Thailand Car Parking System market revenue is projected to grow at a CAGR of 8.9% during 2023-2029

Hardware parking systems by system types registered the largest revenue share in Thailand Car Parking System Market – 6Wresearch

Hardware-based parking systems dominated the car parking system market revenue by system types in 2022, due to a number of components and pricing of hardware being higher than software. These systems are generally more cost-effective and easier to install and maintain. Hardware parking systems would experience significant growth owing to their durability as well as ease of maintenance. Moreover, hardware sarking systems are made using mechanical and electrical parts that are simple to maintain and replace.

According to 6Wresearch, Thailand Car Parking System market revenue is projected to grow at a CAGR of 8.9% during 2023-2029. Increasing vehicle demand has made developers prioritize car parking facilities in their projects. Also, the going green trend in the automotive industry is backed by government incentives that are boosting EV sales, which are likely to increase the demand for car parking spaces and thus, would bolster the growth of the car parking system market during forecast years. Thailand's urban population is rapidly growing, and it is projected to reach 58.4% by 2030, with Bangkok’s metro area population rising to 12.1 million. Furthermore, JPARK plans to expand its parking facility in Bangkok, and the Thai government is investing $15 billion in transport infrastructure, which would propel the demand for car parking systems in the upcoming years. Thailand car parking system market is heavily reliant on imports and is, therefore, vulnerable to price changes in the global market. Thus, any alterations in product pricing around the world could greatly impact the market of car parking systems in the nation.

According to Shivankar, Research Manager, 6Wresearch, in the forthcoming years, the commercial sector will experience substantial growth in the Thailand car parking system market owing to upcoming and ongoing infrastructure projects such as Aman Nai Lert Bangkok, Thailand and Suncity Eyes Manila Resort, InterContinental Bangkok Chinatown and others.

The Thailand Car Parking System Market (2023-2029) report provides an in-depth analysis with 14 figures and 9 tables, covered in 70 pages. The report comprehensively covers the market by automation level, system types, platform types, and end users. The report provides a detailed as well as unbiased analysis of the ongoing drivers, opportunities/high growth areas, and trends of the sector which are projected to support the stakeholders to align as well as devise their market strategies as per the latest and future market dynamics.