What's Driving the India Parking Systems Market Trends? Park+, RR Parkon, KLAUS Multiparking, i-stron Car Parking Systems, Parklayer Private Limited, Wohr Parking System Pvt. Ltd

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.

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Key Findings of the Study: India Parking Systems market

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.

India Parking Systems Market Challenge:

High Initial Investment Costs Hindering Market Growth – One of the primary troubles going through the parking systems industry in India is the high initial costs. Significant financial resources are needed to expand and put in force modern parking solutions, including automatic parking structures, smart sensors, and integrated software program platforms. This high initial investment cost can be a turn-off for entities having limited financial resources, such as personal parking operators, commercial property developers, and municipal authorities. Moreover, costs may also increase due to the necessity of modifying current infrastructure to accept new parking technologies. The adoption of modern-day parking systems in India may be slowed by high upfront costs, despite the long-term benefits of increased productivity, low traffic, and higher user experience. This is in particular real in smaller cities and towns wherein financial resources may be greater constrained. Therefore, high upfront costs are the main barrier to the growth & expansion of the Indian Parking System Market.

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Scope of the Report and India Parking Systems Market 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
  • 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

In the India Parking Systems Market, the puzzle parking system segment captured the major market share.

India Parking Systems Market 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

Geographical Analysis:

By Region

• North
• South
• East
• West
• North East

Note: If you require specific information not covered in the current report, we can provide it through customized option

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