India Parking Systems Market Witness Highest Growth

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.

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., 2025-30.

Smart parking systems enhance parking facilities' effectiveness and user experience with the aid of utilizing modern-day technologies including IoT (Internet of Things), sensors, data analytics, and mobile applications. These smart technologies maximize parking space usage through dynamic pricing and demand-based control, remote control for customers to discover and reserve parking areas using mobile applications, and real-time information on parking space availability. As per market studies, the smart parking segment is expected to flourish at a CAGR of around 13.12% by 2030.

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Market Growth Driver: 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.    

India Parking Systems Market Key Players:

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

Market Segmentation Overview:

By Type

-Shuttle Parking System

-Puzzle Parking System

-Rotary Parking System

-Stacker Parking System

-Automated Guided Vehicle Parking System

-Rail Guided Parking System

-Crane Parking System

-Silo Parking System

-Tower Parking System

-Others

In the India Parking Systems Market, the puzzle parking system segment captured the major market share. The severe space limitations and high demand for parking in densely populated metropolitan areas are addressed by this creative approach. Puzzle parking systems often referred to as multi-level automated parking systems, combine horizontal and vertical movement to optimize the number of vehicles that can fit into a given space. Because they can effectively use limited space, eliminate the need for big parking structures, and provide a pleasant and automated parking experience, these systems are very popular in India.

Puzzle parking systems are becoming more and more popular in India as a result of their ability to save space and increase operational efficiency. This trend is fueled by the country's growing urbanization and vehicle ownership. Furthermore, puzzle parking systems are expanding in the Indian market due to government programs and urban planning laws that enhance mobility and urban infrastructure.

By Parking Type

-On-Street Parking

-Off-Street Parking

By Component

-Hardware

–Camera

–Motors

–Raw Steel

–Sensors

–Electrical Panels

–Electrical Boxes

–Wireless Radios

–Fire Alarms/ Audio Alarms

–LCD Display

–Others

-Software

–Parking Guidance System

–Analytics Solutions

By System

-Fully Automated System

-Semi-Automated System

By End Users

-Residential

-Commercial

–Shopping Malls

–Office Buildings

–Hospitals

–Public Car Parks

-Others

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By Region

• North
• East
• West
• South

The India Parking Systems Market Recent Development 

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. 

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