APAC Parking Management Market

APAC Parking Management Market Size & Growth (2022 - 2027)

Asia-Pacific Parking management market is expected to grow with a compound annual growth rate (CAGR) of 13% during the forecast period 2022 - 2027.

Product Description

Parking management solutions refer to a set of hardware designed and developed to manage and maintain parking availability in areas of high demand, especially in road parking spaces. Single-space parking meters and multi-space parking meters are the leading hardware used in integrated parking management solutions with automated payment systems and centralized data management to help people find parking spaces in the desired location.

Recent Developments and Trends

In February 2017, IBM completed the acquisition of Agile 3 Solutions, a control panel and an intuitive data risk management center provider.

In 2015, the National Development and Reform Commission of China introduced a new regulation to approve intelligent parking facilities. As the number of smart city initiatives in the region has increased, the demand for smart parking management solutions has accelerated.

In 2018, Chinese smart parking solutions provider Keptop conducted a fundraising round at Tencent Holdings. This fund is intended to expand business operations internationally. The company also launched a "High-Speed Parking" intelligent parking application platform to help drivers quickly find empty parking spaces.

Market Drivers 

The key drivers of growth for the APAC parking management market include increased interest in smooth traffic flows, lower fuel consumption and higher car sales. Demand for parking management solutions is presumed to be high in commercial and government applications due to the variety of features such as towing management, ticket issuance, payment processing and appointment tracking provided by these solutions through of a single platform. In addition, the image recognition, machine learning, tracking and speed monitoring capabilities offered by these solutions are supposed to improve the consumer experience. Market growth is anticipated to accelerate due to the increase in service automation due to the adoption of analysis and big data, and the increased demand for improved mobility among service consultants. 

Restraints

Parking management consists of several hardware sensors, real-time messaging systems, traffic control devices, wireless and wired communication systems, computer servers and application interfaces. Integrating all the hardware and software related to parking management into a single platform is difficult and serves to curb the growth of the APAC parking management market.

Market Segmentation

By Solution:

Based on solution, parking access and revenue control (PARC) solutions are foreseen to occupy the largest share in the APAC business during the forecast period. The solution allows the parking operator to manage the entry and exit of the vehicle within the parking facilities and completely control parking revenue. This solution automates access control and revenue collection in parking lots.

By Parking Site:

Based on the parking site, Outdoor parking is expected to maintain a larger market size during the forecast period due to large-scale investments by multi-level parking authorities and the private parking facilities sector. Also, off-street parking has witnessed many innovations that allow adequate parking. For example, today's luxury garages are equipped with a robotic valet system that helps with parking management.

By Deployment Type:

Based on the deployment type, cloud implementation is estimated to grow at a faster rate during the forecast period due to the mounting adoption rate in different companies. Because cloud implementations require less capital investment, fewer operational and maintenance costs, and minimal administrative effort, SMEs consider and prefer cloud-based parking management solutions.

By End-User:

Based on the end-user, the government sector held the principal portion in the APAC parking management industry in 2018 and is likely to continue its dominion in the forecast period. The increasing population in countries like India, China, etc., in this region, has resulted in frequent traffic congestions, which made it essential to implement a competent and state-of-the-art parking management solution by the local authorities.

Regional Analysis

India, Japan, China, Korea and Australia are the main markets in the APAC region. The Indian parking management market is expected to increase at the fastest pace in the area. In fact, the parking management market in India is indispensable for the development and growth of the Asia Pacific parking management market. Another important industry in this area is the Chinese parking management market, which accounted for the highest revenue in 2017. The growing number of vehicles in China's semi-urban and urban areas has already had a negative impact on the parking system, which will push the demand for advanced parking management options.

Key Players

The main players in the market include T2 Systems, Amano Corporation, 3M, Cubic Corporation, Kapsch TrafficCom, IBM Corporation, Siemens, Swarco, SKIDATA AG and Xerox Corporation.