Parking Management Market revenue to reach USD 67 Billion by 2035, says Research Nester

Major parking management market players include Passport Inc., BondTraffic Solutions, APCOA Parking Deutschland, TIBA Parking, DELOPT, YourParkingSpace, FlashParking Inc., International Business Machines Corporation, and Infocomm Group LLC.

New York, Nov. 02, 2023 (GLOBE NEWSWIRE) -- The global parking management market size is slated to expand at ~10% CAGR between 2023 and 2035. The market is poised to garner a revenue of USD 67 billion by the end of 2035, up from a revenue of ~USD 6 billion in the year 2022.The rising traffic in the world has increased the demand for adequate management of parking. The momentary parking encourages other drivers to park on the roadway, thereby further constricting the street. The parked automobiles hinder oncoming traffic, resulting in a traffic bottleneck. Owing to this it is very important for large cities to adopt a parking management plan in order to reduce traffic.

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According to the survey conducted in 900 cities across 43 countries, the drivers in Colombia experienced the most congested traffic resulting in a wastage of 191 hours which is almost around 8 days a year. Moreover, every 5 in 10 cities with the most traffic is located in Latin America.

Parking Management Market: Key Takeaways

•        Market in North America region to propel the highest growth

•        The Off-Street segment to garner the highest growth

•        Market in Asia Pacific to grow at the highest rate

Rise in the Vehicle Population is to Boost the Growth of the Parking Management Market

As the world population continues to grow, there is by default rise in the number of people in need of transportation. This has led to rise in the number of vehicles on the road. Moreover, improvements in the income levels in many countries has increased the purchasing capacity of people and now there are more people who can afford a vehicle. However, there are some areas that are not well connected with public transportation, it encourages more people to own a vehicle to commute from one place to another, which results in a further rise in vehicular density. In the world, there were around 1.4 billion cars on the earth as of 2022, this equates to around 18% of people who own vehicles.

Parking Management Market: Regional Overview

The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.

 Growing Traffic and Rising Ownership of Vehicles to Increase Market Growth in the North America Region

American cities feature extensive suburban areas, which leads to lengthier journeys and higher traffic congestion. Moreover, the lack of public transit in several American cities has resulted in more people relying on personal vehicles. In 2021, around 278 million of private and commercial vehicles were returned to owners in the United States. This will contribute to the growing traffic in America which was already at its peak. Americans spend 99 hours every year in traffic, which corresponds to a USD 1,377 loss per motorist. Americans spent a lot of money merely to make traffic worse, and the receipts for the previous three years aren't likely to be much better. Moreover, it is also proven that traffic in the developed part of America cannot be tamed by building more driving lanes and new records and it also makes roads more deadly for the drivers. Therefore, the region is in most need of parking management.

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Lack of Adequate Parking Space to Elevate Market Growth in Asia-Pacific

As per the survey conducted by MG Motoes in 8 major cities of India, around 74% of people face challenges while finding a parking space and managing the parking in their cities and just 26% find it easy. Moreover, owing to the parking issue, nearly 64% of people decide to not use their personal vehicles in order to doge the time wasted in finding a parking space. Parking issue was one of the major causes of fuel consumption, 50% of people revealed that they spend USD 75 every month on petrol. Furthermore, in order to tame the parking issue in developing countries, the government has started to construct a stack parking infrastructure, which is going to increase the demand for parking management. However, the idea is a budding concept in many countries of Asia Pacific but it is expected to bring in lucrative opportunities for the parking management market.

Parking Management, Segmentation by Solution

  • Access Control
  • Security & Surveillance
  • Revenue Management
  • Parking Reservation Management
  • Valet Parking Management

On the basis of the solution, the security & surveillance segment in parking management market is expected to garner a significant share in the market over the given time frame. the growth of the segment is majorly attributed to growing cases of car thefts in the world. According to the National Insurance Crime Bureau (NICB), the insurance industry's organization that examines annual vehicle thefts, over one million cars have been stolen in 2022, the most recorded figure since 2008. That equates to around two vehicles taken per minute. The presence of well-organized parking sites has surveillance systems, including security cameras and human personnel, which discourage potential thieves from stealing vehicles. Moreover, properly designed parking management reduces the blind sports and increases the visibility for the security guards, this makes it easier to locate the thieves and steal the care without getting noticed.

Parking Management, Segmentation by Service

  • Consulting Services
  • System Integration & Deployment
  • Support and Maintenance

Parking Management, Segmentation by Parking Site

  • On-Street
  • Off Street

The growing development of smart building infrastructure with the growing development of smart cities is expected to increase the demand for parking management for off street sites, such as corporate buildings, residential buildings, parking garages, and others. As demand develops for secure, energy-efficient structures, the number of smart buildings worldwide is expected to rise from 45 million this year to 115 million in 2026, a more than 150% increase. Managed off street parking sites to provide a better experience to the user and increase the maintenance of the infrastructure.

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A few of the well-known indsutry leaders in parking management market that are profiled by Research Nester are Passport Inc., BondTraffic Solutions, APCOA Parking Deutschland, TIBA Parking, DELOPT, YourParkingSpace, FlashParking Inc., International Business Machines Corporation, and Infocomm Group LLC.

Recent Developments in the Parking Management Market

  • YourParkingSpace, the leading provider of parking technology in the United Kingdom and is trusted by 5 million drivers has announced to be acquired by Flowbird, one of the great mobility companies in the world. It is a global leader in smart parking, it provides software, mobile apps, payments, and hardware solutions for parking and transportation ticketing as well as open transactions for governmental and privately-owned auto parking and public transportation networks. With their marketplace technology and UK consumer consumer base, YourParkingSpace joining the Flowbird group adds another dimension to Flowbird's tech stack.
  • APCOA Parking Deutschland has announced partnering up with Green Mobility, the Denmark-based car-sharing provider. APCOA provides GreenMobility customers with free parking places in two Cologne car parks. APCOA and GreenMobility have begun preparing to expand their collaboration in the next months and years, including the setting up of charging stations for GreenMobility's fleet of electric vehicles.

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