Global Parking Access Control Market, By Product Type (Swing & Sliding Gates, Garage Doors, Industrial Doors, Pay Stations, Validators and Encoding Stations, Sensors, Cameras, Display Boards and Others), By Solution (Gate Door and Barrier Automation, License Plate Recognition, Loop Detection System, Monitoring and Surveillance and Payment Solutions, and Others), By Technology (Magnetic or Barcode Ticket Technology, RFID Technology, Bluetooth, Wi-Fi and Others), By Vertical (Airports, Government and Municipalities, Shopping Malls, Hospitals, Universities, Hotels, Stadium, Industries, and Others) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East and Africa) - Global Forecast to 2027, is expected to be valued at US$ 8,449.7 million by 2027, exhibiting a CAGR of 9.8% during the forecast period (2020-2027), as highlighted in a report published by Coherent Market Insights.
Parking access controls are used in several industries including airports, government and municipalities, shopping malls, hospitals, universities, hotels, stadium, and others. Municipalities and government segment is expected to hold dominant position in the global parking access control market. This is owing to growing adoption of vehicle parking management system to manage parking facilities in cities. For instance, in October 2019, City of Santa Cruz, California selected TIBA Parking Systems to be its future-oriented parking technology partner. Under this partnership, TIBA would provide innovative software solutions to operate four city owned parking facilities.
Moreover, in March 2019, City of Pasadena, California selected TIBA Parking Systems to be its long-term parking technology partner. Under this partnership, TIBA would install and create a comprehensive parking technology package to manage parking for 58+ lanes in eight of Pasadena’s city owned public garages.
The global parking access control market was accounted for US$ 522.2 Mn in terms of value in 2019 and is expected to grow at CAGR of 9.8% for the period 2020-2027.
The rapidly increasing urbanization is expected to propel the demand for the advanced parking access control solutions during the forecast period 2020-2027. For instance, according to United Nations data, 68% of the world population would live in urban areas by 2020. It is expected that this will motivate the government bodies to adopt advanced parking access control solutions to enhance the productivity and operational costs of the parking facilities.
Moreover, the players in the parking access control market are focusing on launch of advanced parking access control solutions, which is expected to attract new customers. For instance, in June 2020, PAREQX, a U.S.-based parking access control solution provider, launched advanced License Plate Recognition (LPR) solution. This solution is expected to reduce the operational cost compared to conventional parking systems. Moreover, in May 2019, Nedap, the Netherland-based multinational company, launched advanced license plate reader.
Global Parking Access Control Market - Impact of Coronavirus (Covid-19) Pandemic
The spending patterns of people across the globe have also changed owing to the COVID-19 pandemic. According to CMI’s study in 2020, consumers have increased their spending on healthcare products, groceries, and home entertainment systems and reduced their spending on vehicle purchase, shared mobility, fuel, and tours and tourism.
To tackle this situation, many players in the parking access control market such as PAREQX and Nedap are promoting their solutions as contact less parking solutions, as COVID-19 can be transmitted through direct or surface contact. This strategy is expected to attract new customers and the parking access control market is expected to regain its position by Q1 of 2023.
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Key Trends and Analysis of the Global Parking Access Control Market:
Major companies 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