Thailand Car Parking System Market 2024-2030 Outlook Forecast, Revenue, Value, Growth, Analysis, Size, Trends, Share, COVID-19 Impact, Companies & Industry: Market Forecast By Type, By Applications And Competitive Landscape

Thailand Car Parking System Market Synopsis

During 2019-2022, Thailand car parking system market revenues witnessed a steady growth owing to the development of condominium projects such as Knightsbridge Prime Ratchayothin, Park Origin Thonglor, Park Origin Chula Samyan, and others accompanied by the establishment of commercial shopping complexes as well. However, the market was negatively impacted in 2020 owing to restrictions imposed to curtail the spread of the COVID-19 pandemic. Moreover, the construction activities were completely halted which further hampered the growth of the market. However, the car parking system market has recovered and is expected to experience further growth during the forecast period owing to government plans such as Thailand 4.0 to expand the country’s automotive manufacturing base along with Central Pattaya 5-year investment plans that would feature all-around infrastructural development of the nation.

According to this research, Thailand Car Parking System market revenue is projected to grow at a CAGR of 8.9% during 2023-2029. The demand for parking systems in Thailand is primarily driven by the growing tourism industry that would continuously make hoteliers establish new hotels in the country. Also, the nation's automobile market is expected to produce around 860,000 vehicle units in 2023, an increase of approximately 2% from the previous year in line with the government’s vision to have electric vehicles that would account for 30% of its annual production of 2.5 million vehicles by 2030. Furthermore, the construction of 27 new office buildings during 2023-2025 as well as hospitality company Radisson Hotel Group's plan to add 100 properties to Thailand portfolio by 2025 is estimated to result in a greater need for parking spaces and thus, would contribute to the growth of the Thailand car parking system during the forecast period.

Market by Automation Level

In 2022, semi-automatic parking systems captured the largest share of revenue in the Thailand car parking system industry. This trend is fuelled by the increasing demand for parking spaces and the cost-effectiveness of semi-automated systems compared to fully automated systems. Additionally, the lower power requirements and ease of installation, maintenance, and operation are also contributing factors to the growth of semi-automatic parking systems in Thailand.

Market by System Types

The hardware parking system 2022 acquired the largest share of revenue in the Thailand car parking system market and the trend is expected to endure throughout the forecast years, driven by the versatility of its diverse components, including microcontrollers, barriers, ticket dispensers, license plate recognition system, payment kiosks, and cameras. These components facilitate a wide range of applications for the hardware parking system, establishing it as an essential element within car parking systems.

Market by Platform Types

In 2022, the majority of market revenue share in the Thailand car parking system market belonged to non-palletized parking systems when considering platform types. This preference for non-palletized systems among parking operators is mainly due to palletized parking systems offering a slower and less favorable return on investment. Furthermore, non-palletized parking systems are generally more cost-effective as they don't require the use of pallets or additional mechanical components and require less vertical space.

Market by End Users

The commercial sector maintained its top position in terms of revenue within the Thailand car parking system market in 2022. This trend is expected to persist during the forecasted years, driven by the increased demand for parking spaces resulting from major commercial projects like One Bangkok, Dusit Central Park, and Bangkok Mall. These projects have triggered a surge in demand for car parking systems in Thailand, propelling the growth of the car parking system market. Furthermore, the commercial sector represents the largest user of car parking systems due to the significant demand for parking spaces in commercial areas, including malls and business centers.

Key Attractiveness of the Report

• COVID-19 Impact on the Market.
• 11 Years Market Numbers.
• Historical Data Starting from 2019 to 2022.
• Base Year: 2022
• Forecast Data until 2029.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report

• Thailand Car Parking System Market Overview
• Thailand Car Parking System Market Outlook
• Thailand Car Parking System Market Forecast
• Historical Data and Forecast of Thailand Car Parking System Market Revenues, for the Period 2019-2029F
• Historical Data and Forecast of Thailand Car Parking System Market Revenues, By Automation Level, for the Period 2019-2029F
• Historical Data and Forecast of Thailand Car Parking System Market Revenues, By System Types, for the Period 2019-2029F
• Historical Data and Forecast of Thailand Car Parking System Market Revenues, By Platform Types, for the Period 2019-2029F
• Historical Data and Forecast of Thailand Car Parking System Market Revenues, By End Users, for the Period 2019-2029F
• Thailand Car Parking System Market Porters Five Forces
• Thailand Car Parking System Market Drivers and Restraints
• Thailand Car Parking System Market Trends
• Thailand Car Parking System Market Opportunity Assessment
• Company Profiles
• Key Strategic Recommendations

Market Scope and Segmentation

The report provides a detailed analysis of the following market segments:

By Automation Level

• Semi-Automatic
• Fully Automatic

By System Types

• Hardware
• Software

By Platform Types

• Palleted
• Non-Palleted

By End Users

• Residential
• Commercial
• Mixed Usage