New York, United States, Dec. 05, 2023 (GLOBE NEWSWIRE) -- The Global Parking Management Market Size is to Grow from USD 4.2 Billion in 2022 to USD 8.7 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 7.5% during the projected period. The global increase in vehicle numbers, rising demand for an effective traffic management solution, and the rapid development of smart cities are all contributing to the market's expansion.
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The global parking management market is a burgeoning business devoted to organizing and optimizing parking spots, amenities, and resources in urban and suburban settings. As the world's population continues to urbanize and automobile ownership grows, the demand for effective parking solutions grows. This market contains a diverse set of technologies, services, and systems targeted at increasing parking infrastructure management, monitoring, and use. These services enable customers to reserve parking spaces ahead of time, decreasing time spent looking for parking and boosting overall convenience. Urbanization, rising car ownership, and the demand for sustainable urban mobility solutions are driving the worldwide parking management industry. As cities attempt to reduce traffic congestion and pollution, the demand for innovative parking management systems is likely to rise, positioning this market as a key participant in modern urban infrastructure. Governments and municipalities around the world are enacting policies to reduce carbon emissions and combat air pollution. Parking management systems that encourage efficient parking and reduce the time spent looking for spots can help reduce traffic-related emissions. However, implementing advanced parking management systems, such as sensors, surveillance cameras, and digital payment infrastructure, can necessitate significant upfront investments. This cost barrier may deter some parking operators, particularly small businesses, from implementing modern solutions.
Browse key industry insights spread across 200 pages with 100 market data tables and figures & charts from the report on the "Global Parking Management Market Size, Share, and COVID-19 Impact Analysis, By Offering (Solutions and Services), Parking Site (Off-Street and On-Street), By Application (Government, Commercial, and Transport Transit), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The government segment accounted for the largest share of the global parking management market in 2022.
The global parking management market is divided into three applications: government, commercial, and transportation transit. The government segment held the largest share of the global parking management market in 2022. This is due to the need for safe, clean, and efficient public parking facilities in the city. The government is launching a number of initiatives to reduce the burden on public property by making better use of available resources.
The off-street segment accounted for the largest share of the global parking management market in 2022.
The global parking management market is divided into off-street and on-street parking sites. The off-street segment held the largest share of the global parking management market in 2022. Off-street parking is important in traffic management because it is a more efficient, simple, and dependable solution. Furthermore, this solution is expected to drive segment growth due to its low installation and maintenance costs. Increased smart city initiatives are also increasing demand for off-street parking lots.
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Asia Pacific is expected to grow at the fastest pace in the global parking management market during the forecast period.
During the forecast period, Asia Pacific is projected to expand at the fastest rate in the global parking management market. The Asia-Pacific region is dominated by China, India, Japan, and South Korea. Rapid urbanization, rising vehicle ownership, and traffic congestion have increased demand for parking management solutions. The region has seen a rapid increase in smart parking adoption, with mobile payment platforms playing an important role. Asia-Pacific has been a major driver of global growth in the parking management market in recent years.
North America is one of the largest regional segments in the global parking management market, with the United States driving growth. The United States and Canada are major players in the global parking management market. Demand for parking management solutions is driven by high urbanization rates, dense populations in major cities, and a strong technological infrastructure. The region is distinguished by the widespread use of advanced parking technologies such as smart parking systems, mobile apps, and digital payment methods.
During the forecast period, Europe is projected to expand at a rapid pace in the global parking management market. Western European countries with developed parking management markets include the United Kingdom, Germany, France, and the Netherlands. These countries frequently take the lead in the implementation of smart parking systems and sustainable mobility initiatives.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Parking Management Market include Group Indigo, Amano, Siemens, Bosch Group, Atos, SWARCO, SKIDATA, Chetu, Precise Parklink, FlashParking, Passport Labs, SpotHero, Get My Parking, INRIX, IPS Group, and Others.
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Recent Developments
- In March 2023, Amano has partnered with Pay By Phone to provide contactless parking payments in the United States. This collaboration will allow drivers to pay for parking at Amano's parking facilities in the United States using their Pay By Phone app.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Parking Management Market based on the below-mentioned segments:
Global Parking Management Market, By Offering
- Solutions
- Services
Global Parking Management Market, By Parking Site
- Off-Street
- On-Street
Global Parking Management Market, By Application
- Government
- Commercial
- Transport Transit
Global Parking Management Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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