Parking Management Market in India is worth of $5 Billion
With the increasing population and increase in vehicles on the road, parking stands as a major concern for the commuters. While there is road expansion, metro construction, cab aggregators to solve the traffic issue but the underneath problem of unorganized parking is still a major issue.
And this has given rise to mobility as a service, that captures and forecasts the mobility data using AI and IoT. Smart parking apps have integrated this new technology and streamlining the chaotic parking management.
In India, there are approximate 640K paid parking spaces, split between the functions residential, work, shopping, airports, railway, hospitals and leisure in the top 8 cities in India. These parking slots include on-street, open air, floors of shops & offices, residential and work private property.
The total addressable B2B market including top 8 cities in India is estimated to be INR 188K Cr (annually), while potential B2C market is estimated to be INR 30K Cr (annually) and it’s growing 30% YoY due to Government policies to create more paid parking zones and include surge pricing.
If we look at the Frost & Sulivan Report of parking market size, Smart Parking market is anticipated to reach USD 100 Billion & growing at a CAGR of 18% from 2018 to 2023. The Asia Pacific and, by Geography and United States are expected to rise at a CAGR, respectively, throughout the forecast phase.
Here are a few quick facts that will amaze you with global present challenges:
- Each year US drivers spend $20.4 billion and waste 44 hours in finding parking.
- Each UK drivers spend $6.7 billion and waste 17 hours searching for parking.
- Each year German drivers spend Euro 4.4 billion and waste 44 hours in searching parking.
While the market size is exponentially growing along with the challenges, let’s flip over how the smart parking solutions are compounding this size with multi-benefits:
- Real-time occupancy: Real-time data about occupancy availability in a parking spot, vehicle details, customer sizing, data analysis for profiling.
- Smart City & Smart Parking: Smart cities aiming to be greener, safer and efficient. Smart parking aids in reducing congestion, organizing parking on time, increasing productivity and easing mobility.
- Analytics & Insights: Smart parking reports considerably reduce the manual efforts in analyzing the parking pattern and does an efficient forecast for further analysis.
- Automated monitoring: Automated parking management through the mobile app reduces management costs and aids in easy monitoring.
- Reserve & Pay: Drivers can reserve a parking spot in advance and make the payment digitally having a hassle-free parking experience.