Parking Management Market is anticipated to grow at a 10.7% CAGR during forecast period and expected to reach USD 7,149 Million by 2027

Introduction of the Parking management Market Report

Parking management refers to the strategies that result in more effective use of parking resources. Parking is an indispensable part of the transportation system. A typical automotive is parked more than 20 hours each day and uses several parking spaces each week. Parking has become a severe cause of concern across the regions due to the increase in vehicles. Thus, a parking management system helps manage the immense traffic in less space and less cost, which is driving the global parking management market.

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Market Dynamic

Key Drivers and Emerging Trends

The rise in need for traffic management and fuel saving is a major factor that is propelling the market growth rate. Traffic mobbing is raising severe troubles, especially in large cities densely populated, which is acting as a significant driver for the market. U.S. drivers spend 14.5 million hours every day stuck in traffic; Boston drivers lost about 137 million hours per year in the traffic jams. The growing congestion on the road’s consumers is attracted towards parking management solutions. Furthermore, the growing adoption of smartphones is also acting as a driver for the market. For instance, smartphones use parking management apps dependent on GPS, camera, and NFC to identify the vacant space in a nearby parking. The surge in emerging technologies has propelled major urban areas to transform them into smart cities. The smart city initiatives adopted by governments across the world are expected to provide business opportunities for the providers of smart parking management solutions, which can be integrated with smart city solutions. Smart cities need scalable, easy-to-manage, flexible and space-efficient parking systems, which can be addressed by intelligent parking management systems.

Technological advancements across the nations have improved the consumer experience and increased car parking management solutions. For example, e-payments using bank wallets and the internet have immensely contributed to the rapid growth of the parking management system. However, with the rise in demand for e-cars the charging stations are also required. E-bike requires only 1 hour for charging; for another period, charging stations can be used as parking space, contributing to the growth of the parking management market.

Restraint in the Parking management Market

The parking management system comprises numerous software and hardware types for managing the designs and the infrastructure. Thus, integrating all the sensors and traffic control devices in a single unit makes it a complicated operation process and therefore, acting as a restraint for the global parking management market.

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Offering – Segment Analysis

Based on the offering, the solutions segment is expected to dominate the parking management market. Solutions helps in the management of non-transient and transient vehicles payment in parking facilities. Rise in the demand for management solutions to determine the correct prices of all parked cars is pushing the market forward. Furthermore, shortage of vacant spaces and lands for parking of cars in residential and commercial areas is surging the demand for parking management solutions. The solutions include software and equipment such as parking meters, automatic gates, and sensors, which helps in improving the security level.

Deployment Type – Segment Analysis

Based on the deployment type, the cloud segment is expected to grow at a higher CAGR over the parking management market forecast period. The cloud segment is gaining popularity because it offers various multiple advantages. Cloud helps in cutting the cost of the management and ensure improved business agility. This solution can also be accessed through the internet, making it more feasible for the consumers, thus driving the parking management market’s growth.

Parking Site – Segment Analysis

Based on the parking site, the on-street parking is expected to dominate the global parking management market. Majority of the on-street parking is controlled by government bodies which makes it more cost effective and safer for the consumers. For instance, U.S. on an average has paid US$ 4 to US$ 7 for second hour, which is adopted by much of the population due to the affordable price tags, thus propelling the growth of the on-street market segment.

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Regional – Segment Analysis:

Based on the region, North America is expected to dominate the global parking management market. According to (OICA) Organisation Internationale des Constructeurs d’Automobiles, in 2019, more than 25 million vehicles were sold in the region, which has contributed to the rapid growth of the parking management market. Furthermore, the establishment of new airports and car charging stations is integrated with parking management systems and solutions with well-developed infrastructure, which helps the region to dominate the global parking management industry. For instance, the construction and renewal of Allegiant Stadium defined under stadium projects 2020 has led to the increased adoption of the parking management system.

Top Market Players

Various notable players operating in the market include APCOA Parking, SWARCO, SKIDATA, Chetu Inc., PRECISE PARKLINK INC., T2 Systems, FlashParking, PASSPORT LABS, INC., ParkMobile, LLC., and SpotHeros, among others. 

Key Developments:

• • In 2020, APCOA PARKING entered a strategic partnership with HERE Technologies, one of the leading players for location data and technology platform, to develop and commercialize digital parking services and HD indoor maps of parking facilities in Europe.
  • In 2020, SWARCO officially announced that it had made available a parking application named PARCO, for German citizens. PARCO has parking information of more than 1,200 cities in Germany, Austria, and Switzerland and is planning to expand its operations.

Segments covered in the Report:

The global Parking management market has been segmented based on offering, parking site, deployment type, and regions. Based on offering, the market is segmented into solutions and services. Based on parking site, the market is segmented into off-street parking and on-street parking. Based on deployment type, the market is segmented into on-premises and cloud. 

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Key questions answered in this research report:

• • At what pace is global parking management market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in parking management market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global parking management market?
  • Which offering generated maximum revenues in 2019 and identify the most promising offering during the forecast period?
  • What are the various parking site areas of global parking management market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Parking management Market by Offering

• • Solutions
  • Services

Global Parking management Market by Parking Site

• • Off-Street Parking
  • On-Street Parking

Global Parking management Market by Deployment Type

• • On-Premises
  • Cloud

Global Parking management Market by Region

• • North America Parking management Market (Option 1: As a part of the free 25% customization)
    • North America Market by Offering
    • North America Market by Parking Site
    • North America Market by Deployment Type
    • US Market All-Up
    • Canada Market All-Up
  • Europe Parking management Market (Option 2: As a part of the free 25% customization)
    • Europe Market by Offering
    • Europe Market by Parking Site
    • Europe Market by Deployment Type
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Parking management Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Market by Offering
    • Asia-Pacific Market by Parking Site
    • Asia-Pacific Market by Deployment Type
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Parking management Market (Option 4: As a part of the free 25% customization)
    • RoW Market by Offering
    • RoW Market by Parking Site
    • RoW Market by Deployment Type
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Parking management (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • APCOA Parking
  • SWARCO
  • SKIDATA
  • Chetu Inc
  • PRECISE PARKLINK INC.
  • T2 Systems
  • FlashParking
  • PASSPORT LABS, INC.
  • ParkMobile, LLC.
  • SpotHeros