The Parking Access Control Market is estimated to account for US$ 5,450.6 Mn in terms of value by the end of 2022. Parking access control systems mainly use Magnetic or Barcode Ticket Technology, RFID (Radio-frequency identification) Technology, Bluetooth, Wi-Fi technologies to authorize access to vehicles. Barcodes in the parking system provide inexpensive and accurate tickets with reliable read rates. Barcodes can be recognized instantaneously and result in seamless and faster exit. The barcode system is integrated with an inventory management system to keep the records of plate numbers, time in and time out of the vehicles, and the number of available parking spaces. Barcode technology requires less hardware and maintenance cost, and this technology is used in many parking management systems. For instance, In October 2021, South Delhi Municipal Corporation (SDMC), India inaugurated its first RFID-based parking at Dwarka Sector-14 Metro Station. Commuters can pay parking fees through FASTag,
Parking Access Control Market: Drivers
Growing Demand for Optimum Utilization of Parking Spaces
As construction developers build extra spaces to comply with requirements regulating the size and number of parking spaces, there is an increasing demand for the most effective possible use of the parking spaces. By alerting consumers when and where a place to park is available, consistent parking management solutions, such as improved signage and real-time parking indicators, reduce the wastage of parking spaces. Through better revenue management, which combats overcharging and undercharging for parking spaces, parking management also leads to a more effective use of parking resources.
Growing Adoption of Parking Access Control System by End Users
The end users such as education institutes, hospitals and retail stores are adopting “shared parking”, where they lend their unused space to local drivers, intelligently allocating these spots to the public. By effectively managing these huge parking areas, a high occupancy rate and an additional regular income is ensured during the local integration of the parking area is expected to drive the market growth.
Parking Access Control Market: Opportunities
Growing Trend Towards Automated Parking Solutions
High-rise construction sites, luxurious projects, and the inclination of real estate developers for employing automated solutions are all contributing to the market's growth. The real estate sector is anticipated to expand at a significant CAGR during the projected period, traffic congestion is a global problem brought on by an expanding fleet of personal and commercial vehicles and a lack of parking spots. Studies show that the overall congestion in several major cities across the world is between 30-35%. Additionally, the time and energy spent searching for vacant spaces considerably increases emissions and air pollution. Thus, the above factors is likely to create more opportunities in the market over forecast period.
Growing Safety and Security Concerns
The safety and security concern as well as a bigger focus on efficient traffic flow is growing in the regions like Europe and North America due to which the trend towards implementing parking management systems is growing at faster rate which is likely to create more opportunities in the market.
Global Agriculture and Farm Machinery Market - Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 epidemic has caused a worldwide recession in the economy. Lockdowns implemented throughout the world to halt the virus's spread caused supply chain delays and the temporary closure of numerous production facilities. The market for robotic parking systems was significantly impacted by the COVID-19 outbreak. The global shutdown restriction has suspended the production and sale of new vehicles, including passenger cars. Manufacturing delays resulted from the lack of raw materials required to produce additional automobile parts as a result of the supply chain disruption. The industrial economy has consequently dropped down quickly. Lockdowns of varied degrees have been and are being implemented in a number of nations because to the COVID-19 epidemic.
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Key Takeaways:
The Parking Access Control Market was valued at US$ 5,450.6 Mn in 2022 and is forecast to reach a value of US$ 10,860.8 Mn by 2030 at a CAGR of 9.0% between 2023 and 2030.
Parking Access Control Market Trends:
Governments are Focusing on Developing and Encouraging Safe Driving Technologies
Governments and manufacturers are focusing on developing and encouraging safe driving technologies, especially for passenger cars. For instance, the Canadian government declared the deployment of automated and connected vehicles as well as safe testing for every vehicle, also growing awareness of driver-assistance technologies. There has been a huge surge in demand for self-driving cars in regions likle North America, Europe. This demand is spurred by significant investments made by tech hubs across the US and the inclusion of self-driving technology as standard equipment for luxury car models.
Increasing technological advancement
The demand for parking management has led to the emergence of cloud-native parking management, with parking operators hosting their infrastructure on the cloud due to numerous advantages like simple scalability and a pay-as-you-go strategy. Poor parking management can result in difficulties like traffic congestion and noise pollution; as a result, businesses use parking management to prevent these issues and improve their brand's reputation. Throughout the forecast period, market growth is anticipated to be fueled by the rise in a smartphone, GPS, digital payment, and cloud service usage.
Parking Access Control Market: Competitive Landscape
Access, Security & Parking Systems, Inc., ACTi Corporation, Amano Corporation, Cass Parking, Conduent Inc., DESIGNA, Electro Automation, FAAC SPA Soc, HUB Parking Technology, Nortech Access Control Ltd. Skidata, Swarco, Tiba Parking Systems, Versionx Innovations Pvt. Ltd And Zkteco Co., Ltd.
Key Developments-
1. On February 14, 2023, automotive manufacturers, BMW and Valeo announced strategic partnership to co-develop next-generation Level 4 automated parking experience.
2. In November 2022, Mercedes-Benz, the automotive manufacturer announced development of develop fully-automated parking system in a collaboration with Robert Bosch GmbH, an engineering and technology company
