Japan Smart Parking Systems Market Size Expands 3X to Cross USD 662 million by 2029
Japan smart parking systems market size is flourishing owing to payment technology advancements, wireless technology advancements, increasing availability of integrated automated market solutions, favorable government policies & regulations, and investments accelerating the implementation of Japan parking systems for a seamless, user-friendly parking experience for operators and drivers.
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Report Ocean, a leading strategic consulting and market research firm, in its recent study, estimated Japan smart parking systems market size at USD 201.36 million in 2022. During the forecast period between 2023 and 2029, Report Ocean expects Japan smart parking systems market size to grow at a robust CAGR of 18.89% reaching a value of USD 662.4 million by 2029. A major factor propelling the growth of the smart parking market is the effective increase in vehicle numbers raising concerns about parking solutions. The demand for and adoption of IoT-related technology is expanding, which is another factor driving the market for smart parking. The government’s initiative to build smart cities in the area and the increase in investment in the development of driverless cars both present opportunities for the market for smart parking to expand. The high implementation costs and subsequent increases in vehicle prices are a problem for the market for smart parking, though. However, the main impediment to the growth of the smart parking market during the forecast is a lack of awareness regarding the advantages of smart parking.
Japan Smart Parking Systems Market – Overview
A smart parking system (SPS) enhances parking spaces through automated admittance control systems, parking guidance systems (PGS), parking reserving barriers, and ticketing systems. It uses mechanical systems to move cars from one parking spot to another, freeing up space in a single-story or multistory garage. For real-time data transmission to a control center, it uses pavement sensors, video cameras, automatic number plate recognition (ANPR), and vehicle counting equipment to manage parking lot occupancy. It aims to provide a well-organized parking operation and improve traffic flow in congested areas.
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Opportunity: Increasing investments in developing autonomous cars
Ford, Tesla, and Waymo are just a few of the automakers that have tested the autonomous vehicle’s parking assistance feature, which displays available parking spaces. Technology for controlling or parking a car using a smartphone is developing quickly. Software providers frequently release updates to address the smart parking technique’s congestion issue. Future growth opportunities for the Japan smart parking market are expected to be lucrative due to the ongoing improvements in infrastructure and technology.
Restraints:
Costly Implementation
A smart parking system is an advanced and cutting-edge piece of technology. Its implementation necessitates substantial investments in infrastructure, technology, and overall upkeep. It must also be operated by skilled personnel who have received appropriate training. Although government officials in developed countries are enthusiastic about this system, many emerging economies are skeptical due to its prohibitively high cost.
Impact of COVID-19 on Japan Smart Parking Systems Market
The strict lockdowns and social isolation used to stop the COVID-19 virus’s spread hurt the smart parking market. The demand for smart parking was impacted by the unstable economy, a portion of businesses being shut down, and low consumer confidence. The logistics and supply chain processes suffered during the pandemic. The smart parking market is expected to gain traction in the post-pandemic scenario as restrictions are relaxed.
Japan Smart Parking Systems Market – By Type
Japan smart parking systems market by type is segmented into off-street and on-street smart parking systems. The off-street market segment dominates the Japan market for parking systems. The increase in businesses that offer applications for using spaces for parking in single slots can be blamed for the increase in off-street parking. To address parking issues, several smart city and road development initiatives call for effective parking space utilization using sensor-based vehicle detection technology. The rise in the number of industries that need parking and smart detection facilities will also support the segment’s growth during the forecast period.
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Competitive Landscape:
Major companies in Japan smart parking systems market include Aisin Seiki, Altiux Innovations, Amano Corporation, Amano McGann Inc, BMW Group, Continental AG, Daimler AG, Eito & Global Inc., Giken Limited, IHI Parking System, Nissei Build Kogyo, Siemens AG, Valeo S.A, and Volkswagen AG. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in the Japan smart parking systems market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Japan Smart Parking Systems Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Japan 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.
Table of Content
Chapter 1: Global Japan Smart Parking Systems Industry Overview
Chapter 3: Market Dynamics
Chapter 4: Top Company Profiles
Chapter 5: Global Japan Smart Parking Systems market Competition, by Players
Chapter 6: Global Market Size by Regions
Chapter 7: Global Market Segment by Application
Chapter 8: Global Japan Smart Parking Systems Industry Segment by Type
Chapter 9: Market Chain, Sourcing Strategy, and Downstream Buyers
Chapter 10: Strategies and key policies by Distributors/Suppliers/Traders
Chapter 11: Key Marketing Strategy Analysis, by Market Vendors
Chapter 12: Market Effect Factors Analysis
Chapter 13: Global Japan Smart Parking Systems market Size Forecast (2023-2030).
Continue….
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(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of Japan Smart Parking Systems market revenues on a global, regional, and country level, projecting trends until 2030. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the Japan Smart Parking Systems market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the Japan Smart Parking Systems market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate Japan Smart Parking Systems business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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