Smart parking is an integrated application of wireless communication technology, mobile terminal technology, GPS positioning technology, GIS technology, etc. in the collection, management, query, reservation and navigation services of urban parking spaces.

It realizes the integration of real-time update, query, reservation and navigation services of parking resources, maximizing the utilization of parking resources, maximizing the profit of parking lots and optimizing the parking services for car owners.

China’s car parc shows a year-on-year growth trend, and reached 280 million by the end of 2020, an increase of 21 million units or 8.1% compared with the end of 2019. On the one hand, the huge number of cars reflects the improvement of people’s quality of life brought by the strong momentum of economic development.

On the other hand, the resulting traffic congestion, road safety, parking difficulties and other serious phenomena have also had a negative impact on urban construction, especially the difficulty in parking, which has long been a common problem in major cities. The smart parking industry has thus become a major demand to improve the parking environment and meet the parking need.

China’s smart parking industry is still in its early stage, but the market scale is expanding at a fast pace. According to CRI’s analysis, China’s smart parking market size was only about CNY1.5 billion in 2010, and the market size has reached about CNY18.5 billion (USD2.85 billion) in 2021, with a remarkable CAGR of 20% from 2016 to 2021.

However, compared to the overall parking market size, the rate of smart parking equipment is still at a low level, and there is huge room for future improvement.

At present, there are many companies providing smart parking solutions in the Chinese market, with serious homogenization and fierce competition, leading most businesses to start price competition.

Due to the fierce competition, the gross margin of smart parking solution providers is only 10%, so most of them extend their business to the operation of parking lots. Operating a smart parking lot can bring long-term sustainable and lucrative parking fee income to enterprises. Moreover, building and operating a smart parking lot requires a lot of capital, a strong operation team, and a good partnership with local governments.

Overall, more than half of the smart parking projects in China are concentrated in the third-tier cities and below, while the rest are evenly distributed in the first and second-tier cities. This is because large and medium-sized cities in China have already started to layout smart parking in the early stage, the site rent is high, and the corresponding facilities are relatively perfect.

Hence, at this stage, the existing resources should be integrated before building new parking lots. Small cities and rural areas, however, need to add smart parking lots first due to imperfect parking equipment.

The cost of a set of smart parking system in China is about CNY30,000 (USD4,600). Compared with the new parking lot, the cost of smart upgrade on the basis of the existing parking lot is lower and the construction cycle is shorter, which is a more cost-effective solution.

According to the statistics, since the parking lots began to employ the smart parking system, the parking space turnover rate has been increased from 1.5-2 times/day to 7.5-8 times/day, which is a fourfold increase in turnover rate and greatly increases the supply of parking spaces. Smart parking efficiently solves the shortage in the number of parking spaces, and the penetration rate will continue to rise in the future.

Chinese governments at all levels have issued a series of policies to support the development of the smart parking industry, such as in the 14th Five-Year Plan (2021-2035) and the 2035 Visionary Goals, which mention that a number of smart parking lots should be constructed, parking management and traffic guidance should be strengthened, and the operational efficiency of public transportation should be improved.

CRI expects that China’s car parc will continue to grow from 2022-2030, which will promote the long-term development of China’s smart parking industry.

Topics covered:

• Smart parking market overview
• The economic and policy environment of smart parking
• What is the impact of COVID-19 on the smart parking industry?
• Global and China’s smart parking market size, 2016-2021
• Analysis of major smart parking companies
• Key drivers and market opportunities in the smart parking industry
• What are the key drivers, challenges, and opportunities for the smart parking industry during the forecast period 2022-2030?
• Which companies are the key players in the smart parking market and what are their competitive advantages?
• What is the expected revenue of the smart parking market during the forecast period of 2022-2030?
• What are the strategies adopted by the key players in the market to increase their market share in the industry?
• Which segment of the smart parking market is expected to dominate the market by 2030?
• What are the major adverse factors facing the smart parking industry?

Related reports:

Parking Management Market Outlook 2030: Industry Insights & Opportunity Evaluation, 2019-2030

Smart Mobility Market : Global Analysis by Market size, share & trends for 2020-2021 and forecasts to 2031

Shared Mobility Market: Global Analysis of Market Size, Share & Trends for 2019-2020 and Forecasts to 2030

Artificial Intelligence In Transportation Market : Global Analysis for 2020-2021 and forecasts to 2031

The post Research Report on China’s Smart Parking Market, 2016-2030 first appeared on CRI Report.

As a kind of new energy automobiles, electric vehicles refer to automobiles in which power-driven motors completely or partly serve as the power system. In response to the increasingly prominent carbon emission and environmental pollution, the world’s major automobile producers speed up their plans to promote technology R&D and industrialization with the national strategy of developing new energy automobiles. Energy conservation and new energy automobiles become the development orientation of the international automobile industry. In the next 10 years, it will be an important strategic opportunity period for the transformation and upgrading of the global automobile industry.

Compared with the traditional automobile industry chain, electric vehicles break the industry chain persistently consists of suppliers, automobile plants, sales and after-sales services. There are more suppliers in the upstream electric vehicle industry chain, which includes suppliers of battery, motor and other electrical accessories. Meanwhile, the monopoly position of automobile plants is challenged in the automobile industry chain, and some automobile design companies and battery suppliers, with the opportunities of the electric vehicles upgrade to new automobile plants. In addition, automobile services in the downstream industry chain have the new energy services, involving the participation of the constructors of charging facilities, charging stations and charging piles. Accordingly, the arrival of electric vehicles brings great changes to components of the traditional automobile industry chain. With the emerging new participators, the traditional automobile industry chain is no longer appropriate for the electric vehicle industry.

Different from the traditional automobile industry, the electric vehicle technology core is no longer entirely mastered by automobile plants. The core technology increasingly lies in new material industry, electronics and software development, etc.

Presently, China’s production and sales size ranks the first in the world, which is expected to increase in the coming period. In Jul. 2012, the State Council of PRC issued The Planning for the Development of the Energy-Saving and New Energy Automobile Industry (2012-2020), which pointed out that the development orientation of new energy automobiles was the industrialization of battery electric vehicles.

In 2015, the global sales volume of electric vehicles exceeded 549,000 with an increase of 72.64% YOY. Chinese electric vehicle market has a good performance under the support of policies. In 2015, the production volume of electric vehicles reached 340,000 with an increase of 330% YOY in China. Up to the end of 2015, the reserve of electric vehicles reached 583,200 in China with an increase of 386% YOY.

In China, most industry insiders think that combined with the facts in Chinese market, the development of hybrid technology is the latest and most reliable new energy solutions compared with battery electric vehicles. Industry insiders hold that from a technical perspective, plug-in hybrid vehicles for passengers are more suitable for Chinese market. In terms of technology, hybrid automobiles share many advantages with electric vehicles and avoid some development bottlenecks of battery electric vehicles. Hybrid automobiles are good at saving energy, reducing emission and declining the cost.

From 2014 on, Chinese government spared no efforts to promote the plug-in hybrid vehicles as the key products. The supplement standard is based on the capacity of the power batteries.  Whether the hybrid vehicles or battery electric vehicles are also identified and subsidized in accordance with the capacity of batteries. The most important measures to encourage the development of electric vehicles lie in the direct subsidies for electric vehicle buyers. For example, the electric vehicle buyers can avoid a certain proportion of vehicle purchase tax and annual registration tax. In China, local governments also issued related financial subsidies. For example, from 2013 on, Shanghai municipal government presented Shanghai license plates to eligible electric vehicle buyers (The license plate is worth CNY 80,000 or more), which promoted the sharp increase of the sales volume. In May 2015, Beijing municipal government announced that battery electric vehicles were not affected by traffic restrictions based on even-numbered and odd-numbered license plates. Therefore, the demand for battery electric vehicles enjoys a remarkable increase.

In 2013, there were no Chinese automobile manufacturers whose sales volume of electric vehicles exceeded 5,000. In 2014, there emerged five automobile manufacturers including Kandi, BYD, ZOTYE, BAIC Motor and Yutong. The annual sales volume of Kandi and BYD surpassed 10,000, and that of ZOTYE was close to 10,000. In 2015, seven Chinese automobile manufacturers ranked Top 20 sales volume of global electric vehicles. According to the ranking order, they are respectively BYD, Kandi, ZOTYE, BAIC Motor, Chery, Roeve of SAIC and JAC Motors. In 2015, their annual sales volume of Electric Vehicles surpassed 10,000. The annual sales volume of BYD exceeded 50,000, and that of Kandi and ZOTYE was over 20,000.

China’s new energy automobile industry is fast-growing. However, the downstream charging piles are seriously insufficient, which becomes the bottleneck of the fast-growing new energy automobiles. Up to the end of 2014, the quantity of electric vehicles is four times that of charging piles. And there is still a huge gap compared to Chinese government’s target that the electric vehicles share the same quantity with charging piles. According to The Guidelines for the Development of Electric Vehicle Charging Infrastructure (2015-2020) published by National Development and Reform Commission, there will be 12,000 new charging stations and 4.8 million charging piles to satisfy the requirements of 5 million new energy automobiles in China from 2016 to 2020. Therefore, the huge potentials of the charging pile market size should attract the investors’ attention.

On the whole, China’s electric vehicle industry will be fast-growing in 2016-2020. In a long period, China’s demand for automobiles will continue to grow, which makes the energy shortage and environmental pollution more prominent. Thus, to speed up the development of electric vehicles is an inevitable choice for China to relieve pressure on energy and environment.

Through this report, the readers shall acquire the following information:

– Support Policies Concerning Electric Vehicle Industry Released by Chinese Government

– Production Status of Electric Vehicles in China

– Market Demand for Electric Vehicles in China

– Driving Factors of Electric Vehicles in China

– Major Electric Vehicle Manufacturers in China

– Prediction on Electric Vehicle Industry in China

The Following Enterprises and People Are Recommended to Purchase This Report:

– Automobile Manufacturers

– Related Enterprises of Electric Vehicle Industry Chain

-Investors and Research Institutes Concerned about Electric Vehicle Industry

The post Research Report on Electric Vehicle Industry in China, 2011-2020 first appeared on CRI Report.