Parking Management Market Size was prized at USD 142.1 billion in 2022. The parking management market industry is projected to grow from USD 165.2 Billion in 2023 to USD 407.9 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 16.26% during the forecast period (2023 - 2032). The rising smartphone penetration and the accessibility of mobile applications with features that assist operators in finding parking spaces are the key market drivers enhancing the market growth. It is believed that the smart city projects chosen by governments worldwide would present economic prospects for intelligent parking management solutions suppliers.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Market CAGR for parking management is driven by the constraint of parking space. The parking management industry is expanding due to the rising demand for effective parking space usage worldwide. Today's increased automobile population leads to global mismanagement of parking places. The authorities managing parking spots invest more money in cutting-edge parking management technologies for maximum company performance and error-free operations. In large cities and non-residential regions, for example, between 50 to 70 percent of the land is designated for parking, as opposed to the global average of 35 percent in residential neighborhoods, while there are 8 parking spaces available for every vehicle in the US, according to Parking Network, a statistical firm with headquarters in the Netherlands. As a result, it is anticipated that demand for parking management systems will increase throughout the projection period due to the increased need for optimal parking space usage.
A crucial trend becoming increasingly popular in the parking management market is the growing automation of services. Without a human intervention system locating the parking space and parking the vehicle, automated services help to solve parking-space problems while decreasing the land use for parking and increasing space usage efficiency. For instance, in June 2020, TATA ELXSI, an Indian-based provider of design and technology services in the automotive, media, communications, healthcare, and transportation industries, created two smart auto-parking technologies called Park By Memory and Parking Slot Detection. These solutions use machine learning, automation, and data collection to help drivers save time and make hassle-free parking.
The problem of a lack of parking spots worsens as the number of vehicles worldwide rises quickly. Vehicle sales and manufacturing are rising due to growing urbanization, industrial sector expansion, improved living standards, and rising disposable income. The parking management market is expanding due to growing parking space constraints. The increasing number of cars on the road has generated unpleasant traffic congestion worldwide, and poor and disorganized parking conditions for vehicles are a major contributor to these issues in urban areas. Several nations worldwide are quickly implementing cutting-edge parking management systems that offer real-time information, enabling drivers to locate or book the available parking space. Thus, driving the parking management market revenue.
The Parking Management Market segmentation, based on components, includes software and service. In 2022, the service sector held the highest market share. A prospective development driver is still the demand for service that employees have both during and after the implementation of parking management systems. However, in 2022, the software sector showed the fastest growth rate. Parking software automates processes related to enforcing, issuing, and permitting parking for private garages, public parking, municipal governments, and educational institutions that provide on-premises parking facilities.
The Parking Management Market segmentation, based on parking site type, includes off-street parking and on-street parking. The off-street parking sector held a market share of over in 2022 due to the rising number of vehicles on the street, which created infrastructure difficulties. Off-street parking is frequently chosen as it is a quicker, simpler, and more dependable solution, playing a significant part in traffic management. The on-street parking site segment is predicted to experience a significant increase throughout the projection period as it improves access to public transportation stops and stations while reducing the amount of obstructive and disorderly parking on streets.
Figure 1: Parking Management Market, by Parking Site Type, 2022 & 2032 (USD billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The Parking Management Market segmentation, based on solution, includes access control, security, surveillance, valet, and revenue management. In 2022, the revenue management share was the greatest. This is because of various advantages, including improved smart inventory prioritization, demand-driven dynamic pricing, ongoing monitoring, and redesign.
June 2022Â Flowbird Group, a global pioneer in unattended payment technology and mobile payment applications, announced the deployment of an Automatic Parking integrated fee collecting system for the Palisades Interstate Park Commission in collaboration with a local distributor, Devo & Associates.
Over the forecast period, the parking reservation management segment is estimated to expand at the fastest rate. These options enable drivers to reserve places in advance and forego the inconvenience associated with a lack of parking.
By Region, the report provides market insights into Asia-Pacific, Europe, North America, and Rest of the World. The North American parking management area will dominate this market. Car ownership in the United States as a whole has been increasing. In 2021, the United States will generate close to 9.2 million vehicles, according to OICA, which is anticipated to rise in the next years. As a result, as the number of automobiles increases, so will the demand for parking lots and effective administration, which will aid in the region's market expansion as a whole.
Further, the major countries studied in the market report are U.S., Canada, German, UK, France, Spain, Italy, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: PARKING MANAGEMENT MARKET SHARE BY REGION 2022 (%)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Europe parking management market accounts for the second-largest market share. The market for parking management in Europe is expanding due to growing worries about safety and security and an increased emphasis on efficient traffic flow. Major European companies are expected to keep growing since they have a market share of less than 50% in their home regions. Further, the German parking management market held the largest market share, and the UK parking management market was the fastest-growing in the European regional market.
The Asia-Pacific Parking Management Market is expected to grow at the fastest CAGR from 2023 to 2032. The government's rising interest in building smart cities and the need for an organized, effective traffic flow drive growth in this sector. There have been many smart city pilot programs in China, and the number is growing. China had over 900 pilot projects in 2020, with 290 cities, including Beijing and Shanghai. Moreover, China’s parking management market held the largest market share, and the Indian parking management market was the fastest-growing in the Asia-Pacific regional market.
Leading market players are investing heavily in research and development to expand their product lines, which will help the parking management market, grow even more. Market participants are also undertaking different strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the parking management industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the global parking management industry to benefit clients and increase the market sector. In recent years, the parking management industry has offered some of the most significant advantages to medicine. Major players in the parking management market, including XEROX Corporation (U.S.), INDIGO (France), Siemens AG (Germany), Cubic Corporation (U.S.), and others, are attempting to increase market demand by investing in research and development operations.
APCOA Parking is a car park management service provider that manages parking spots in retail malls, hotels, hospitals, and airports. The company's facilities are monitored 24 hours a day, seven days a week via video feeds, and are constantly optimized for all services, minimizing the volume of people looking for parking. In June 2022, in Cologne, APCOA Parking Germany formed a new relationship with the Danish car-sharing company GreenMobility. Clients can pick up and drop off Renault ZOE e-cars from GreenMobility in ten free parking spaces located in the Klapperhof and Rheinauhafen underground parking garages.
FLASH is the creator of a cloud-based parking management technology that assists businesses in transforming their parking facilities into mobility hubs. The company's system, hardware, and connections provide a 360-degree, real-time picture of all owned parking assets, access and revenue control, contactless payments, event management, and transit linkages to hospitals and residential areas. In April 2022, FLASH, the global leader in cloud parking software and mobility transformation, announced the purchase of Ticketech, New York City's parking technology pioneer. The acquisition broadens the network of FLASH's Mobility Hub Operating System clients and connects New York City's USD 22 billion parking market to the expanding mobility marketplace.
June 2022Â Passport, the largest provider of transportation software and payment services, provides all customers with a powerful platform that centralizes and agglomerates all of a city's parking, policing, and digital permitting data into a single location while also integrating additional data insights with embedded payment capabilities. Clients can handle a wide range of mobility management complexity in one place, allowing them to make informed, data-driven decisions that improve their entire curbside operations.
November 2021Â Verra Mobility Corporation, a smart mobility company based in the United States, paid $21 million for T2 Systems, Inc. This purchase completes Verra's urban transportation technology portfolio, allowing us to maintain revenue growth while extending our client base and providing streamlined mobility solutions to improve customer experience and service reach across North America.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 142.1Â billion |
| Market Size 2023 | USD 165.2Â billion |
| Market Size 2032 | USD 407.9Â billion |
| Compound Annual Growth Rate (CAGR) | 16.26% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2019- 2021 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Market Competitive Landscape, Revenue Forecast, Growth Factors, and Trends |
| Segments Covered | Component, Parking Site Type, and Solution |
| Geographies Covered | Asia Pacific, North America, Europe, and Rest of the World |
| Countries Covered | U.S., Canada, German, UK, France, Spain, Italy, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | XEROX Corporation (U.S.), INDIGO (France), Siemens AG (Germany), and Cubic Corporation (U.S.). |
| Key Market Opportunities | Rising smart city initiatives across the globe |
| Key Market Dynamics | Growing demand for seamless traffic flow and reduction in fuel consumption |
Parking Management Market Highlights:
Frequently Asked Questions (FAQ) :
The global market size of parking management was valued at USD 142.1 Billion in 2022.
The global market is projected to grow at a CAGR of 16.26% during the forecast period, 2023-2032.
North America had the major share of the global market
The key players in the market are XEROX Corporation (U.S.), INDIGO (France), Siemens AG (Germany), and Cubic Corporation (U.S.).
The software parking management sector dominated the market in 2022.
The revenue management solution had the major share of the global market.
Team Lead - Research she holds an experience of about 6+ years in market research and business consulting, working under the spectrum of information communication technology, telecommunications and semiconductor domains. aarti conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. her expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc.
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