India is experiencing accelerated urbanization. The growth of the parking management industry in India can be attributed to a number of factors, including the increase in urbanization, the growing adoption of smart parking solutions, the rise in disposable incomes, and the government’s implementation of regulations requiring commercial buildings to have parking management systems.
According to the report by MarketsandMarkets, the parking management market in India was valued at USD 471 million in 2020 and is projected to grow at a CAGR of 30.9% over the forecast period, reaching USD 1.78 billion by 2025. The increase in the number of vehicles on the road is causing a shortage of parking spaces, particularly in urban areas, which is driving the market’s expansion.
Parking reservation management, valet parking management, license plate recognition, security and surveillance, parking guidance and slot management, and other segments comprise the parking management market in India. In the near future, the parking guidance and vacancy management segment is anticipated to have the largest market share. This can be attributed to the increasing demand for parking management systems that effectively manage parking, reduce traffic congestion, and improve the overall consumer experience.
The market for parking management in India can also be segmented by its end-users, namely commercial, government, and residential. The commercial segment is anticipated to hold the largest market share in the coming years, primarily due to the increasing use of parking management systems in airports and retail centers, among other commercial establishments. The implementation of government regulations mandating the use of parking management systems in commercial structures is also anticipated to spur significant growth in the government sector.
According to the report, the Indian parking management market is home to a number of prominent companies, including Cisco Systems, Inc., Smart Parking India, Skidata AG, TIBA Parking Systems, Parkmobile, LLC, and Parkopedia. In addition, notable market participants include HCL Technologies Ltd., Amano Corporation, and SWARCO AG. These companies are actively pursuing innovation and forming strategic alliances to expand their market share.
There are presently a large number of minor and medium-sized players in the parking management industry in India, resulting in a highly fragmented market. However, the report predicts that market consolidation will occur in the future, with major firms acquiring lesser ones in order to increase their market share. This will result in increased competition and the development of more advanced parking management solutions.
Smart parking solutions will play a crucial role in propelling the development of the parking management market in India. These innovative solutions enable real-time parking guidance, reservation administration, and payment systems, which improve the overall customer experience and reduce traffic congestion. In addition, the growing integration of IoT devices and sensors is anticipated to contribute to the expansion of the market.
The adoption of intelligent parking management systems in India is anticipated to propel the market growth for parking management. Rapid urbanization and an increase in the number of vehicles on the road have necessitated the development of parking solutions that reduce traffic congestion and enhance the customer experience. Smart parking solutions facilitate real-time parking guidance, reservation administration, and payment systems, which reduces user search time and improves parking convenience. These analytic tools can be used to assist parking operators make informed judgments regarding parking capacity, pricing, and enforcement.
The Indian government has recognized the significance of intelligent parking solutions and mandated the use of parking management systems in commercial structures. This has created an environment conducive to market expansion and stimulated innovation among solution providers. Even though the market is fragmented with numerous small and medium-sized players, it is anticipated that larger players will acquire lesser ones to increase their market share in the future. This is likely to increase market competition and contribute to the development of more advanced parking management solutions.
Smart parking solutions and Internet of Things (IoT) devices are anticipated to drive the growth of India’s parking management market. These solutions have the potential to improve the user experience, reduce traffic congestion, and provide parking operators with insightful data analytics. The expansion of the market is anticipated to offer new opportunities to solution providers, fostering innovation in the industry.
In conclusion, it is anticipated that the implementation of intelligent parking management systems will contribute significantly to the parking management market in India. Due to increasing urbanization, government directives, and the acceptance of smart parking solutions, the market is anticipated to grow rapidly. It is anticipated that the future of parking management in India will be marked by innovation, consolidation, and intensified competition, resulting in improved parking solutions for customers.