Vietnam Smart Parking Systems Market Size to Expand at Robust CAGR of 18.9% During 2023–2029
Vietnam smart parking systems market is flourishing due to increasing investments in transportation and infrastructure development to boost the country's economic growth and increasing number of vehicles on the road and shrinking parking areas.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Vietnam smart parking systems market size at USD 56.82 million in 2022. During the forecast period between 2023 and 2029, BlueWeave Vietnam smart parking systems market size is to grow at a significant CAGR of 18.89% reaching a value of USD 98.72 million by 2029. An increase in parking-related concerns, a rise in demand for Internet of Things (loT)-based technology, and a high vehicle adoption rate are the key market drivers for the smart parking systems market in Vietnam. Increasing government efforts to develop smart cities across Vietnam and funding for the creation of autonomous vehicles are predicted to open up enormous opportunities for market expansion. The expansion of cashless transactions and e-payment options has increased the opportunities available to providers of smart parking solutions. Adopting the advancements of artificial intelligence (AI) and machine learning (ML) is enabling businesses to make ground-breaking discoveries.
Vietnam Smart Parking Systems Market – Overview
A smart parking system can help drivers park securely. The parking space is marked or marked in the lot using embedded software and sensors. The car's excellent handling allows it to alert the driver when a space opens up. With the aid of various sensors integrated into computer systems, this technology can determine whether there are any cars in the parking lot or not. The smart parking system enables the driver to use that space unimpeded by other cars and displays the availability of the nearby parking lot in real time.
Increasing Number of Cars and Shrinking Parking Areas
The number of vehicles on the road significantly rises each year, resulting in traffic congestion. Parking is now a significant problem in big cities because of the abundance of cars. In actuality, the discrepancy between supply and demand for parking spaces is expanding yearly. A lack of parking spaces contributes to severe traffic jams and congestion, which annoy drivers, use up fuel, pollute the environment, make noise, and impede profitable economic activity. Therefore, throughout the forecast period, these elements are expected to drive the Vietnam smart parking systems market.
High Cost of Implementation
A smart parking system is an advanced and cutting-edge piece of technology. Its implementation necessitates substantial investments in infrastructure, technology, and overall upkeep. It must also be operated by skilled personnel who have received appropriate training. Although government officials in developed countries are enthusiastic about this system, many emerging economies are skeptical due to its prohibitively high cost.
Impact of COVID-19 on Vietnam Smart Parking Systems Market
The COVID-19 virus was contained due to strict lockdowns and social isolation, but the smart parking market suffered as a result. The shaky state of the economy, a portion of a business shutdown, and low consumer confidence all affected the demand for the smart parking market. The supply chain and logistics operations were hampered during the pandemic. The smart parking market is expected to gain traction in the post-pandemic scenario, though, as a result of the relaxation of the restrictions.
Vietnam Smart Parking Systems Market – By Application
Vietnam smart parking systems market by application is segmented into Security & Surveillance, Smart Payment Systems, Parking, and License Plate Recognition. The License Plate Recognition (LPR) segment is expected to grow rapidly during the forecast period. This is due to the increased use of LPRs for vehicle surveillance, which reduces the workforce or time required to complete these tasks significantly. As technologies such as image processing and human-computer interaction advance, cameras are increasingly being used in smart parking systems to detect vehicle entry and exit in a parking lot.
Major competitors in Vietnam smart parking systems market include Aisin Seiki, Altiux Innovations, Amano Corporation, Amano McGann Inc, BMW Group, Continental AG, Daimler AG, Eito & Global Inc., Giken Limited, IHI Parking System, Nissei Build Kogyo, Siemens AG, Valeo S.A, and Volkswagen AG. companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in Vietnam smart parking systems market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Vietnam Smart Parking Systems Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Vietnam Smart Parking Systems Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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