PARKING ACCESS CONTROL MARKET ANALYSIS

Parking Access Control Market, By Product Type (0)Swing & Sliding Gates, Garage Doors, Industrial Doors, Pay Stations, Validators and Encoding Stations, Sensors, Cameras, Display Boards, Others., By Solution (Gate Door and Barrier Automation, License Plate Recognition, Loop Detection System, Monitoring and Surveillance, Payment Solutions, Others.), By Technology (Magnetic or Barcode Ticket Technology, RFID Technology, Bluetooth, Wi-Fi, Others.), By Vertical (Airports, Government and Municipalities, Shopping Malls, Hospitals, Universities, Hotels, Stadium, Industries, Others), By Region (North America, Latin America, Europe, Middle East & Africa, and Asia Pacific)

Published In : May 2023
Code : CMI4415
Pages :130
Formats :
Excel and PDF
Industry : Automotive and Transportation

Parking Access Control MarketSize and Trends

The Parking Access Control Market size was valued at USD 5,450.6 million in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 9.0% from 2023 to 2030. The parking access control solutions reduce the waiting time at the entrance of the parking facilities. According to Coherent Market Insights’ study, the parking access control solutions such as License Plate Recognition and Barrier Automation reduces the waiting time by about 24% compared to conventional parking facilities. This allows more vehicles to enter the parking facility in specific period of time and is expected to enhance overall productivity of the parking facility.

Figure 1: Global Parking Access Control Market Share (%), By Region, 2022

North America held dominant position in the global parking access control market in 2022 and is projected to retain its dominance throughout the forecast period, owing to rapid product developments done by the North America-based parking access control companies. Moreover, market players present in the region are focusing on technological advancement by offering technologies such as Internet of Things (IOT) based smart parking systems. For instance, On February 21, 2023, Eleven-x, a Canadian-based IoT company, is selected for one of the largest municipal smart parking installations in North America. The project, located in Arlington County, Virginia, aims to bring a new level of efficiency and convenience to parking for both residents and visitors.

Parking Access Control Market Trends:

Growing Trend Towards IOT Technologies

The growing technological advancements such as the Internet of Things (IoT), parking sensors, and electronic payment methods are additionally is accelerating the market growth. Market players are focusing on enhancing customer experience by offering hassle-free parking system

With the help of real-time data and analytics, organizations can allocate spaces, provide access control, and reduce administrative overhead spent on parking. For instance, in November 2022, Robert Bosch GmbH announced a partnership with Mercedes-Benz to launch automated self-parking software. The software allows vehicles to park themselves in spaces reserved in the parking lot of Stuttgart Airport.