Market Insights

As per recent research by MarkNtel Advisors, The India Parking Systems Market size was valued at around USD 655.21 million in 2023 and is projected to reach around USD 832.05 million by 2030. Along with this, the market is estimated to grow at a CAGR of around 3.6% during the forecast period, i.e., 2024-30

India Parking Systems Market Driver:

Population Growth & Rapid Urbanization Driving Market Growth – The growing population and rapid urbanization are the key elements thrusting the growth of the Parking Systems Market in India. India's cities are developing and attracting more individuals, which has augmented the demand for well-planned and powerful parking solutions. Increasing urban populations results in a higher number of vehicles, which exacerbates traffic congestion and makes it difficult for individuals to discover appropriate parking spots. As a result, there may be an increasing demand for parking systems in the country which requires the development and deployment of state-of-the-art technologies in the parking systems to successfully make use of the limited available parking spaces.

Modern parking systems are essential for maximizing parking space usage, lowering traffic, and improving the entire urban mobility experience. They are outfitted with technology like smart sensors, automated ticketing, and mobile payment alternatives. The Indian government's emphasis on smart city projects is propelling the adoption of innovative parking solutions even faster, with growing urbanization and increasing populations emerging as key factors driving the market revenue growth.

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Market Segmentation and Consumer Behavior:

By Type

• Shuttle Parking System- Market Size & Forecast 2019-2030, USD Million
• Puzzle Parking System- Market Size & Forecast 2019-2030, USD Million
• Rotary Parking System- Market Size & Forecast 2019-2030, USD Million
• Stacker Parking System- Market Size & Forecast 2019-2030, USD Million
• Automated Guided Vehicle Parking System- Market Size & Forecast 2019-2030, USD Million
• Rail Guided Parking System- Market Size & Forecast 2019-2030, USD Million
• Crane Parking System- Market Size & Forecast 2019-2030, USD Million
• Silo Parking System- Market Size & Forecast 2019-2030, USD Million
• Tower Parking System- Market Size & Forecast 2019-2030, USD Million
• Others- Market Size & Forecast 2019-2030, USD Million

By Parking Type

• On-Street Parking- Market Size & Forecast 2019-2030, USD Million
• Off-Street Parking- Market Size & Forecast 2019-2030, USD Million

By Component

• Hardware- Market Size & Forecast 2019-2030, USD Million
  • Camera- Market Size & Forecast 2019-2030, USD Million
  • Motors- Market Size & Forecast 2019-2030, USD Million
  • Raw Steel- Market Size & Forecast 2019-2030, USD Million
  • Sensors- Market Size & Forecast 2019-2030, USD Million
  • Electrical Panels- Market Size & Forecast 2019-2030, USD Million
  • Electrical Boxes- Market Size & Forecast 2019-2030, USD Million
  • Wireless Radios- Market Size & Forecast 2019-2030, USD Million
  • Fire Alarms/ Audio Alarms- Market Size & Forecast 2019-2030, USD Million
  • LCD Display- Market Size & Forecast 2019-2030, USD Million
  • Others- Market Size & Forecast 2019-2030, USD Million
• Software
  • Parking Guidance System- Market Size & Forecast 2019-2030, USD Million
  • Analytics Solutions- Market Size & Forecast 2019-2030, USD Million

By System

• Fully Automated System- Market Size & Forecast 2019-2030, USD Million
• Semi-Automated System- Market Size & Forecast 2019-2030, USD Million

By End Users

• Residential- Market Size & Forecast 2019-2030, USD Million
• Commercial- Market Size & Forecast 2019-2030, USD Million
  • Shopping Malls- Market Size & Forecast 2019-2030, USD Million
  • Office Buildings- Market Size & Forecast 2019-2030, USD Million
  • Hospitals- Market Size & Forecast 2019-2030, USD Million
  • Public Car Parks- Market Size & Forecast 2019-2030, USD Million
• Others- Market Size & Forecast 2019-2030, USD Million

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India Parking Systems Market Geographical Analysis:

By Region:

• North
• South
• East
• West
• North East

Key Players and Competitive Strategies in the India Parking Systems Market

Several prominent players dominate the India Parking Systems Market, including:

• Park+
• RR Parkon
• KLAUS Multiparking
• i-stron Car Parking Systems
• Parklayer Private Limited
• Wohr Parking System Pvt. Ltd.
• Get My Parking
• Secure Parking
• Honesty Automation Private Limited
• Expert Parking Systems

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Questions Addressed in this Study

1.What factors are driving the India Parking Systems Market growth?

2.How is the India Parking Systems Market expected to grow over the next five years?

3.What are the key insights into the current trends in the India Parking Systems Market?

4.What is the current size of the India Parking Systems Market, and how is it projected to change in the future?

5.What is the future outlook for the India Parking Systems Market in terms of technological advancements and market expansion?

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