Global Parking Management Market Size By Offering (Solutions, Services), By Parking Site (On-street Parking, Off-street Parking), By Application (Government, Commercial, Transport Transit), By Geographic Scope And Forecast
Report ID: 11108|No. of Pages: 202
Global Parking Management Market Size By Offering (Solutions, Services), By Parking Site (On-street Parking, Off-street Parking), By Application (Government, Commercial, Transport Transit), By Geographic Scope And Forecast
Parking Management Market Size And Forecast
Parking Management Market size was valued at USD 4.37 Billion in 2024 and is projected to reach USD 7.74 Billion by 2031, growing at a CAGR of 7.4% from 2024 to 2031.
- Parking management refers to a set of strategies aimed at increasing the efficiency of parking resources and optimizing their use.
- The primary goals of parking management include reducing congestion, improving user satisfaction, and minimizing costs associated with parking facilities.
- Effective parking management can involve various approaches such as implementing digital technologies for real-time monitoring, promoting multimodal transportation options, and establishing clear rules for space allocation.
- Properly executed parking management can lead to a reduction in the number of required parking spaces by 20-40%, offering economic, social, and environmental
- Parking management often includes features like entry control, payment systems, traffic guidance, and reporting functionalities to streamline operations and enhance user experience.
Global Parking Management Market Dynamics
The key market dynamics that are shaping the global parking management market include:
Key Market Drivers:
- Urbanization: Rapid urbanization is a significant driver of the parking management market. The United Nations projects that by 2030, India’s urban population will reach approximately 590 million, accounting for nearly 40% of the total population. This surge in urban residents increases the demand for efficient parking solutions to accommodate more vehicles in limited space.
- Growing Vehicle Population: The number of registered vehicles in India exceeded 300 million as of June 2023, with an annual growth rate of about 6-8% from 2015 to 2019. This trend contributes to increased parking congestion, as the supply of parking spaces struggles to keep pace with the rising vehicle numbers.
- Government Initiatives: Various government initiatives, such as the Smart Cities Mission, aim to enhance urban infrastructure, including parking facilities. These initiatives focus on creating efficient and sustainable parking solutions to alleviate congestion and improve city navigation.
- Technological Integration: The adoption of smart technologies and digital solutions in parking management is a key Cloud-based systems facilitate data collection and analysis, enabling municipalities to optimize parking strategies and improve enforcement measures.
Key Market Challenges:
- System Integration Challenges: One of the primary challenges in the parking management market is the complexity of integrating various technologies, such as sensors, cameras, and payment systems. Different vendors often use incompatible standards, making it difficult to connect new components with existing This issue can lead to increased costs and extended implementation timelines, requiring skilled technical professionals for effective integration.
- Fragmented Market Structure: In many regions, particularly in developing countries like India, the parking market is highly fragmented and lacks effective regulatory frameworks. This fragmentation results in inefficient use of existing parking spaces and a scarcity of available spots in urban areas, exacerbating congestion and pollution.
- High Implementation Costs: The costs associated with implementing advanced parking management solutions can be prohibitive for many municipalities and private operators. These expenses include not only the technology itself but also ongoing maintenance and operational costs.
- Data Security Concerns: The integration of IoT devices and smart technologies raises significant data security and privacy issues. As parking management systems collect vast amounts of user data, ensuring its protection against breaches becomes a critical challenge.
Key Market Trends:
- Adoption of Smart City Initiatives: The global push towards smart city developments is a significant trend driving the parking management market. According to various government reports, cities are increasingly integrating smart technologies, including IoT and AI, to enhance urban infrastructure and improve public For instance, initiatives like the Smart Cities Mission in India aim to create efficient urban environments that include advanced parking solutions .
- Technological Advancements: The rise of technologies such as license plate recognition, RFID-based systems, and reservation-based parking management is reshaping the market These technologies facilitate real-time data collection and analysis, improving user experience and operational efficiency. Governments are investing in these technologies to streamline traffic management and reduce congestion in urban areas .
- Increased Vehicle Ownership: The growing number of vehicles on the road is a critical trend influencing parking management strategies. In India, for example, the number of registered vehicles surpassed 300 million as of June 2023. This surge necessitates more efficient parking solutions to address the resulting congestion and demand for space .
- Focus on Sustainability: There is a growing emphasis on sustainable parking solutions that minimize environmental impact. Governments are encouraging practices that reduce emissions, such as promoting electric vehicle charging stations within parking facilities. This aligns with broader climate goals and urban planning strategies aimed at reducing carbon footprints.
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Global Parking Management Market Regional Analysis
Here is a more detailed regional analysis of the global parking management market:
North America:
- North America accounted for over 35% of the global parking management market in 2022, reflecting its dominance due to a high number of vehicles and urbanization trends in countries like the U.S. and Canada.
- The vehicle population in the U.S. is substantial, with over 270 million registered vehicles as of This increase necessitates advanced parking solutions to manage congestion effectively.
- North America is at the forefront of adopting innovative technologies like IoT, AI, and mobile applications for parking These advancements facilitate real- time data access, improving user experience and operational efficiency.
- With smartphone penetration rates exceeding 80% in North America, mobile applications for parking solutions have become increasingly popular, allowing users to find and reserve parking spaces conveniently.
Europe:
- Europe holds a significant share of the global parking management market, driven by its advanced urban infrastructure and increasing vehicle ownership. For instance, Germany alone accounted for a dominant position in the market, with expectations to maintain its leadership through 2028.
- European governments are actively promoting smart city initiatives that incorporate advanced parking management solutions. The European Union has allocated substantial funding for projects aimed at improving urban mobility and reducing congestion, which includes enhancing parking systems
- The rising number of vehicles in Europe, with over 300 million registered vehicles as of 2023, creates a pressing need for efficient parking solutions. This increase drives
- demand for innovative parking management systems that can effectively handle congestion and optimize space utilization.
- Europe is at the forefront of adopting smart parking technologies, such as IoT and machine-to-machine communication. The integration of these technologies is supported by government policies that encourage innovation in urban infrastructure, aiming to improve traffic flow and reduce emissions.
Global Parking Management Market: Segmentation Analysis
The Global Parking Management Market is segmented on the basis of Offering, Parking Site, Application, And Geography.
Parking Management Market, By Offering
- Solutions
- Services
Based on Offering, the market is segmented into Solutions and Services. The solutions segment is expected to account for a larger share of the market in 2024, driven by the increasing need for systems that enhance user experience and operational efficiency. This is particularly important as transport authorities focus on reducing traffic congestion and promoting park-and-ride facilities to manage daily commuter needs effectively.
Parking Management Market, By Parking Site
- On-street Parking
- Off-street Parking
Based on Parking Site, the market is segmented into On-street Parking and Off-street Parking. The off-street parking segment accounted for a larger market share in 2020, reflecting its preference for managing parking in dedicated facilities such as garages and lots, which can accommodate more vehicles and provide better security compared to on-street options.
Parking Management Market, By Application
- Government
- Commercial
- Transport Transit
Based on Application, the market is segmented into Government, Commercial, and Transport Transit. The commercial application is anticipated to be the highest growth rate during the forecast period. This is driven by the increasing adoption of parking managementsystems in commercial settings, which help optimize space utilization and enhance security for vehicles.
Parking Management Market, By Geography
- North America
- Europe
- Asia Pacific
- Rest of the World
On the basis of Geography, the global parking management market is classified into North America, Europe, Asia Pacific, and the Rest of the World. North America accounted for over 35% of the global parking management market in 2022, reflecting its dominance due to a high number of vehicles and urbanization trends in countries like the U.S. and Canada.
Key Players
The “Global Parking Management Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Group Indigo, Amano Corporation, Siemens AG, Robert Bosch GmbH, WPS, Atos, SWARCO, SKIDATA, FlashParking, Streetline, TIBA Parking Systems, Parquor, Q-Free, Get My Parking, INRIX, IPS Group, Smart Parking, Urbiotica, and CivicSmart.
Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above- mentioned players globally.
Parking Management Market Recent Developments
- In May 2023, Indigo Group acquired a 2% majority stake in BePark, a specialist in parking facilities for businesses, enhancing its presence in the B2B segment across Belgium, Luxembourg, and France.
- In June 2023, Amano Corporation launched the Amano ONE parking management platform in the United Kingdom. This platform is designed to streamline parking operations for cities and businesses by providing a unified solution that simplifies management processes.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2021-2031 |
| Base Year | 2024 |
| Forecast Period | 2024-2031 |
| Historical Period | 2021-2023 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Group Indigo, Amano Corporation, Siemens AG, Robert Bosch GmbH, WPS, Atos, SWARCO, SKIDATA, FlashParking, Streetline, TIBA Parking Systems, Parquor, Q-Free, Get My Parking, INRIX, IPS Group, Smart Parking, Urbiotica, and CivicSmart. |
| Segments Covered | Offering, Parking Site, Application, And Geography. |
| Customization Scope | Free report customization (equivalent up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope. |
Research Methodology of Verified Market Research:
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Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market from various perspectives through Porter’s five forces analysis
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Frequently Asked Questions
1 INTRODUCTION OF GLOBAL PARKING MANAGEMENT MARKET
1.1 Introduction of the Market
1.2 Scope of Report
1.3 Assumptions
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH
3.1 Data Mining
3.2 Validation
3.3 Primary Interviews
3.4 List of Data Sources
4 GLOBAL PARKING MANAGEMENT MARKET OUTLOOK
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 GLOBAL PARKING MANAGEMENT MARKET, BY OFFERING
5.1 Introduction
5.2 Solutions
5.2.1 Parking Guidance
5.2.2 Parking Reservation Management
5.2.3 Parking Permit Management
5.2.4 Parking Enforcement Management
5.2.5 PARC
5.2.6 Parking Security and Surveillance
5.2.7 Parking Analytics
5.3 Services
5.3.1 Professional Services
5.3.2 Managed Services
6 GLOBAL PARKING MANAGEMENT MARKET, BY PARKING SITE
6.1 Introduction
6.2 On-street Parking
6.3 Off-street Parking
7 GLOBAL PARKING MANAGEMENT MARKET, BY APPLICATION
7.1 Introduction
7.2 Government
7.3 Commercial
7.4 Transport Transit
8 GLOBAL PARKING MANAGEMENT MARKET, BY GEOGRAPHY
8.1 Overview
8.2 North America
8.2.1 U.S.
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 U.K.
8.3.3 France
8.3.4 Rest of Europe
8.4 Asia Pacific
8.4.1 China
8.4.2 Japan
8.4.3 India
8.4.4 Rest of Asia Pacific
8.5 Rest of the World
8.5.1 Latin America
8.5.2 Middle East & Africa
9 GLOBAL PARKING MANAGEMENT MARKET COMPETITIVE LANDSCAPE
9.1 Overview
9.2 Company Market Share
9.3 Key Development Strategies
10 COMPANY PROFILES
10.1 Group Indigo
10.1.1 Overview
10.1.2 Financial Performance
10.1.3 Product Outlook
10.1.4 Key Developments
10.2 Amano Corporation
10.2.1 Overview
10.2.2 Financial Performance
10.2.3 Product Outlook
10.2.4 Key Developments
10.3 Siemens AG
10.3.1 Overview
10.3.2 Financial Performance
10.3.3 Product Outlook
10.3.4 Key Developments
10.4 Robert Bosch GmbH
10.4.1 Overview
10.4.2 Financial Performance
10.4.3 Product Outlook
10.4.4 Key Developments
10.5 WPS
10.5.1 Overview
10.5.2 Financial Performance
10.5.3 Product Outlook
10.5.4 Key Developments
10.6 Atos
10.6.1 Overview
10.6.2 Financial Performance
10.6.3 Product Outlook
10.6.4 Key Developments
10.7 SWARCO
10.7.1 Overview
10.7.2 Financial Performance
10.7.3 Product Outlook
10.7.4 Key Developments
10.8 SKIDATA
10.8.1 Overview
10.8.2 Financial Performance
10.8.3 Product Outlook
10.8.4 Key Developments
10.9 FlashParking
10.9.1 Overview
10.9.2 Financial Performance
10.9.3 Product Outlook
10.9.4 Key Developments
10.10 Streetline
10.10.1 Overview
10.10.2 Financial Performance
10.10.3 Product Outlook
10.10.4 Key Developments
11 Appendix
11.1 Related Research
Report Research Methodology
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Data Collection Matrix
| Perspective | Primary Research | Secondary Research |
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| Supplier side |
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The aims of doing primary research are:
- Verifying the collected data in terms of accuracy and reliability.
- To understand the ongoing market trends and to foresee the future market growth patterns.
Industry Analysis Matrix
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