Smart parking is an innovative option and solution deployed to automate the auto parking system, including parking area reservation and accumulation & surpass car parking fees. The performance of these solutions increases by the use of innovative modern technologies such as Internet of Things (IoT), Real Time Locating System (RTLS), Radio Frequency Identification (RFID), wireless sensing units, and cloud computing. Smart parking serves as an ideal, risk-free solution for effective traffic management.
The growth of the smart parking market is majorly attributed to rise in demand for safety & surveillance, smart payment systems, and license plate recognition. In addition, increase in government investments in implementing smart parking services to manage traffic congestion and minimize unauthorized parking issues notably contributes toward the growth of the market. Surge in acceptance of cloud-based solutions and introduction of 5G technology are further equipped to improve the development of this market in the coming years. On the contrary, lack of sufficient infrastructure development is one of the major aspects that restrains the growth of the China smart parking market. The recurring COVID waves had a huge effect on the China smart parking market as cities were shut and nonessential shops did not operate, resulting in decline in the sales and earnings of this market.
The smart parking market is expected to witness significant opportunities in the future due to the introduction of smart cities in China. Smart cities are built on the idea of developing a safe environment for residents, where smart protection and technologies associated with smart parking play a considerable role. Along with this, exponential rise in population in urbane cities is anticipated to drive the China smart parking market during the forecast period. In addition, the expanding shopping sector offers a vast opportunity for the development of the China smart parking market. Shopping centers inhabit shared parking areas which are expected to cause a deficiency of car parking schedule and garage. This has developed a possibility for the assimilation of IoT-enabled traffic management systems with automatic car parking scheduling systems to ensure an effective and productive workflow. Smart cities are anticipated to drive the growth of the smart parking market. Numerous smart auto parking services have been deployed across cities to manage traffic, reduce air contamination, and facilitate smooth commute in public transport. Other advantages consist of car parking safety and security improvements. The introduction of face and license plate recognition systems for entry and exit fees in parking lots is expected to fuel the market growth. In addition, usage of blockchain and 5G technologies is expected to be the major factor augmenting the growth of the China smart parking market. This is attributed to the fact that blockchain enables different procedures to be refined with boosted security & precision, while 5G innovation facilitates faster accessibility to information from the cloud and enables quicker information transmission.
Various federal government policies regulate growth of the China smart parking market, including environmental guidelines, garage laws, and energy-efficiency policies to ensure the effective application of public car parking assets. In addition, city governments continually invest in the execution of innovative products to reduce the concern of garage laws. The China smart parking market is categorized on the basis of type, technology, application, and end user. By type, the market is bifurcated into on-street and off-street. By technology, the market is divided into IoT, ultrasonic sensors, and RFID. Depending on application, the market is classified into security & surveillance, smart payment systems, e-parking, and license plate recognition. According to end user, the market is bifurcated into commercial and government. The China smart parking market is highly competitive, and numerous international & domestic players compete in this market. Expansion of businesses by improving product portfolio and introduction of innovative products are anticipated to make the market highly competitive. Key players in the China smart parking market concentrate on development of latest products with innovative functions. In addition, key players in the market are adopting product development and R&D as their major developmental strategies to improve the product portfolio and strengthen their foothold in the competitive market. Moreover, companies supply services and products to fulfill the demands of various end users such as airports, hospitals, and shopping centers. Furthermore, they make use of pricing strategies to garner maximum share in the market. Affordable products are used by different leading players to reach large customer base and stay driven. In addition, firms offer attractive discounts and deals to stay competitive in the market.
It analyzes the key strategies adopted by major market players in China smart parking market.
The study assesses and ranks the top factors that are expected to affect the growth of the market.
It identifies key investment pockets for various offerings in the market.
The growth of the smart parking market is majorly attributed to rise in demand for safety & surveillance, smart payment systems, and license plate recognition. In addition, increase in government investments in implementing smart parking services to manage traffic congestion and minimize unauthorized parking issues notably contributes toward the growth of the market. Surge in acceptance of cloud-based solutions and introduction of 5G technology are further equipped to improve the development of this market in the coming years. On the contrary, lack of sufficient infrastructure development is one of the major aspects that restrains the growth of the China smart parking market. The recurring COVID waves had a huge effect on the China smart parking market as cities were shut and nonessential shops did not operate, resulting in decline in the sales and earnings of this market.
The smart parking market is expected to witness significant opportunities in the future due to the introduction of smart cities in China. Smart cities are built on the idea of developing a safe environment for residents, where smart protection and technologies associated with smart parking play a considerable role. Along with this, exponential rise in population in urbane cities is anticipated to drive the China smart parking market during the forecast period. In addition, the expanding shopping sector offers a vast opportunity for the development of the China smart parking market. Shopping centers inhabit shared parking areas which are expected to cause a deficiency of car parking schedule and garage. This has developed a possibility for the assimilation of IoT-enabled traffic management systems with automatic car parking scheduling systems to ensure an effective and productive workflow. Smart cities are anticipated to drive the growth of the smart parking market. Numerous smart auto parking services have been deployed across cities to manage traffic, reduce air contamination, and facilitate smooth commute in public transport. Other advantages consist of car parking safety and security improvements. The introduction of face and license plate recognition systems for entry and exit fees in parking lots is expected to fuel the market growth. In addition, usage of blockchain and 5G technologies is expected to be the major factor augmenting the growth of the China smart parking market. This is attributed to the fact that blockchain enables different procedures to be refined with boosted security & precision, while 5G innovation facilitates faster accessibility to information from the cloud and enables quicker information transmission.
Various federal government policies regulate growth of the China smart parking market, including environmental guidelines, garage laws, and energy-efficiency policies to ensure the effective application of public car parking assets. In addition, city governments continually invest in the execution of innovative products to reduce the concern of garage laws. The China smart parking market is categorized on the basis of type, technology, application, and end user. By type, the market is bifurcated into on-street and off-street. By technology, the market is divided into IoT, ultrasonic sensors, and RFID. Depending on application, the market is classified into security & surveillance, smart payment systems, e-parking, and license plate recognition. According to end user, the market is bifurcated into commercial and government. The China smart parking market is highly competitive, and numerous international & domestic players compete in this market. Expansion of businesses by improving product portfolio and introduction of innovative products are anticipated to make the market highly competitive. Key players in the China smart parking market concentrate on development of latest products with innovative functions. In addition, key players in the market are adopting product development and R&D as their major developmental strategies to improve the product portfolio and strengthen their foothold in the competitive market. Moreover, companies supply services and products to fulfill the demands of various end users such as airports, hospitals, and shopping centers. Furthermore, they make use of pricing strategies to garner maximum share in the market. Affordable products are used by different leading players to reach large customer base and stay driven. In addition, firms offer attractive discounts and deals to stay competitive in the market.
Key Benefits For Stakeholders
- The report enables informed decision-making process and offers market analysis based on current market situation and estimated future trends.
It analyzes the key strategies adopted by major market players in China smart parking market.
The study assesses and ranks the top factors that are expected to affect the growth of the market.
- Top Player positioning provides a clear understanding of the present position of market players.
It identifies key investment pockets for various offerings in the market.
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Key Market Segments
By Type
- Off-street
- On-street
By Technology
- Internet of Things (IoT)
- Ultrasonic
- RFID
By Application
- Security and surveillance
- Smart payment systems
- E-parking
- License plate recognition
By End User
- Commercial
- Government
- Key Market Players
- Bosch
- Huawei
- Tencent
- Baidu
- Oracle
- Siemens
- Alibaba
- Microsoft
- Philips
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: CHINA SMART PARKING MARKET, BY TYPE
CHAPTER 5: CHINA SMART PARKING MARKET, BY TECHNOLOGY
CHAPTER 6: CHINA SMART PARKING MARKET, BY APPLICATION
CHAPTER 7: CHINA SMART PARKING MARKET, BY END USER
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Companies Mentioned
- Bosch
- Huawei
- Tencent
- Baidu
- Oracle
- Siemens
- Alibaba
- Microsoft
- Philips
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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