Asia-Pacific Parking Management Market
The Asia-Pacific region constitutes world’s top two most populated countries. The region is characterized by significant infrastructure development growth and increase in purchasing power of the individuals in the region. Further, the rising number of individuals migrating toward popular cities for better opportunities is also anticipated to propel the demand for efficient parking management solutions among popular cities in the region. In addition, the presence of economically strong countries and high number of registered passenger vehicles per household per capita in countries such as South Korea, Malaysia, Australia, and Thailand, have substantial number of existing parking infrastructure across different end users. Subsequently, opportunities such as periodic maintenance, contract renewals, and technology upgrading are also expected to drive the parking management market in the coming years. The emerging concepts of smart cities enabled transportation and mobility services are gaining traction among government and municipal authorities for facilitating seamless mobility and parking solutions for both on-street and off-street parking spaces at malls, hospitals, airports, and other public locations. As a result, technology enabled smart parking solutions such as parking guidance systems, parking reservation, mobile app based parking fees payment, and parking security and surveillance, are expected to provide lucrative business opportunities for the market players during the forecast period. Accentuating growth of contactless parking system is the major factor driving the growth of the APAC parking management market.
Due to the massive number of cases in China, the APAC region is greatly affected by COVID-19. The country also homes the largest population across the world, which is imposing greater risk to a large number of individuals. China is also a world leader of many global brands. According to the Organization for Economic Co-operation and Development (OECD), the pandemic has affected major economies of the region, including China, India, South Korea, and Vietnam and this market has experienced a downward industrial growth during the first two quarter of 2020. Due to COVID-19 impact, the pricing of on-street parking has generated sufficient revenues for reinvestment in sustainable transport while disincentivizing on the private vehicle use and falling congestion. For instance, the drivers are robustly searching for parking that are accountable for a vehicle traffic in urban centres during peak hours which further boost the areas with unpaid, or underpriced, parking. Similarly, in India, the startup namely: IvyCap Ventures, is working closely with automotive and logistics companies to efficiently deal with the parking piece of the mobility puzzle. In recent times, it is collaborated with Mercedes-Benz to support end-users in locating and navigating to a relevant parking lot.
Strategic insights for the Asia-Pacific Parking Management provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 7,381.12 Million |
| Market Size by 2028 | US$ 11,683.08 Million |
| Global CAGR (2021 - 2028) | 6.8% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Parking Site
|
| Regions and Countries Covered | Asia-Pacific
|
| Market leaders and key company profiles |
The geographic scope of the Asia-Pacific Parking Management refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The parking management market in APAC is expected to grow from US$ 7,381.12 million in 2021 to US$ 11,683.08 million by 2028; it is estimated to grow at a CAGR of 6.8% from 2021 to 2028. The automotive industry is experiencing huge demand for vehicles, which is expected to further increase exponentially year on year. The number of vehicles from every class is constantly rising in developed regions and developing regions. According to Organisation Internationale des Constructeurs d'Automobiles (OICA), a total number of vehicles sold in 2020 accounted for almost 77 Mn, as compared to 90 Mn in 2019, this drop in number of vehicles sold is due to COVID-19 impact. Out of 77 Mn vehicles sold, the passenger car segment accounted for 53 Mn, and the rest 24 Mn recorded for commercial vehicles. Though we experience moving traffic, however, it has been proven statistically that vehicles spend most of their lives parked. Hence, there is a huge requirement for an efficient and effective parking infrastructure in the era of the aggressive rise in the number of vehicles across the region. Majority of the cities are facing a severe problem with traffic congestion, and the same is reaching towards an alarming issue shortly. The car parking issue is a key contributor and is still a significant problem with growing vehicle size in the luxurious, semi-luxurious, and commercial vehicle segment and confined parking spaces in urban cities. In addition, limited availability of information related to vacant parking spaces, especially on-street, results in a waste of fuel and time, leading to traffic congestion. Parking management systems and technology plays a vital role in the parking of vehicles on-street and off-street. The increasing procurement of vehicles among the consumers is forcing the governments as well as private organizations to focus more on developing advanced technology parking solutions such as parking guidance solutions, and parking reservation solutions among others to implement on the road as well as building parking areas. This factor is driving the parking management market heavily in the current market scenario, and the same is foreseen to influence the growth of the market in the future.
The APAC parking management market is segmented on basis of various parameters such as parking sites, solutions, services, deployment type, and country. The different types of parking sites include on-street parking and off-street parking. The off-street segment dominated the market in 2020 and is expected to be the fastest growing during the forecast period. On basis of solutions, the APAC parking management market is categorized as parking guidance solutions, parking reservation solution, parking security & surveillance solutions and others. The others segment dominated the market in 2020 and parking guidance solutions segment is expected to be the fastest growing during the forecast period. The services segment in parking management market is bifurcated as professional service and managed service. The managed services segment dominated the market in 2020 and professional service segment is expected to be the fastest growing during the forecast period. On-premises deployment and cloud-based deployment are the two types of deployment type segments. The on-premises deployment segment dominated the market in 2020 and cloud based deployment segment is expected to be the fastest growing during the forecast period.
A few major primary and secondary sources referred to for preparing this report on the parking management market in APAC are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Amano Corporation.; Flowbird Group; GROUP Indigo; Robert Bosch GmbH; and Siemens AG are among others.
The Asia-Pacific Parking Management Market is valued at US$ 7,381.12 Million in 2021, it is projected to reach US$ 11,683.08 Million by 2028.
As per our report Asia-Pacific Parking Management Market, the market size is valued at US$ 7,381.12 Million in 2021, projecting it to reach US$ 11,683.08 Million by 2028. This translates to a CAGR of approximately 6.8% during the forecast period.
The Asia-Pacific Parking Management Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia-Pacific Parking Management Market report:
The Asia-Pacific Parking Management Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia-Pacific Parking Management Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia-Pacific Parking Management Market value chain can benefit from the information contained in a comprehensive market report.
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