23 April 2024 - London, UK / Shanghai, China
Parkopedia is the standout global leader in parking and EV charging services plus in-car payments, with services in production across 60% of new cars sold in Europe and 25% worldwide. The company recognises the significant stress experienced by drivers globally when searching for parking and charging, offering high-quality data plus seamless in-car transactions to improve the driving experience and is set to expand its presence in the Chinese market as domestic OEMs look to attract new customers overseas.
Increasing global demand for connected car services
The top connected car priority among drivers worldwide is having services that enable them to find available parking spaces near their destination1. Parkopedia’s extensive global experience in providing high-value connected car services and assisting OEMs with seamlessly integrating these into their vehicles means that Parkopedia is uniquely positioned to enable Chinese OEMs to gain additional market share both domestically, and internationally, with new demand from Europe and emerging markets.
An increasing number of drivers worldwide place high importance on connected car services and are ‘overwhelmingly satisfied and likely to resubscribe’ when they experience in-car services firsthand2. More than 80% of drivers who had a subscription or free trial for connected services in a 2016-on car said they would ‘definitely’ or ‘probably’ consider purchasing subscription-based services with their next car, with reports highlighting that if drivers’ desired in-car services are not available, they are likely to change to another manufacturer.
Nearly half of drivers worldwide consider parking information as ‘very important’ or ‘extremely important’, while more than 90% of EV drivers feel anxious about charging3. Consequently, 77% of motorists want integrated parking services while 84% would be more likely to buy an EV if it had integrated parking and charging services, enabling them to locate and navigate to chargers and pay for charging through the car’s media system. This demonstrates the impact of high-quality connected car services in attracting new customers.
Parkopedia services address the needs of Chinese drivers
Parkopedia is the only multi-vendor in-car payment provider globally, with live implementations at six OEM customers and additional roll-outs scheduled this year. Due to this success, the company is now expanding its product offering for the Chinese market. Parkopedia’s product portfolio offers particular value to OEMs and drivers in the region due to the significant shortage of parking in China, the high uptake of EVs and the resulting need for drivers of these vehicles to easily and accurately navigate to available chargers and spaces.
Parkopedia’s in-car payment platform offers integrated QR codes for seamless parking payments, with market-leading coverage, additional functionality and the highest levels of convenience for Chinese motorists. Parkopedia already has live services in millions of vehicles from both domestic and international OEMs across China, along with long-standing relationships with major mapping providers, contributing to a thorough understanding of the services most valued by Chinese drivers and OEMs alike.
Nearly 90% of Chinese drivers find parking stressful, with a lack of parking information and difficulty finding free spaces in car parks being the two greatest issues cited4. Drivers expect in-vehicle parking assistance while 60% of drivers also want in-car payments through their vehicle media system, highlighting great interest in features that reduce the stress caused by external parking and payment processes.
Similar payment services are already in production with significant usage globally and with its market-leading position, Parkopedia has strong expertise in simplifying the integration process for OEMs to ensure that they can offer their drivers the best possible in-car experience with seamless integrations to complement their existing digital systems. This is particularly important in China as failing to offer the right connected car services risks losing a substantial amount of sales with Chinese drivers having some of the highest connected car expectations and being the most likely to change car brands to gain better in-car connectivity, with 54% of Chinese motorists being likely to do so, compared with less than 40% of American and German car buyers5.
Helping to strengthen Parkopedia’s offering in China, the company continues to scale its on-street parking service, contributing up to 60% of public parking spaces in the top 20 cities in China6, and is continuously increasing by over 10% every year. Additionally improving its ‘Park Search Route’ functionality with industry-leading coverage and accuracy. Park Search Route directs drivers to their destination via the route with the greatest chance of finding available parking spaces close to the destination, reducing drivers’ overall journey time and reducing stress levels.
Parkopedia’s next growth stage in China is combining its market-leading parking services with greater EV charging assistance, enabling the increasing number of Chinese EV drivers to easily find and pay for charging and emulating the company’s success overseas with live OEM integrations on similar services already highly valued by drivers and receiving various industry awards.
Parkopedia’s global experience is vital to Chinese OEMs expanding into EU and US markets
With Chinese OEMs looking to expand their reach overseas, it is imperative to deliver on the digital in-car experience, by providing the connected services that are expected by drivers in these regions. In EU and emerging markets, vehicle-centric services, including integrated parking and charging services are regarded as essential features, with drivers here likely to choose one brand over another to meet their demands. Chinese OEMs looking to further develop these markets will need to show that they can offer similarly sophisticated in-car features to established brands or even exceed these expectations if they are to be successful in winning over new customers who may be unfamiliar with their brand.
While Chinese drivers are more likely to switch brands to gain better connected car services than US and German drivers, nearly 40% of drivers in these markets would still be persuaded to change brands to gain the most valued in-car services and greatest driving experience3. This shows the power of well-integrated parking, charging and in-car payment features in gaining the attention of potential new customers - something which is very important when entering established markets with heightened levels of competition.
Iris Xu, General Manager China, at Parkopedia, said: “We recognise the importance drivers worldwide place on high-quality parking, charging and in-car payment services and have witnessed first-hand the impact this can have on customer loyalty which is at an all-time low in the automotive industry. Not only does Parkopedia enable Chinese OEMs to boost their sales in China through seamless connected car services that address Chinese drivers’ significant parking and charging concerns, but Parkopedia also offers the key to global growth by providing Chinese OEMs with the auto-grade connected car services that overseas drivers deem essential and what has separated established European and US premium automakers from overseas manufacturers in the past.”
Notes to Editors
1 - TechInsights Connected Features Interest Report, 2022
2 - S&P Global Mobility worldwide survey, 2023
3 - Parkopedia Global Driver Survey, 2023
4 - Parkopedia China Driver Survey, 2021
5 - McKinsey Mobility Consumer Pulse Survey, 2022
6 - Parkopedia Parking Database, 2024