Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Parking Access Control equipment such as swing & sliding gates, garage doors, industrial doors, pay stations, validators and encoding stations, sensors, cameras, and display boards are used to permit access to parking lots and generate revenues.
Several government bodies have started to install the parking access control solutions to decongest busy traffic facilities. For instance, in January 2020, Indian Railway Stations Development Corporation (IRSDC) installed access control systems to decongest traffic and keep the record of all the vehicles passing through railway station. IRSDC will charge parking fees to vehicles which will be parked for more than seven minutes. Thus, it will promote the drivers to pick-up and drop-off passengers within seven minutes.
Moreover, the parking access control solutions reduce the waiting time at the entrance of the parking facilities. According to Coherent Market Insights’ study, the parking access control solutions such as License Plate Recognition and Barrier Automation reduces the waiting time by about 24% compared to conventional parking facilities. This allows more vehicles to enter the parking facility in specific period of time and is expected to enhance overall productivity of the parking facility.
Global Parking Access Control Market - Impact of Coronavirus (Covid-19) Pandemic
COVID-19 pandemic had a significant impact on the parking access control market. Several countries across the globe such as India, Italy, the U.K., and others imposed nationwide lockdown in 2020. Many European countries such as Germany, Spain, and the U.K. also faced second wave of the COVID-19. For instance, Government of U.K. imposed nationwide lockdown from November 5, 2020 to December 2, 2020 to restrict the second wave of COVID-19. During these lockdowns, majorly all the transportation activities were restricted by the government authorities. This adversely affected the parking industry along with the parking access control market.
North America is expected to hold dominant position in the global parking access control market during the forecast period.
North America held dominant position in the global parking access control market in 2019, accounting for 34.0% share in terms of value, followed by Europe and Asia Pacific.
Figure 1: Global Parking Access Control Market Share (%), By Region, 2019
North America held dominant position in the global parking access control market in 2019 and is projected to retain its dominance throughout the forecast period, owing to rapid product developments done by the North America-based parking access control companies.
For instance, in December 2019, a Canada-based company LocoMobi World Inc. introduced CondoPark-Lite, a web-based vehicle access and parking management software system for visitors and tenants of residential and commercial buildings, along with gated communities. The new software system requires no additional cameras, hardware or control equipment.
Major players operating in the global parking access control market are Access, Security & Parking Systems, Inc., ACTi Corporation, Amano Corporation, Cass Parking, Conduent Inc., DESIGNA, Electro Automation, FAAC SPA Soc, HUB Parking Technology, Nortech Access Control Ltd., SKIDATA, SWARCO, TIBA PARKING SYSTEMS, VersionX Innovations Pvt. Ltd, and ZKTECO CO., LTD
Parking Access Control Market Report Coverage
||Market Size in 2019:
||US$ 4,208.9 Mn
|Historical Data for:
||2017 to 2019
||2020 to 2027
|Forecast Period 2020 to 2027 CAGR:
||2027 Value Projection:
||US$ 8,449.7 Mn
- North America: U.S. and Canada
- Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
- Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
- Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
- Middle East and Africa: GCC Countries, South Africa, and Rest of Middle East and Africa
- By Product Type: Swing & Sliding Gates, Garage Doors, Industrial Doors, Pay Stations, Validators and Encoding Stations, Sensors, Cameras, Display Boards, Others.
- By Solution: Gate Door and Barrier Automation, License Plate Recognition, Loop Detection System, Monitoring and Surveillance, Payment Solutions, Others.
- By Technology: Magnetic or Barcode Ticket Technology, RFID Technology, Bluetooth, Wi-Fi, Others.
- By Vertical: Airports, Government and Municipalities, Shopping Malls, Hospitals, Universities, Hotels, Stadium, Industries, Others
Access, Security & Parking Systems, Inc., ACTi Corporation, Amano Corporation, Cass Parking, Conduent Inc., DESIGNA, Electro Automation, FAAC SPA Soc, HUB Parking Technology, Nortech Access Control Ltd. SKIDATA, SWARCO, TIBA PARKING SYSTEMS, VersionX Innovations Pvt. Ltd and ZKTECO CO., LTD
- Rapid adoption of parking access control solutions to decongest the traffic at government parking facilities
- Rapid increase in the urbanization
|Restraints & Challenges:
- High cost of parking access control equipment
Among solution segment, the gate door and barrier automation sub-segment is expected to dominate the market during the forecast period owing to the increasing smart city projects.
Automatic barriers or boom barriers are essential components that provide safety solutions in airports, commercial buildings, railways, and others. They are installed to manage vehicles and minimize the possibility of vehicle intrusion. These systems are used in residential, industrial, commercial, and government buildings for security purposes. The increasing development of smart cities in emerging and developed economies is expected to drive the market growth during the forecast period (2020-2027). Several countries across the globe such as India, China, and the U.K are focusing on the development of smart city projects. For instance, in December 2018, according to Coherent Market Insights’ analysis, there were 1,000 smart city projects worldwide and China has about 500 smart city projects. Moreover, the increasing number of new construction buildings has increased the demand for automatic barriers in order to provide security. For instance, according to Invest India, a national investment promotion and facilitation agency of India, the construction industry in India is expected to exhibit a CAGR of 15.7% and reach US$ 738,500 million by 2022. Furthermore, gate door and automation systems are specially designed for commercial, industrial, and residential applications. An automatic gate door is used to control access in a secured area. Automatic gate doors are used at the entrance of the facility and used to control vehicular access on and off the site.
Figure 2: Global Parking Access Control Market Value (US$ Mn), 2017 - 2027
The global parking access control market was valued at US$ 4,208.9 Mn in 2019 and is expected to reach US$ 8,449.7 Mn by 2027 at a CAGR of 9.8% between 2020 and 2027.