India Parking Systems Market to Generate Sales of US$ 635.8 Million By 2031 |Astute Analytica

CHICAGO, UNITED STATES, August 28, 2023/EINPresswire.com/ -- 𝐈𝐧𝐝𝐢𝐚 𝐩𝐚𝐫𝐤𝐢𝐧𝐠 𝐬𝐲𝐬𝐭𝐞𝐦𝐬 𝐦𝐚𝐫𝐤𝐞𝐭 revenue was 𝐔𝐒$ 𝟒𝟐𝟒.𝟐 𝐦𝐢𝐥𝐥𝐢𝐨𝐧 𝐢𝐧 𝟐𝟎𝟐𝟐 and is projected to attain a market size of 𝐔𝐒$ 𝟔𝟑𝟓.𝟖 𝐦𝐢𝐥𝐥𝐢𝐨𝐧 𝐛𝐲 𝟐𝟎𝟑𝟏, registering a 𝐂𝐀𝐆𝐑 𝐨𝐟 𝟒.𝟔% during the forecast period 𝟐𝟎𝟐𝟑–𝟐𝟎𝟑𝟏.

𝐒𝐚𝐦𝐩𝐥𝐞 𝐨𝐟 𝐓𝐡𝐢𝐬 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐜 𝐑𝐞𝐩𝐨𝐫𝐭@- https://www.astuteanalytica.com/request-sample/india-parking-systems-market

India's vehicle industry had significant growth in recent years. According to figures from 2023, India has the third-largest automobile sector in the world by production. For instance, India's car production grew, from 143556 units in June 2023 to 167138 units in July 2023. India will be the third-largest global auto market in terms of sales as of 2023. According to the worth of the automobile sector, India rose to the fourth-largest country in the world in 2022. Due to the growing number of vehicles in metropolitan areas and the popularity of two-wheelers as a primary mode of transportation due to their affordability, the parking shortage is exacerbated, which, in turn, fuels market expansion.

Due to urbanization, population expansion, and an increase in the number of automobiles on Indian roadways, car parking issues have gotten worse, which is boosting the market growth. For example, Park+ is a one-stop shop that addresses all of the issues that car owners experience regularly, including parking, FASTag management, auto insurance, automatic vehicle access control systems, and EV charging stations. India's metropolises, including Delhi, Bengaluru, and Mumbai, have been ranked among the top 10 most congested cities in the world for traffic. According to a survey by IBM, finding a parking space takes an Indian driver 20 minutes per day on average, which represents a tremendous loss to the country's productivity.

𝐒𝐦𝐚𝐫𝐭 𝐏𝐚𝐫𝐤𝐢𝐧𝐠 𝐒𝐨𝐥𝐮𝐭𝐢𝐨𝐧: 𝐂𝐫𝐞𝐚𝐭𝐢𝐧𝐠 𝐏𝐨𝐭𝐞𝐧𝐭𝐢𝐚𝐥 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬 𝐟𝐨𝐫 𝐭𝐡𝐞 𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐌𝐚𝐫𝐤𝐞𝐭

The Indian government is aware of the issue of parking in cities and is making some efforts to solve it. For instance, the government has unveiled the Smart Cities Mission, which features ideas for enhancing parking options in cities. The rising use of integrated automated solutions as well as advancements in wireless and digital payment technologies drive the market growth.

According to studies, the slower a car travels, the more CO2 and other greenhouse gases it emits. The goal of automated parking systems is to minimize carbon emissions by 20 to 30 percent while sparing car owners the hassle of trying to find parking in congested places. Parking systems now have a fantastic potential to design buildings that are far more accessible and efficient than the typical parking spaces seen in large centers by doing away with vehicle aisles and ramps. India's cities are choosing smart parking solutions to prevent congestion while also accommodating the country's rising parking demand.

For instance, India's first automated vehicle detection and traffic/parking management system is about to be installed at Bhopal Airport. Park+ and Google Cloud will work together in July 2023 to improve smart parking options. Park+ has developed bespoke integrations, dashboards, and orchestration pipelines by utilizing the strength of open-source services on Google Cloud.

Intelligent parking systems and other fully functional IoTs may now gather enormous amounts of data that are concentrated on all elements of data flow, including collecting, visualization, processing, and storage. These initiatives to develop technologically sophisticated and environmentally friendly parking solutions are a terrific way to envision the future. It will significantly contribute to improving the infrastructure in cities and states and supplying them with high-quality parking spaces.

𝐂𝐨𝐦𝐦𝐞𝐫𝐜𝐢𝐚𝐥 𝐄𝐧𝐝-𝐔𝐬𝐞𝐫𝐬 𝐂𝐚𝐩𝐭𝐮𝐫𝐞𝐬 𝐀𝐛𝐨𝐮𝐭 𝟔𝟖% 𝐨𝐟 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐯𝐞𝐧𝐮𝐞 𝐒𝐡𝐚𝐫𝐞

Commercial end-users emerge as the largest end-user segment in the India parking system market, accounting for a sizeable market share of 68.0%. The segment is likely to expand at a CAGR of 5.0% during the forecast period. There is a growing emphasis on providing easy parking options for consumers as commercial spaces are continually being added to parking systems.

The market will expand as a result of the rising need for parking spaces in commercial spaces such as retail malls, office buildings, and entertainment venues. The demand for effective and accessible parking spots has increased dramatically for businesses due to rising urbanization and a growing urban workforce. For instance, the Thiruvananthapuram International Airport installed a fully automated parking system in January 2023. According to airport officials, it will improve passengers' experience, safety, and security.

𝐀𝐜𝐜𝐞𝐬𝐬 𝐭𝐨 𝐌𝐨𝐫𝐞 𝐅𝐮𝐥𝐥 𝐃𝐞𝐭𝐚𝐢𝐥𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭@- https://www.astuteanalytica.com/industry-report/india-parking-systems-market

𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐋𝐚𝐧𝐝𝐬𝐜𝐚𝐩𝐞

The India parking systems market is fragmented, with key competitors controlling a sizeable portion. Major competitors expanding their market shares in the market. These businesses use a variety of tactics, such as partnerships, joint ventures, license agreements, mergers and acquisitions, and the introduction of new products.

𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐂𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬

• Honesty Automation Private Limited
• Rennova Solutions
• Varam Parking Pvt Ltd,
• RR Parkon
• i-stron
• Parklayer Private Limited
• Wohr Parking System Pvt. Ltd
• KLAUS Multiparking
• Get My Parking
• Other Prominent players

𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧 𝐎𝐮𝐭𝐥𝐢𝐧𝐞

𝐓𝐡𝐞 𝐈𝐧𝐝𝐢𝐚 𝐩𝐚𝐫𝐤𝐢𝐧𝐠 𝐬𝐲𝐬𝐭𝐞𝐦𝐬 𝐦𝐚𝐫𝐤𝐞𝐭 𝐬𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧 𝐟𝐨𝐜𝐮𝐬𝐞𝐬 𝐨𝐧 𝐂𝐨𝐦𝐩𝐨𝐧𝐞𝐧𝐭, 𝐓𝐲𝐩𝐞, 𝐒𝐲𝐬𝐭𝐞𝐦𝐬, 𝐚𝐧𝐝 𝐄𝐧𝐝-𝐔𝐬𝐞𝐫𝐬.

𝐁𝐲 𝐂𝐨𝐦𝐩𝐨𝐧𝐞𝐧𝐭
• Hardware
o Camera
o Motors
o Raw Steel
o Sensors
o Electrical Panels
o Electrical Boxes
o Wireless Radios
o Fire Alarms/ Audio Alarms
o Sprinklers
o Gears
o PIC Microcontroller
o LCD Display
o Others
• Software
𝐁𝐲 𝐓𝐲𝐩𝐞
• Shuttle Parking System
• Puzzle Parking System
• Rotary Parking System
• Stacker Parking System
• Automated Guided Vehicle [AGV] Parking System
• Rail Guided Parking System
• Crane Parking System
• Silo Parking System
• Tower Parking System
• Others
𝐁𝐲 𝐒𝐲𝐬𝐭𝐞𝐦𝐬
• Fully Automated System
• Semi-Automated System
𝐁𝐲 𝐄𝐧𝐝 𝐔𝐬𝐞𝐫𝐬
• Residential
• Commercial
o Shopping Malls
o Office Buildings
o Hospitals
o Public Car Parks
• Others

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐜 𝐑𝐞𝐩𝐨𝐫𝐭@- https://www.astuteanalytica.com/request-sample/india-parking-systems-market

𝐀𝐛𝐨𝐮𝐭 𝐀𝐬𝐭𝐮𝐭𝐞 𝐀𝐧𝐚𝐥𝐲𝐭𝐢𝐜𝐚:

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Aamir Beg
Astute Analytica
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