Rockville, Jan. 17, 2023 (GLOBE NEWSWIRE) -- In the newly published report by the Fact.MR, a market research and competitive intelligence provider, the global parking services market is expected to reach a valuation of US$ 114.8 billion in 2023 and is expected to reach a valuation of US$ 211.5 billion by 2033. The market will witness a growth rate of 6.3% for the next 10 years.
The parking services market is expected to witness exponential high growth due to the increasing rate of car ownership, especially in developing countries. In spite of being the 2nd and 5th largest economies of the world respectively, countries like China and India witnessed car ownership touching record numbers.
The rising number of cars and other vehicles on the road will ultimately lead to higher demand for parking spaces. Most of this demand for parking spaces will come from urban areas as the rate of vehicle ownership in urban areas are quite high in comparison to rural and semi-urban areas. Simultaneously the land parcels in urban areas are reducing day by day due to continuous infrastructural development resulting in a lack of parking spaces.
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It is expected that, with proper planning and execution, along with the integration of technology into the system, the problem of parking spaces can be solved. This will lead to proper utilization of existing parking spaces, resulting in higher revenue for the service providers.
Key Takeaways from Market Study
- The global parking services market is expected to reach a valuation of US$ 211.5 billion by the year 2033.
- Off-street parking spaces account for 66% of the total parking spaces globally.
- Demand for the parking services market is expected to witness a CAGR of 6.3% during the forecast period.
- East Asia is expected to grow at a CAGR of 7.5% during the 2023-2033 period.
- Commercially owned parking spaces will witness most of the growth and are expected to hold 41% of the total parking spaces.
“Integration of smart technology into the parking service industry will improve the overall efficiency, ultimately leading to improved top-line numbers for the service providers,” says a Fact.MR analyst.
Segmentation of the Parking Services Market
- By Type :
- On-Street Parking
- Off-Street Parking
- By Ownership :
- Commercially Owned
- Privately owned
- By Location :
- Government/Municipal
- Airport
- Retail
- Corporate
- Educational Institute
- Hospital/Healthcare
- Others (Not Mentioned Elsewhere)
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
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Market Development
The industry has been witnessing a sea of innovation in terms of service offerings. With the help of technology such as real-time status of the parking lot to automatic check-in and check-outs, the industry is slowly witnessing full utilization of parking spaces. The conventional market leaders are entering into a partnership with a technology company or are acquiring new-edge start-ups to improve their service offerings.
- In November 2021, Verra Mobility, a leader in smart mobility technology solutions, signed an agreement to acquire T2 System from Thoma Bravo for a staggering US$ 347 million. T2 System is a leading technology platform that provides an integrated suite of parking software and hardware solutions.
- In January 2021, Flash Parking, Inc. one of the leading technology companies in the parking industry, announced its merger with Arrive, a leading provider of smart parking solutions to create a touchless digital mobility platform.
- In January 2022, Cloudastructure, a leading service provider of cloud-controlled video surveillance systems, completed the acquisition of Visionful.
Key Companies Profiled
- ABM Industries Inc
- Ace Parking Management Inc
- Diamond Parking
- Get My Parking
- Impark
- Indigo
- Lanier Parking
- LAZ Parking Ltd. LLC
- Park+
- Park24
- Parkwel Parking Services Llp
- SP Plus Corporation
- TPS Parking
- Wilson Parking
- Your Parking Space
- Zenpark
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the parking services market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
The study reveals essential insights on the basis of type (On-Street Parking, Off-Street Parking), ownership (Commercially Owned, privately owned), location (Government/Municipal, Airport, Retail, Corporate, Educational Institute, Hospital/Healthcare, Others (Not Mentioned Elsewhere) across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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