The Japan smart parking market is expected to witness significant growth in the near future. Increase in demand for smart parking technology in commercial and federal government applications, increase in focus of car and modern technology business on providing innovative parking solutions, and rise in adoption of internet of Things (IoT) for vehicle parking automation are anticipated to drive the market growth in Japan.
The Japan smart parking market is driven by several factors, such as increase in number of automobile sales in the country, rise in deployment of smart parking technology by the government for better safety and secure online traffic monitoring, and increase in demand for reliable and automatic car park systems from business and government users.
In addition, government is offering initiatives on advertising campaigns of smart parking systems for greater public ease, which leads to the growth of the market. Moreover, the introduction of new modern technologies, such as radio frequency identification (RFID)-based systems, and rise in demand of smart payment systems for reliable and functional parking are expected to drive the market growth.
On the contrary high cost associated with installation and maintenance of a smart parking system is likely to impede the market growth. Furthermore, rise in need for automated and efficient car park systems is expected to offer profitable opportunities for the market in near future. The Japan smart parking market is segmented based on type, technology, application, and end user. On the basis of type, the market is bifurcated into off-street and on-street parking. By technology, the market is classified into IoT, ultrasonic, and RFID. Depending on application, the market is categorized into security and surveillance, smart payment system, e-parking, and license plate recognition. By end user, the market is divided into commercial and government.
The market is expected to witness stable growth in the future. The R&D in smart parking solution is expected to witness the market growth in the upcoming years. Companies are focusing to provide effective and automated parking solutions to their end user. Businesses are increasingly focusing in R&D to enhance existing car parking options and provide better solutions to customers.
Furthermore, businesses are including new services and products to fulfill the demands of customers. Companies like Electronic Devices Tago Co. Ltd and Frying Pan Pacific Solutions are launching innovative products such as smart car parking sensors and monitoring parking slots systems. In addition, the federal government is developing favorable guidelines and initiatives to advertise the fostering of smart parking solutions in the country. Moreover, the federal government is motivating businesses to establish smart parking systems on-street and off-street to make the auto parking system more efficient. In addition, the federal government has implemented stringent regulations pertaining to firms offering smart parking services, to follow a set of safety rules to prevent dangerous incidents. This governing framework is expected to propel the market growth in the near future. The Japan smart parking market is segmented based on type, technology, application, and end user. By type, the on-street vehicle parking segment is anticipated to hold a major market share during the forecast period. On the other hand, the off-street vehicle parking segment is anticipated to register an outstanding CAGR during the forecast period.
By technology, the RFID sector is expected to control the market during the forecast period owing to its several advantages such as cost-effectiveness and easy execution. On the contrary, the IoT section is anticipated to register a considerable CAGR during the forecast period. By application, the security and surveillance sector is anticipated to hold the major market share during the forecast period. This is attributed to the enhancing implementation of smart parking systems by the government for better security and parking management.
By end user, the commercial section is projected to dominate the market during the forecast period. This is attributed to increase in demand for effective and automated vehicle parking systems from commercial users. The Japan smart parking market is anticipated to witness tremendous growth during the forecast period across the country. Moreover, rise in deployment of smart parking is anticipated to fuel the market growth.
Key Benefits for Stakeholders
The report highlights the market analysis based on current trends and future estimations.
It analyzes the key strategies adopted by major market players in the Japan smart parking market.
The study assesses and ranks the top factors that are expected to impact the growth of the Japan smart parking market.
Top player positioning provides a clear understanding of the present position of market players.
Detailed analysis of the Japan smart parking market segmentation assists to determine the prevailing market opportunities.
It identifies the top investment pockets in the market.
Japan Smart Parking Market Report Highlights
| Aspects | Details |
 Forecast period | 2022 - 2032 |
 Report Pages | 83 |
 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 | Secure-Park Systems, Tokyo Smart Parking, Tominaga System Solutions, NTT Data Corporation, Total Parking Solutions, Pan Pacific Solutions, Hitachi, FineTronics Inc., Japan Parking Network Inc., Electronics Togo Co. Ltd |
The Japan Smart Parking Market is projected to grow at a CAGR of 19.97% from 2022 to 2032
Electronics Togo Co. Ltd, Pan Pacific Solutions, Japan Parking Network Inc., Hitachi, Tominaga System Solutions, Total Parking Solutions, Tokyo Smart Parking, Secure-Park Systems, FineTronics Inc., NTT Data Corporation are the leading players in Japan 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 japan smart parking market.
3. Assess and rank the top factors that are expected to affect the growth of japan smart parking market.
4. Top Player positioning provides a clear understanding of the present position of market players.
5. Detailed analysis of the japan smart parking market segmentation assists to determine the prevailing market opportunities.
6. Identify key investment pockets for various offerings in the market.
Japan Smart Parking Market is classified as by type, by technology, by application, by end user
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