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.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the parking management market. The APAC parking management market is expected to grow at a good CAGR during the forecast period.
| 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 |