Increase in consumer awareness; government initiatives toward improvement of smart parking systems; and proliferation of connected technologies such as Internet of Things (IoT), Radio Frequency Identification (RFID), and ultrasonic sensors are the key factors for growth in the China smart parking market. The market is classified by type, technology, application, and end user. By type, the market is bifurcated into off-street and on-street. On the basis of technology, the market is segmented into IoT, RFID, and ultrasonic sensors. According to application, the market is divided into security & surveillance, smart payment systems, e-parking, and license plate recognition. Depending upon end user, the market is bifurcated into commercial and government.
The Chinese Government's initiatives for smart city development encourages the adoption of smart parking systems, which drive the market growth. Surge in security & surveillance application in the market is driven by the enforcement of laws and policies related to safety and security of vehicles, which is ultimately driving the growth of the market. In addition, high rate of adoption of mobile payment systems has increased the demand for smart parking systems. Moreover, the presence of key players and rise in availability of diverse technologies such as IoT, RFID, and ultrasonic sensors have augmented the market growth. Contrarily, high cost associated with smart parking technology and lack of standardization of operations restrain the market growth.
Key players in the market offer integrated solutions, including data collection, vehicle tracking, dynamic pricing, and automated payment system, which offer easy accessibility to parking solutions and are expected to open new opportunities for them. In addition, rise in inclination of consumers toward the utilization of autonomous vehicles is expected to create lucrative opportunities for the players. The development of Artificial Intelligence (AI) powered solutions is anticipated to augment the growth of the market. Furthermore, the integration of smart parking systems with other sensors and devices such as cameras and CCTV systems is expected to offer significant opportunities to the China smart parking market during the forecast period.
The Porter's five forces analysis helps to understand the bargaining power of buyers, suppliers, industry rivals, new entrants, and threat of substitute products or services. Key players in the market have an upper hand over others due to their strong product portfolio. New entrants or competitors pose a significant threat to the market due to their competitive prices and superior technology. High cost of technology and lack of standardization of operations act as barriers for the new entrants in the market. Buyers in the China smart parking market possess a strong bargaining power due to the presence of numerous players in the market. The suppliers of the components used in the smart parking systems hold a strong bargaining power in the market.
The emerging technologies such as AI, big data, and blockchain are expected to offer lucrative opportunities to the market players in the near future. Increase in adoption of smart parking for the detection of illegal and unsafe parking of vehicles in public places is expected to drive the growth of market. Integration of these solutions with other sensors & devices such as cameras and CCTV systems is projected to offer a significant growth opportunity in the market. Government laws & policies support the establishment of smart parking systems in different cities and ensure safe & secure parking, thereby contributing toward the market growth.
In the last four years, the major players within the China smart parking market, together with Bosch, Google, Huawei, Tencent, Baidu, Oracle, Siemens, Alibaba, Microsoft, and Philips, have adopted several techniques to improve their market position. These businesses have centered on technology together with IoT, RFID, and ultrasonic sensors to expand their portfolio of products, as a part of their product release and acquisition strategies. To increase their reach among consumers, these players partnered with local government and businesses to provide parking solutions. Furthermore, they are engaging in collaborations to leverage their activities in the market. The top five emerging players in the China smart parking market are Huawei Technologies Co., Ltd., WeRide Technologies, Inc., ParkWolf Technologies Co. Ltd., Auto Technology Company, and Novotek Technology Co., Ltd. These players engage in product launches & expansions, partnerships, and strategic investments to gain a competitive edge in the market. The major players in the China smart parking market focus on new product development to offer innovative solutions and enhance their consumer reach.
Key Benefits for Stakeholders
The report enables informed decision-making process and offers market analysis based on current market situation and estimated future trends.
It analyzes the key strategies adopted by major market players in China smart parking market.
The study assesses and ranks the top factors that are expected to affect the growth of the market.
Top player positioning provides a clear understanding of the present position of market players.
Detailed analysis of the China smart parking market segmentation assists to determine the prevailing market opportunities.
It identifies key investment pockets for various offerings in the market.
China Smart Parking Market Report Highlights
| Aspects | Details |
 Forecast period | 2022 - 2032 |
 Report Pages | 73 |
 By Type |
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 By Technology |
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 By Application |
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 By End User |
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 Key Market Players | Alibaba, Oracle, Google, Siemens, Philips, Bosch, Tencent, Microsoft, Baidu, Huawei |
The China Smart Parking Market is estimated to reach $1.8 billion by 2032
Bosch, Google, Huawei, Tencent, Baidu, Oracle, Siemens, Alibaba, Microsoft, Philips are the leading players in China Smart Parking Market
1. Enable informed decision-making process and offer market analysis based on current market situation and estimated future trends.
2. Analyze the key strategies adopted by major market players in china smart parking market.
3. Assess and rank the top factors that are expected to affect the growth of china smart parking market.
4. Top Player positioning provides a clear understanding of the present position of market players.
5. Detailed analysis of the china smart parking market segmentation assists to determine the prevailing market opportunities.
6. Identify key investment pockets for various offerings in the market.
China Smart Parking Market is classified as by type, by technology, by application, by end user
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