Smart Parking Market New Innovations and Future Expansion 2023-2030
Pune, India - (NewMediaWire) - March 3, 2023 - "Smart Parking" Size, Scope, and Forecast 2023-2030 report has been added to the Market Research Archive of Absolute Reports. Industry experts and researchers have offered an authoritative and concise analysis of the Global Smart Parking with respect to various aspects such as growth factors, challenges, restraints, developments, trends, and opportunities for growth. This report will surely be a handy tool for market players to come up with effective strategies with the aim of strengthening their positions in the market.
What is the Smart Parking growth?
Smart parking is an integrated application of wireless communication technology, mobile terminal technology, GPS positioning technology, GIS technology, etc. in the collection, management, query, reservation and navigation services of urban parking spaces. It realizes the integration of real-time update, query, reservation and navigation services of parking resources, maximizing the utilization of parking resources, maximizing the profit of parking lots and optimizing the parking services for car owners.
China's car parc shows a year-on-year growth trend, and reached 280 million by the end of 2020, an increase of 21 million units or 8.1% compared with the end of 2019. On the one hand, the huge number of cars reflects the improvement of people's quality of life brought by the strong momentum of economic development. On the other hand, the resulting traffic congestion, road safety, parking difficulties and other serious phenomena have also had a negative impact on urban construction, especially the difficulty in parking, which has long been a common problem in major cities. The smart parking industry has thus become a major demand to improve the parking environment and meet the parking need.
China's smart parking industry is still in its early stage, but the market scale is expanding at a fast pace. According to Researchers’s analysis, China's smart parking market size was only about CNY1.5 billion in 2010, and the market size has reached about CNY18.5 billion (USD2.85 billion) in 2021, with a remarkable CAGR of 20% from 2016 to 2021. However, compared to the overall parking market size, the rate of smart parking equipment is still at a low level, and there is huge room for future improvement.
At present, there are many companies providing smart parking solutions in the Chinese market, with serious homogenization and fierce competition, leading most businesses to start price competition. Due to the fierce competition, the gross margin of smart parking solution providers is only 10%, so most of them extend their business to the operation of parking lots. Operating a smart parking lot can bring long-term sustainable and lucrative parking fee income to enterprises. Moreover, building and operating a smart parking lot requires a lot of capital, a strong operation team, and a good partnership with local governments.
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Overall, more than half of the smart parking projects in China are concentrated in the third-tier cities and below, while the rest are evenly distributed in the first and second-tier cities. This is because large and medium-sized cities in China have already started to layout smart parking in the early stage, the site rent is high, and the corresponding facilities are relatively perfect. Hence, at this stage, the existing resources should be integrated before building new parking lots. Small cities and rural areas, however, need to add smart parking lots first due to imperfect parking equipment.
The cost of a set of smart parking system in China is about CNY30,000 (USD4,600). Compared with the new parking lot, the cost of smart upgrade on the basis of the existing parking lot is lower and the construction cycle is shorter, which is a more cost-effective solution. According to the statistics, since the parking lots began to employ the smart parking system, the parking space turnover rate has been increased from 1.5-2 times/day to 7.5-8 times/day, which is a fourfold increase in turnover rate and greatly increases the supply of parking spaces. Smart parking efficiently solves the shortage in the number of parking spaces, and the penetration rate will continue to rise in the future.
Chinese governments at all levels have issued a series of policies to support the development of the smart parking industry, such as in the 14th Five-Year Plan (2021-2035) and the 2035 Visionary Goals, which mention that a number of smart parking lots should be constructed, parking management and traffic guidance should be strengthened, and the operational efficiency of public transportation should be improved.
IT expects that China's car parc will continue to grow from 2022-2030, which will promote the long-term development of China's smart parking industry.
Browse Detailed TOC, Tables and Figures with Charts which is spread across 60 Pages that provides exclusive data, information, vital statistics, trends, and competitive landscape details in this niche sector.
1. Does this report consider the impact of COVID-19 and the Russia-Ukraine war on the Smart Parking?
Yes. As the COVID-19 and the Russia-Ukraine war are profoundly affecting the global supply chain relationship and raw material price system, we have definitely taken them into consideration throughout the research, in Chapters, we elaborate at full length on the impact of the pandemic and the war on the Smart Parking Industry.
Final Report will add the analysis of the impact of Russia-Ukraine War and COVID-19 on this Smart Parking Industry.
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This report provides a pin-point analysis of changing dynamics and emerging trends in the Global Smart Parking. Additionally, it provides a futuristic perspective on various factors that are likely to fuel the growth of the Global Smart Parking in the coming years. Further, the authors of the report have shed light on the factors that may hinder the growth of the Global Smart Parking.
Smart Parking - Competitive and Segmentation Analysis:
2. How do you determine the list of the key players included in the report?
With the aim of clearly revealing the competitive situation of the industry, we concretely analyze not only the leading enterprises that have a voice on a global scale, but also the regional small and medium-sized companies that play key roles and have plenty of potential growth.
Top Key Players of the Global Smart Parking
1 Shenzhen Jieshun Science and Technology Industry Co., Ltd
2 Beijing LOTTOP Technology Co., Ltd.
3 Hangzhou Reformer Holding Co., Ltd.
4 Hangzhou Uchoice Technology Co., Ltd.
5 Shenzhen Rodens Technology Co., Ltd.
6 Shenzhen Cloudpark Intelligent Traffic Technology Institute Co.,Ltd.
7 Sonli Holding Group Co., Ltd.
8 Zhejiang InnoTek Co., Ltd.
9 Beijing Zhihui Hutong Science and Technology Co., Ltd.
10 ZTE ITS Co., Ltd.
Short Description About Smart Parking:
The Global Smart Parking is anticipated to rise at a considerable rate during the forecast period, between 2023 and 2030. In 2023, the market is growing at a steady rate and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.
This report studies the Smart Parking, covering market size for segment by type, by application, by sales channel (Direct Channel, Distribution Channel), and by region (North America, Europe, Asia-Pacific, South America and Middle East & Africa).
This report provides detailed historical analysis of global market for Smart Parking from 2015-2020, and provides extensive market forecasts from 2023-2030 by region/country and subsectors. It covers the sales/revenue/value, gross margin, historical growth and future perspectives in the Smart Parking.
Moreover, the impact of COVID-19 is also concerned. Since outbreak in December 2019, the COVID-19 virus has spread to all around the world and caused huge losses of lives and economy, and the global manufacturing, tourism and financial markets have been hit hard, while the online market/industry increase. Fortunately, with the development of vaccine and other effort by global governments and organizations, the negative impact of COVID-19 is expected to subside and the global economy is expected to recover.
This research covers COVID-19 impacts on the upstream, midstream and downstream industries. Moreover, this research provides an in-depth market evaluation by highlighting information on various aspects covering market dynamics like drivers, barriers, opportunities, threats, and industry news & trends. In the end, this report also provides in-depth analysis and professional advices on how to face the post COIVD-19 period.
The research methodology used to estimate and forecast this market begins by capturing the revenues of the key players and their shares in the market. Various secondary sources such as press releases, annual reports, non-profit organizations, industry associations, governmental agencies and customs data, have been used to identify and collect information useful for this extensive commercial study of the market. Calculations based on this led to the overall market size. After arriving at the overall market size, the total market has been split into several segments and sub-segments, which have then been verified through primary research by conducting extensive interviews with industry experts such as CEOs, VPs, directors, and executives. The data triangulation and market breakdown procedures have been employed to complete the overall market engineering process and arrive at the exact statistics for all segments and sub-segments.
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3. What are your main data sources?
Both Primary and Secondary data sources are being used while compiling the report.
Primary sources include extensive interviews of key opinion leaders and industry experts (such as experienced front-line staff, directors, CEOs, and marketing executives), downstream distributors, as well as end-users.Secondary sources include the research of the annual and financial reports of the top companies, public files, new journals, etc. We also cooperate with some third-party databases.
Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historical data and forecast (2023-2030) of the following regions are covered in Chapter 4 and Chapter 7:
- North America (United States, Canada and Mexico)
- Europe (Germany, UK, France, Italy, Russia and Turkey etc.)
- Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
- South America (Brazil, Argentina, Columbia etc.)
- Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa
Please find a more complete list of data sources in Chapters
1.To study and analyze the global Smart Parking consumption (value) by key regions/countries, product type and application
2.To understand the structure of Smart Parking by identifying its various sub segments.
3.Focuses on the key global Smart Parking manufacturers, to define, describe and analyze the value, market share, market competition landscape, Porter's five forces analysis, SWOT analysis and development plans in next few years.
4.To analyze the Smart Parking with respect to individual growth trends, future prospects, and their contribution to the total market.
5.To share detailed information about the key factors influencing the growth of the market (growth potential, opportunities, drivers, industry-specific challenges and risks).
6.To project the consumption of Smart Parking submarkets, with respect to key regions (along with their respective key countries).
7.To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market.
8.To strategically profile the key players and comprehensively analyze their growth strategies.
Customization of the Report
4. Can I modify the scope of the report and customize it to suit my requirements?
Yes. Customized requirements of multi-dimensional, deep-level and high-quality can help our customers precisely grasp market opportunities, effortlessly confront market challenges, properly formulate market strategies and act promptly, thus to win them sufficient time and space for market competition.
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Detailed TOC of Smart Parking Market Insights and Forecast to 2030
1 Smart Parking Overview
1.4 Development History
1.5 Structural Framework
1.6 Business Model
2 Smart Parking Industry Chain Analysis
2.1 Development Environment of Smart Parking Industry Chain, 2020-2021
2.2 Suppliers Analysis
2.3 Analysis of Midstream Industry Chain
2.4 Analysis of Downstream Industry Chain
3 Analysis of Smart Parking Demand
3.1 Overview of China's Economic Development
3.2 China's Smart Parking Government Policy Environment (including the 14th Five-Year Plan (2021-2025))
3.3 Analysis of China's Automotive Industry Development
3.4 Analysis of China’s Smart Parking Market Size
4 Smart Parking Related Equipment Industry
4.1 Parking Lot Camera
4.2 Wireless Gateway
4.3 Network Repeater
4.4 Cloud Computing Platform
4.5 Geomagnetic Vehicle Detector
4.6 Intelligent Road Gates
4.7 Security Equipment
5 Analysis of Major Companies in the Smart Parking Industry
5.1 Shenzhen Jieshun Science and Technology Industry Co., Ltd
5.2 Beijing LOTTOP Technology Co., Ltd.
5.3 Hangzhou Reformer Holding Co., Ltd.
5.4 Hangzhou Uchoice Technology Co., Ltd.
5.5 Shenzhen Rodens Technology Co., Ltd.
5.6 Shenzhen Cloudpark Intelligent Traffic Technology Institute Co.,Ltd.
5.7 Sonli Holding Group Co., Ltd.
5.8 Zhejiang InnoTek Co., Ltd.
5.9 Beijing Zhihui Hutong Science and Technology Co., Ltd.
5.10 ZTE ITS Co., Ltd.
6 Forecast on China’s Smart Parking Development, 2022-2030
6.1 Market size
6.2 Market Demand
6.3 Investment Opportunities in China's Smart Parking Industry
6.3.1 Regional opportunities
6.3.3 Smart Parking Equipment Manufacturing
6.4 Investment and Development Suggestions in China's Smart Parking Industry
Chart Analysis of Smart Parking Industry Chain
Chart Chinese Government Policies Supporting the Development of Smart Parking Industry
Chart Major Smart Parking Companies in China’s market, 2020-2021
Chart Operation of Shenzhen Jieshun Science and Technology Industry Co., Ltd
Chart Operation of Hangzhou Reformer Holding Co., Ltd.
Chart Market Size of China's Smart Parking Industry, 2016-2021
Chart China's Car Parc, 2010-2021
Chart China Auto Sales 2010-2021
Chart Forecast on China’s Smart Parking Market Size, 2022-2030
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