A Comprehensive Evaluation of The Automated Car Parking System Market

Introduction:

If you are looking to enter a new market, plan an expansion, or launch a new product, knowing the size and potential of your target market in terms of revenue, customer needs, and demand is critical. Market sizing and forecasting can impact different business processes by helping you gauge factors like sales volumes, the potential number of customers, and the total addressable market. If done right, market sizing and forecasting can also help you build robust marketing strategies to gain an edge in new market segments.

Client Requirements:

A leading Automated Car Parking Systems Manufacturer wanted to assess the potential for automated car parking system market. As the client witnessed a rise in demand for automated car parking system market due to several factors like increasing number of vehicles, scarcity of land for parking, rising urbanization, growing demand for green & sustainable parking solutions, and smart cities initiatives by the governments.  They particularly witnessed increased inquiries from emerging markets and to tap into this opportunity they approached SkyQuest.

As they wanted to the leverage market sizing and forecasting to accurately analyze the market potential of five target markets to understand the demand in specific segments.

SkyQuest Solution:

To assist the client with market sizing and forecasting challenges, we adopted a holistic research-backed methodology that comprised three phases. The client’s target markets were less fragmented, with the market-leading players holding over fifty percent of market shares. This made it feasible to rely on a bottom-up judgmental method emphasizing the bigger, well-established players.

Most of the client’s challenges were resolved in the initial phase by breaking down the problem into smaller components, leveraging market insights. Upon completing the market size forecasts, the challenge shifted to establishing a global and local management process. To do so, we analyzed and tested the assumptions, data, and research methods with the SkyQuest's internal market experts. The second step revolved around developing and implementing a scenario-based forecast model backed with a market sizing strategy, which could be adjusted by correlated macroeconomic forecast variables that are updated regularly.

Business Outcome:

With the help of a custom-built approach to market sizing and forecasting, the automated car parking system manufacturer gained crucial insights on all five target markets. The target market insights enabled the client to develop a robust business plan and identify the most relevant market segments. This helped them operate more efficiently and minimize risks across multiple geographical locations.

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