Hardware parking system in terms of system types registered the highest revenue share in the Philippines Car Parking System Market – 6Wresearch
In the forthcoming years, hardware parking systems would experience substantial growth in the Philippines Car Parking System Industry, primarily owing to their reliability and ease of maintenance. Also, hardware parking systems are known for their dependability, as they are built with mechanical and electrical components that are easily repairable and replaceable. 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.
According to 6Wresearch, Philippines Car Parking System market revenue is projected to grow at a CAGR of 8.6% during 2023-29. The market for car parking systems in the Philippines is expected to experience significant growth during the forecast period owing to the expanding automotive fleet and increasing investments in the commercial and residential sectors, which would result in a higher demand for parking spaces, thereby boosting the demand for car parking systems in the Philippines. The sector has been growing effortlessly owing to the rising demand for parking systems in the country.
According to Ravi Bhandari, Research Head, 6Wresearch, On the back of growing automobile sales, palleted parking systems will be the focal point for OEMs in the Philippines car parking system market over the upcoming years. Further, the Philippines is one of the fastest-growing economies in Southeast Asia, and its cities are undergoing rapid urbanization, which has resulted in a shortage of parking spaces as there are congested areas like Metro Manila, Iloilo City, and Cebu City. Therefore, palleted parking systems would be a key solution to this problem.
“The Philippines Car Parking System Market (2023-2029)” report provides an in-depth analysis with 21 figures and 5 tables, covered in 69 pages. The report on Car Parking System Market in the Philippines comprehensively covers the industry by automation level, system types, platform types, and end users. The report provides a detailed and unbiased analysis of the ongoing growth drivers, opportunities/high growth areas, and trends of the market which are estimated support the stakeholders to align and devise their market strategies according to the latest and future market dynamics.