parking application or designing a parking space to meet the demands of the operator or user. These services also provide drivers and operators with convenient and hassle-free parking. Furthermore, these services offer simple operation, maintenance, and customization of facilities based on customer needs, as well as smart parking systems.
Impact of COVID -19 on India Smart Parking Systems Market
COVID-19 had a detrimental impact on smart parking systems market. As India enforced lockdown to restrict the spread of COVID-19, the revenue of smart parking systems has suffered. Several educational and work institutions, such as schools and universities, have transitioned to virtual learning, resulting in the disappearance of parking, transit, and other services. This has also resulted in monthly parking permit reimbursement. Similarly, the international travel ban has had a significant impact on smart parking firms. However, as the sector re-opens, smart parking systems are expected to regain demand due to the anticipated increase in private transportation utilization and its impact on the demand for smart parking space management.
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Competitive Landscape:
Major players operating in India smart parking systems market include: Altiux Innovations, BMW Group, Continental AG, Daimler AG, Flowbird, Get My Parking, Mindteck, Park Smart, ParkingRhino, Robert Bosch GmbH, RR Parkon, Secure Parking, Siemens AG, Smart City Parking, Valeo S.A, ValetEZ, and Volkswagen AG. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics India Smart Parking Systems Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in India Smart Parking Systems Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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