Mei Ri Jing Ji Xin Wen·2025-09-16 10:21Core Insights - The mechanical parking system, once seen as a solution to urban parking shortages, is facing significant challenges in user adoption and operational efficiency [4][7][21] - Companies involved in the mechanical parking sector are experiencing declining revenues, with major players like Wuyang Zikong and Sanpu Co. reporting substantial drops in income from their parking services [4][10][14] Industry Overview - The mechanical parking system was expected to alleviate parking difficulties in urban areas, but user experiences have been largely negative due to design flaws and inefficiencies [5][15] - As of early 2025, over 12,000 mechanical parking facilities have been built in China, providing more than 10 million parking spaces, yet the actual usage rate is below 62%, with some areas seeing vacancy rates as high as 45% [9][21] Company Performance - Wuyang Zikong's revenue from mechanical parking services has decreased from over 1 billion yuan in 2020 to 550 million yuan in 2024 [4][10] - Sanpu Co. has also seen a decline in its mechanical parking-related sales, dropping from 160 million yuan in 2022 to approximately 81 million yuan in 2024 [4][14] - Dongjie Intelligent's mechanical parking system revenue has significantly decreased from 150 million yuan in 2021 to just 406,240 yuan in 2024, despite a recent slight increase [12][14] User Experience Challenges - Users report difficulties with the mechanical parking system, including inadequate space for larger vehicles and slow retrieval times, which can exceed one minute even without queues [15][17] - The design of many mechanical parking systems does not accommodate the increasing size of modern vehicles, leading to frustration among users [15][16] Market Potential and Future Outlook - Despite current challenges, there remains a significant parking space shortage in urban areas, with estimates suggesting a gap of over 80 million parking spaces nationwide [22][23] - Innovations in mechanical parking technology, such as wider parking spaces and improved operational efficiency, may provide opportunities for future growth in the sector [21][22]