On-Premises Segment to Dominate APAC Parking Management Market during 2021–2028
According to The Insight Partners market research study on “APAC Parking Management Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Parking Site, Solution, Services, and Deployment” is expected to reach US$ 11,683.08 million by 2028 from US$ 7,381.12 million in 2021. The market is estimated to grow at a CAGR of 6.8% from 2021 to 2028. The report provides trends prevailing in the APAC parking management market along with the drivers and restraints pertaining to the market growth. Accentuating growth of contactless parking system is the major factor driving the growth of the APAC parking management market. However, issues associated with the limited awareness among the consumers in developing countries hinder the growth of APAC parking management market.
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. Based on country, the parking management market is classified into South Korea, China, Australia, Japan, and India.
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.
Amano Corporation.; Flowbird Group; GROUP Indigo; Robert Bosch GmbH; and Siemens AG; among the leading companies in the APAC parking management market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, INDIGO Group, a global pioneer in parking and individual mobility, has expanded its European footprint by establishing a subsidiary in Poland. The Group's objective is to dominate this new market, which has a plethora of potential projects.
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