India Parking Systems Market Overview:
According to MarkNtel Advisors study 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. Some key factors are driving the growth & expansion of the parking systems industry in India. To handle traffic congestion and the scarcity of parking spots in urban areas, there is an increasing demand for effective parking solutions because of the rapid urbanization and higher number of vehicles on the road. The expansion of the Indian government’s smart city programs is another factor augmenting the size & volume of the Indian Parking Systems Market. Smart city programs prioritize the integration of smart parking systems to improve infrastructure and urban transportation.
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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Scope of the India Parking Systems Market Report Segmentation
-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
- Software
-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
- Others- Market Size & Forecast 2019-2030, USD Million
For more detailed information about the India Parking Systems market report, click here – https://www.marknteladvisors.com/research-library/india-parking-systems-market.html
Geographical analysis:
-By Region
- North
- South
- East
- West
- North East
India Parking Systems Industry Recent Development:
- 2024: Park+, the car-services platform funded by PeakXV, is putting more of an emphasis on its FASTag distribution business. Park+ is well-positioned to take advantage of the opportunity presented by Paytm’s withdrawal from the Fastag distribution category, as the company accounts for more than 25% of the 82 million Fastags in India.
- 2023: The FASTag-based smart parking option is currently available to passengers at the Varanasi airport. The FASTag-based smart parking solution offered by Park+ and Airtel Payments Bank was recently introduced at Lal Bahadur Shastri International Airport.
Current Landscape of India Parking Systems Market
The report delineates key market participants and thoroughly assesses their strategic approaches, trends, innovations, and manufacturing infrastructure, enabling a forecast of their market impact over the next five years. The meticulously researched data presented holds the potential to distinguish even nascent market entrants in the long term. Armed with pertinent data and actionable insights, our research report delivers a comprehensive overview of the market, empowering investors and stakeholders to establish a robust presence in the India Parking Systems market. The research report profiles major players, including
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- 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
- Others
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