China’s parking equipment market achieved results but faced greater challenges in 2023. “This year, we conducted research on some companies and found it even more difficult than last year,” a parking industry insider in the mechanical parking system manufacturing industry said. Due to the contraction of the real estate market and various impacts this year, mechanical parking system manufacturing enterprises are facing even more difficulties. According to data from the Parking Industry Association, the industry’s total sales decreased by as much as 11% last year.
30 years of remarkable achievements in mechanical parking equipment
Since 2010, China’s mechanical parking system market has entered an era of explosive growth. After more than 30 years of development, the variety satisfaction rate of China’s mechanical parking equipment has reached about 90%. It has more than 90% of products have a localization rate and export capability.
Developing toward scenario-based parking lift customization
China is increasing research and development of mechanical parking systems to meet the needs of smart cities. Some manufacturers launch garage products and business models suitable for renovating and upgrading old residential areas.
The new trend
Firstly, there is insufficient demand in the market for mechanical parking equipment. Secondly, the people’s understanding and acceptance of its technology are limited. Once again, the cost pressure on mechanical parking equipment manufacturers has increased. Finally, policy promotion and regulatory efforts are insufficient.
Used equipment filled the market to deceive the government into conducting inspections. This is already a cancer that affects the healthy development of the parking market.
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