COMA parking studies Nigerian parking market for years and finds Nigerian parking system industry has following charateristics:
Rapid demand growth: Nigeria is one of the most populous countries in Africa, with an accelerating urbanization process and a high urban population density. Traffic congestion and parking difficulties in large cities such as Lagos are becoming increasingly prominent, which has led to a rapid increase in demand for parking systems.
Weak infrastructure: Currently, the construction of parking infrastructure in Nigeria is lagging behind. The existing parking lots are small in number, small in scale and poorly managed, making it difficult to meet the demand for vehicle growth, providing a broad space for the development of the parking system industry, but it also means that the industry development faces great challenges and requires a lot of investment and construction.
High price sensitivity: Nigeria's economic development level is relatively low, and consumers are more sensitive to prices. In the selection of parking systems, cost-effective solutions may be more popular, which may affect the technical selection and business model of parking systems.
Targeting these charateristics, parking manufactuers should change its market strategy to design and produce more suitable parking products. With cost-effective parking solution, we think more agents and project owner will be attracted.