Press Release

India Parking Systems Market Valued at USD 655.21 Million in 2023, Expected to Reach USD 832.05 Million by 2030

The India Parking Systems Market size was valued at around USD 655.21 million in 2023 and is anticipated to reach around USD 832.05 million by 2030. Along with this, the market is projected to grow at a CAGR of around 3.6% during the forecast period, i.e., 2025-30, cites MarkNtel Advisors in the recent research report. The growing population and rapid urbanization are the key elements augmenting the size & volume of the Parking Systems Market in India. India's cities are developing and attracting more individuals, which has augmented the demand for well-planned and powerful parking solutions. Accumulative urban populations require more vehicles to travel and their comfort, which aggravates traffic congestion and makes it difficult for users to locate appropriate parking spots. Thus, there is an increasing demand for parking systems in the country which necessitates the proper deployment of advanced technologies in the parking systems to make efficient use of limited parking spaces & satisfy the growing needs of vehicle owners.

Furthermore, the market dynamics are changing quickly due to the increasing deployment of smart technologies. This dynamic landscape is also offering lucrative opportunities for market growth & expansion, as market players can make the best use of these advanced technologies to meet increasing parking demand in the country. Parking system effectiveness can be enhanced using smart parking tools and technologies because these smart technologies maximize parking space usage through dynamic pricing, demand-based control, and real-time information on parking space availability. Thus, the incorporation of modern-day tools including IoT (Internet of Things), sensors, data analytics, and mobile applications, is necessary to fulfill the requirements of market players and customers as well.

Although the parking systems industry in the country has an optimistic outlook, some challenges are hindering its growth & expansion. The high upfront cost required to implement a proper parking system is a major setback for the market players. Significant financial resources are required to expand and put in force modern parking solutions, including automatic parking structures, smart sensors, and integrated software program platforms. This additional financial burden is a major challenge for the market players having limited financial resources, such as personal parking operators, commercial property developers, and municipal authorities. Moreover, additional funds are required if existing infrastructure is to be modified to incorporate smart technologies. Therefore, the adoption of smart tools & technologies in the Indian Parking Systems Market is hindered due to higher upfront costs. Which may limit the growth & expansion of the industry during the forecast period, further states the research report, “India Parking Systems Market Analysis, 2025.”

India Parking Systems Market Segmentation Analysis

Puzzle Parking System Holds Major Market Share

Based on type, the market is further bifurcated into shuttle parking system, puzzle parking system, rotary parking system, stacker parking system, automated guided vehicle parking system, rail guided parking system, crane parking system, silo parking system, tower parking system, and others. In the India Parking Systems Market, the puzzle parking system segment holds the largest market share. The severe space limitations and massive demand for parking in highly populated cities are handled by this creative approach. Puzzle parking systems often referred to as multi-level automated parking systems, combine horizontal and vertical movement to optimize the number of vehicles that can fit into a given space. Puzzle parking systems are very popular in India because these systems can effectively utilize limited space, eliminate the need for big parking structures, and provide a pleasant and automated parking experience.

Semi-Automated System Segment to Lead the Parking Systems Industry

Semi-automated system segment is anticipated to lead the parking systems market of India in the coming year with a major market share. This section covers parking systems that effectively manage and maximize parking spots by fusing automated technology with human engagement. Due to its ability to combine usefulness and affordability, semi-automated parking systems are becoming more and more popular in the Indian commercial & urban landscape. Semi-automated systems are capable of handling the problems of limited parking space and traffic congestion due to India's growing urbanization, and rising ownership of vehicles. So, this segment is anticipated to augment the size & volume of the parking systems industry in the country.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including Park+, RR Parkon, KLAUS Multiparking, i-stron Car Parking Systems, Parklayer Private Limited, Wohr Parking System Pvt. Ltd., Get My Parking, Secure Parking, Honesty Automation Private Limited, Expert Parking Systems, and others, are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends that have shaped the industry to its current form?
3. What key factors would propel and impede the industry across the country?
4. How has the industry been evolving in terms of geography & service adoption?
5. How has the competition been shaping up across the country?
6. How have buying behavior, customer inclination, and expectations from product manufacturers evolved during 2020-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?