This paper comes from the research report of CITIC Securities.
At present, there are five modes of Internet parking: parking information sharing, whole process optimization, parking reservation B2C, parking sharing P2P and parking service.
The present situation of traditional parking industry in China includes four major pain points: large gross gap, scattered structure, scattered management and low level of intelligence. This directly leads to many problems, such as hard to find a parking demand side, poor parking experience, high vacancy rate of parking supply side and high management cost.
Nowadays, with the development of the Internet, social networks oriented to C-terminal and e-commerce oriented to commodities have become increasingly mature, especially in the era of mobile Internet, with the universal networking through intelligent terminals and C-terminal, the basic environment such as mobile payment has become increasingly complete, and the conditions for the Internet to sink into the physical industry have also matured.
"internet plus Parking" connects the scattered parking lots through the Internet, breaks the information island and realizes the optimal allocation of limited parking resources. Under the three driving forces of sharing economy, capital influx and favorable policies, various parking Apps have emerged in internet plus parking market. According to incomplete statistics, there are far more than 100 parking Apps in China at present.
Then, after the cake gradually appeared, what is the real status quo of domestic Internet parking development? What are the potential development and investment values?
Four types of players
There are four main types of Internet parking players: 1) Entrepreneurial companies; 2) Intelligent parking equipment vendors; 3) municipal traffic control department; 4） BAT。At present, mainly startups and smart parking equipment vendors, BAT is only slightly involved.
Entrepreneurial companies:Internet parking is on the rise, and a large number of entrepreneurial companies are pouring in, such as parking knowledgeable person, ETCP, Tintin Parking, E-parking, etc. The resources of entrepreneurial companies are short-board, as long as the asset model is light.
Intelligent parking equipment vendor:Taking advantage of the east wind of "internet plus", the intelligent parking equipment supplier has transformed and upgraded from a simple intelligent parking software and hardware provider to a complete solution provider of "intelligent parking equipment+cloud platform +APP", which has the advantages of software and hardware technology, and at the same time, the settled parking lot customers constitute resource advantages. Such as worry-free parking, Jieshun Technology (Jieshun Parking), Anjubao, Cubic Holdings (Hangbai) and so on.
Municipal traffic control department:Municipal traffic control departments have mastered roadside parking spaces and off-street public parking spaces (taking Beijing as an example, the municipal government has mastered 16.65% of parking spaces), which has resource advantages, strong financial resources and strong integration ability, such as Shenzhen Road Traffic Management Affairs Center (suitable for parking) and Shanghai Municipal Transportation Commission (Shanghai Parking).
BAT：Unlike "taking a taxi in internet plus" which is monopolized by "Ali+Tencent", BAT is still slightly involved in "parking in internet plus". Tencent uses WeChat WeChat official account+WeChat Pay, Baidu uses Baidu Map+Baidu Wallet, and Ali uses Alipay+Gaode Map+Cube Holdings to cut into Internet parking, mainly integrating and embedding parking apps with maps, payment applications and traffic portal applications.
Five modes
At present, there are five modes of Internet parking: parking information sharing, whole process optimization, parking reservation B2C, parking sharing P2P and parking service.
Parking information sharing: light assets+integrated data+entry service, saving search cost.
This mode makes full use of the existing intelligent parking equipment in a light asset way, and connects the intelligent parking lot to the internet through the meter, intelligent parking management system, parking garage card issuing machine, etc., integrating real-time free parking information, breaking the information island, realizing the sharing of parking space information, providing users with parking space search recommendation and parking space navigation service, and saving the search cost (saved search cost = (vehicle cost per unit time+owner time cost) × saved parking space search time). In addition, static information of the parking lot is also collected, including name, location, total parking spaces, POI information of exit/entrance, business hours, charging standards, photos, etc. Some apps also integrate information of service facilities around the parking lot, such as car washing and charging piles. The core of this model is information, and the key is wide coverage, accurate and reliable real-time free parking space information.
Advantages: light assets, can be copied quickly at low cost. The bottleneck is that it is difficult to form wide coverage, accuracy and reliability of real-time parking space information: the intelligent level of parking lot is low, the data standards are different, and the integration is difficult; Parking lot operators are not willing to open data for free. Therefore, some apps predict and estimate the number of free parking spaces through algorithms, and calibrate and supplement the integrated data. At present, the accuracy of most APP static information needs to be improved, and the reliability of real-time spare car information is worrying.
Profit model: free sharing of parking space information; Cut into the parking space reservation from the approach service, and may charge trading commission in the future; Realize traffic realization through automobile aftermarket (such as parking in knowledgeable person); Provide real-time parking space data service to navigation and map merchants, and realize data realization (Parkme).
Typical cases: Parkme in the United States and parking in knowledgeable person in China.
Whole process optimization: emphasizing assets+paving equipment+process service, deeply involved in parking lot operation.
By laying intelligent parking equipment, this model realizes the intelligentization and internetization of parking lots, provides parking optimization services for C-end car owners in the whole process of empty parking space search/matching, parking space reservation/reservation, parking space navigation, reverse car search and quick payment (often focusing on the two major pain points of "parking space search, navigation" and "payment"), and at the same time, deeply intervenes in parking lot operation management, so as to increase the leakage for B-end parking lot users. Offline resources are exclusive, and the core of this model is standardized and rapid replication, robbing parking lot resources.
Advantages: heavy assets, high viscosity after entering the parking lot, and the real-time parking information obtained is more accurate and of high quality. The bottleneck is that the offline line is too heavy. Entering the parking lot needs to be broken through one by one. The negotiation of benefit sharing, the installation, renovation, maintenance and upgrade of smart equipment are slow, and it is difficult to standardize and copy, which requires a large number of push teams. Most domestic players (such as ETCP, worry-free parking, etc.) even adopt the strategy of giving away equipment for free to accelerate the penetration of parking lots, but they need strong capital support.
Profit model: free for C-end users; Assist the B-end parking lot operation management to improve operation efficiency, reduce labor costs, increase turnover rate and income, and it is expected that charging parking fees to the parking lot will be the main profit point; Extend to the category of "car life" including washing, maintenance and repair, and cut into the automobile aftermarket to realize traffic realization.
Typical cases: Streetline in the United States, ETCP in China, worry-free parking and suitable parking.
Parking Booking B2C: Parking Ctrip Mode
This model is similar to "Ctrip", which connects parking lots and provides parking reservation service. The parking lot operator publishes the information of the parking spaces that can be reserved through the platform, and the owner inquires and reserves on the platform to ensure that there are parking spaces. Because of the low level of intelligent parking lot in China, this mode is rarely used.
The profit model of B2C parking reservation: extracting the reservation service fee.
Typical case: JustPark in Britain.
Parking space sharing P2P: Sharing parking spaces and revitalizing idle parking resources.
This model provides docking service for car owners who have parking spaces and want to park by building a parking space sharing platform for car owners, which can revitalize the free time of parking spaces, improve the utilization rate of parking spaces, generate income for car owners and solve the parking problem for car owners. At present, there are two main routes: one is using light asset mode, such as Sweetch and MonkeyParking, and the other is using intelligent ground lock, Internet of Things parking lock +APP mode, such as Tintin parking and leisurely parking.
The problem of P2P parking sharing mode tends to rely on flexible social interaction, underestimating punctuality and unexpected situations, which can easily lead to poor customer experience, and it is difficult to regulate reasonable and unexpected emergencies. At the same time, the P2P mode of parking space sharing not only involves platforms and direct users, but also inevitably involves property and parking management companies, which constitutes the bottleneck of offline promotion. In addition, in the main application scenario, the two sides of high-frequency trading may collude to bypass the platform.
Profit model: participation in parking space sharing generates revenue sharing. Because it involves property and parking management companies, some apps also let property share some revenue (such as Tintin parking).
Typical cases: MonkeyParking in America and Tintin Parking in China.
Parking service: Artificial berthing has the clearest profit model.
In this mode, the parking agent is used for parking, which completely liberates the owner from parking difficulties, saves the owner’s time cost, and revitalizes the idle parking resources in the accessories of the parking agent, exchanging time for space.
Bottleneck of valet parking mode: The car has been out of the owner’s control for a long time, and the safety and trust problems are the main obstacles for the owner to accept parking service mode. Solving these two problems is the core of the promotion of this mode. The main cracking methods are: laying cameras for 24-hour all-round monitoring; After the parking is completed, take photos of the odometer and fuel gauge so that users can compare them when picking up the car; E Daibo independently developed the key storage system of the cloud cabinet car; Substitution insurance, etc.
Profit model: parking service model has the clearest profit model, charging parking service service fee directly, and its target customers are car owners with high time value and low price sensitivity. At the same time, the automobile aftermarket is also the focus of profit, so it is necessary to wash and maintain the car for the owner during the parking period.
Typical cases: LUXE and ZIRX in the United States, e-berthing and feibotong in China.
Development characteristics
1. The Internet parking market has a vast space.
Parking difficulties are gradually spreading from first-and second-tier cities to third-tier cities, which is universal. There are 35 cities with more than 1 million cars in China, and the total number of cars is over 60 million. It is expected that these 35 cities will become the core market for Internet parking penetration. If the per capita parking expenditure is 3,000 yuan/year, the parking industry fees in these 35 cities total more than 180 billion yuan. Internet parking permeates the whole parking process, and we believe that Internet parking service providers can get at least 10% of the cake of the whole industry. Regardless of the market increment created after internetization, the market space for Internet parking is more than 18 billion yuan.
2, multi-party separatist regime, national and regional players coexist.
Intelligentization is the premise of internet, and the level of intellectualization of parking lots in China is not high, which determines that the road of attaching importance to assets must be experienced. We believe that the whole process optimization model will develop first, and it is unlikely that there will be a winner-take-all situation. The future competition pattern will be: multi-party separatism, and national and regional players will coexist.
3. Map navigator, traffic portal platform or integrator.
Map navigators, traffic portal platforms or integrators will open up the "separatist regime" to form a complete urban parking puzzle. Internet taxis connect drivers and C-end users, while Internet parking needs to integrate B-end parking lots to provide services for C-end users. The key to Internet parking is offline. We believe that BAT will play the role of integrating and opening up parking apps by relying on traffic advantages, and it is unlikely to become a direct participant.
4. The key to success is resources and capital.
Grasping the resources of high-quality offline parking lot is the key. Different from internet taxi, internet parking is a hard project, and mastering huge and high-quality parking resources is the key. The value of parking APP to car owners increases exponentially with the scale of parking network. After Pang’s parking network is formed, it also constitutes a competitive barrier.
Capital support decides who can laugh last. Whether it is subsidizing the C-terminal, cultivating users’ habits, or building an intelligent parking network, it needs strong capital strength. Some players have pushed the speed-up equipment for free, which has raised the capital threshold. Backed by giants, introducing resources and flow is a lever. The mobile Internet traffic portal has been occupied by giants such as BAT. Backed by giants, access to resources and traffic import are important chips that stand out.
