Asia-Pacific Parking Management Market Dynamics and Trends by 2028

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 South Korea, China, Australia, Japan, and India are major economies in APAC. With the advent of technology and precisely handling the parking space issues faced by an individual, the market players are robustly focusing on the development of contactless parking systems. The contactless parking management market facilitates the entry & exit of the vehicle without any physical contact with parking entry/exit stations. The driver does not have to push the ticket button or even touching a payment machine. The contactless intelligent parking system integrates a unique QR Coded e-ticket, which is generated at the entry station with the help of a smartphone device. This QR Coded e-ticket credential also permits the users to make an online payment at the exit station.

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.

 

APAC Parking Management Market Segmentation

APAC Parking Management Market – By Parking Site

• On-street
• Off-street

APAC Parking Management Market – By Solution

• Parking Guidance
• Parking Reservation
• Parking Security & Surveillance
• Others

APAC Parking Management Market – By Service

• Managed Service
• Professional Service

APAC Parking Management Market – By Deployment Type

• On-premises
• Cloud

APAC Parking Management Market- By Country

• South Korea
• China
• Australia
• Japan
• India
• Rest of APAC

APAC Parking Management Market-Companies Mentioned

• Amano Corporation.
• Flowbird Group
• GROUP Indigo
• Robert Bosch GmbH
• Siemens AG

Asia-Pacific Parking Management Report Scope