Philippines Car Parking System Market (2023-2029) | Share, Trends, Growth, Revenue, Size, Analysis, Forecast, Industry, Outlook, Segmentation & COVID-19 IMPACT

Philippines Car Parking System Market Synopsis

During 2019-2022, the Philippines Car Parking System Market revenues witnessed a steady growth owing to the growth of the residential and commercial sectors. However, the market was impacted in 2020 by the COVID-19 pandemic, which ceased manufacturing activities and limited production. Additionally, disruptions in the supply chain and international trade had a significant impact on the Philippines Car Parking System Industry, as the market is largely import-based and mainly imports raw materials from China, Singapore, Japan, and Malaysia. Nevertheless, the market has recovered and is expected to experience further growth during the forecast period due to government investments in infrastructure development projects and the rapid expansion of the construction and automotive industries.

According to 6Wresearch, Philippines Car Parking System market revenue is projected to grow at a CAGR of 8.6% during 2023-29. The demand for parking systems in the Philippines is primarily driven by the commercial sector, followed by the residential sector. The country's construction sector is expected to grow significantly on the back of government investments of $6.5 billion USD in infrastructure development projects, along with the upcoming 577,000 square meters of retail space, with 58% of it anticipated to be in Quezon City. Furthermore, the construction of 6,500 residential units per year between 2022 and 2026, and the completion of 7,600 new hotel rooms by 2025, is estimated to result in a greater need for parking spaces, significantly contributing to the Philippines Car Parking System Market Growth.

Initiatives for upcoming smart projects such as the ASEAN Smart Cities Network (ASCN), the construction of new office spaces, hotels, and malls in Metro Manila, rising awareness for green parking solutions, and the adoption of smart parking systems by existing traditional parking system operators would play a critical role in increasing demand for car parking systems in the coming years.

Market by Automation Level

Semi-automatic parking systems acquired the highest market revenue share in the Car Parking System Market in Philippines in 2022, owing to the increasing need for parking spaces and the lower power requirements compared to fully automated systems. Further, the cost-effectiveness and ease of installation, maintenance, and operation are also contributing factors to the growth of semi-automatic parking systems in the Philippines. The segment will continue to grow in the future.

Market by System Types

In 2022, the hardware parking system accounted for the highest market revenue share in the Philippines car parking system market. During the forecast years, this trend is expected to continue, driven by the versatility of its various components, such as microcontrollers, GSM modules, motor drivers, ultrasonic sensors, DC motors, and cameras. These components enable a multitude of applications for the hardware parking system, making it an indispensable component of car parking systems.

Market by Platform Types

Non-palletized parking systems accounted for the majority of market revenue share by platform type in the Philippines car parking system market in 2022, owing to the preference of parking operators towards non-palletized systems, as they often find the return on investment of palletized parking systems to be slow and low. Non-palleted segment will continue to account for the largest Philippines Car Parking System Market Share.

Market by End Users

In 2022, commercial sector acquired the highest market revenue share in the Philippines car parking system market and this trend is expected to continue during the forecast years on the back of the increase in demand for parking spaces, driven by major commercial projects such as DDT sky tower, masters tower Cebu, and Lopez centre. The commercial sector is the largest consumer of car parking systems due to the high demand for parking spaces in commercial areas such as malls, airports, office buildings, and other commercial centers.

Key Attractiveness of the Report

• COVID-19 Impact on the Market.
• 11 Years Market Numbers.
• Historical Data Starting from 2019 to 2022.
• Base Year: 2022
• Forecast Data until 2029.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report

• Philippines Car Parking System Market Overview
• Philippines Car Parking System Market Outlook
• Philippines Car Parking System Market Forecast
• Historical Data and Forecast of Philippines Car Parking System Market Revenues, for the Period 2019-2029F
• Historical Data and Forecast of Philippines Car Parking System Market Revenues, By Automation Level, for the Period 2019-2029F
• Historical Data and Forecast of Philippines Car Parking System Market Revenues, By System Types, for the Period 2019-2029F
• Historical Data and Forecast of Philippines Car Parking System Market Revenues, By Platform Types, for the Period 2019-2029F
• Historical Data and Forecast of Philippines Car Parking System Market Revenues, By End Users, for the Period 2019-2029F
• Philippines Car Parking System Market Revenue Ranking, By Companies
• Philippines Car Parking System Market Import-Export Trade Statistics
• Covid-19 Impact on Philippines Car Parking System Market
• Philippines Car Parking System Market Drivers and Restraints
• Philippines Car Parking System Market Trends
• Philippines Car Parking System Market Porters Five Forces
• Philippines Car Parking System Market Opportunity Assessment
• Competitive Benchmarking
• Company Profiles
• Key Strategic Recommendations

Market Scope and Segmentation

The report provides a detailed analysis of the following market segments:

By Automation Level

• Semi Automatic
• Fully Automatic

By System Types

• Hardware
• Software

By Platform Types

• Palleted
• Non-Palleted

By End Users

• Residential
• Commercial
• Mixed Use