What are the major drivers of the parking management market?

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.

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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.

Statistics:

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.

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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

This release was published on openPR.