The parking management solutions market trade is estimated at USD 404.7 Billion in 2021. The sale is expected to reach USD 440 Billion in 2022. According to the analysis, the global parking management solutions market is anticipated to secure USD 768.2 Billion in 2032, while flourishing at a 5.6% CAGR from 2022 to 2032.
The rising need for fully-automated parking systems (APS), increase in traffic congestion, continuous advancements in machine-to-machine communication technology, and increasing demand for parking management solutions would fuel the growth of the market.
| Attributes | Details |
|---|---|
| Parking Management Solutions Market CAGR (2022 to 2032) | 5.6% |
| Parking Management Solutions Market (2032) | USD 768.2 Billion |
| Parking Management Solutions Market Attraction | Increasing adoption of a number of vehicles across the world, and rising demand for effective traffic management solutions, are anticipated to drive the market in the forecast period. |
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Increasing Demand for Parking Spaces Amid Rising Automobile Ownership
Some of the parking spaces in the building remain unutilized as developers provide extra parking space due to regulations regarding size and no parking space. Parking management solutions provide real-time parking indicators, wastage of parking spaces, and a reduction in wastage of parking.
Parking management solutions provide an efficient way of using parking resources. An effective and efficient parking management solution can reduce the parking requirement. And this reduction in parking requirements helps in reducing land consumption and improves user convenience.
Rapid Adoption of Vehicles Creating Need for Parking Management Solutions
The increasing adoption of a number of vehicles across the world and rising demand for effective traffic management solutions are expected to provide business opportunities for the providers of smart parking management solutions.
The increase in urbanization has also led to an increase in the number of vehicles on the road will pose an infrastructural challenge where there will be a huge need for efficient mobility and parking for on-street and off-street vehicles. The managed parking solutions will transform consumer experiences with efficient parking services in cities.
The presence of stringent rules and regulations of various governments regarding the usage of parking spaces is expected to be the key factor hampering the market growth in the forecast period. Also, expenses associated with of installation and maintenance of parking management are factors that may hinder the growth of the parking management solutions market.
The high installation cost, therefore, is a major challenge for the global parking management solutions market. The lack of skilled workers for the installation and maintenance of the system will lead to restrain the market growth in coming years.
As per the analysis, the parking kiosks are anticipated to hold remunerative opportunities for the global parking management solutions market. Increasing adoption of parking kiosks has increased due to the increasing density of vehicles on road creating traffic congestion. Hence parking management solutions are being used by traffic management operators. This will boost the demand of the market.
Also, technological advancements in communication and connectivity are expected to increase demand for parking management solutions. Growing mobile penetration, the use of apps to support parking solutions is set to boost the opportunity of the market. Also, increasing self-parking technology in vehicles increases the rise in popularity of the parking management solutions market.
The growth of the parking management solutions market is driven by factors such as the emergence of fully-automated parking systems (APS), an increase in traffic congestion, continuous advancements in machine-to-machine communication technology, and increasing demand for the parking management solutions market.
With the adoption of efficient parking management solutions, the demand for these systems is expected to arise across airports, hospitals, mall parking, commercial parking garages, universities as well as street municipal and other event avenues. The parking management solutions market growth will continue to accelerate due to the continuous developments in parking technologies.
As per the analysis, by technology, the parking kiosks segment is likely to expand at a CAGR of 6.0% during the forecast period. The parking kiosks segment is expected to flourish owing to the increasing rising density of vehicles on roads is creating traffic congestion that spurs the increasing adoption of parking kiosks.
Growing adoption of parking kiosks, as it saves time in finding parking slots. Several private and public traffic management operators are adopting smart parking solutions that help to propel the demand for the parking kiosks segment to high.
On the other hand, the parking meter segment is projected to witness significant demand in the coming time. Parking meters provide a large amount of parking data that can be processed and analyzed by the parking management operator portal.
By installed location, the parking venues are projected to record a 6.8% CAGR in the forecast period. The segment is projected to garner a larger market share in the coming time. The growth of the segment can be attributed to the growing adoption of smart and real-time-based parking solutions and services.
On the other hand, the street parking segment is expected to record significant growth due to the growing investments in the parking management solutions market by governments.
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According to the analysis, the global parking management solutions market is estimated to be dominated by North America. The USA is anticipated to garner the largest market share in the forecast period due to the presence of a huge parking management solutions market. It is estimated at USD 168.2 Billion, recording a CAGR of 4.7% during the forecast period.
There is an increase in smart parking initiatives in the country, which is one of the key factors driving the growth of parking management solutions. The country is creating many opportunities for the parking management solutions market due to increasing vehicle ownership, growing smart city initiatives, and the emergence of fully automated parking systems. Key players in the country are investing more in speeding up the process of product development and innovation. Such factors are contributing to the growth of the parking management solutions market in the USA.
Europe is likely to garner considerable market share with the UK contributing USD 57.4 Billion, expanding at 6.5% CAGR. Increasing adoption of machine-to-machine communication technology and implementation of the Internet of Things in smart parking solutions is fuelling market growth. In addition, growing partnerships among players are expected to augment the market in the UK. Due to all factors, the market of smart parking will see many opportunities in the UK.
Asia Pacific is projected to be the most lucrative market in the assessment period. The region is witnessing rapid adoption of advanced technologies, which acts as a salient factor boosting the market in APAC. The rising sales of automobiles and increasing vehicle density in China are propelling the demand for the parking management solutions market in the region, therefore the market is anticipated to account for a substantial market share during the forecast period.
Emerging nations such as China, Japan, and Australia are recognized to be the most remunerative markets. As per the analysis, China, Japan, and Australia are projected at USD 93.5 Billion, USD 42.9 Billion, and USD 36.6 Billion respectively. Also, the three countries are expected to flourish at a healthy CAGR with China expanding at 7.5%, Japan at 7.7%, and Australia at 7.4% in the forecast period.
| Country | Estimated CAGR |
|---|---|
| USA | 4.7% |
| UK | 6.5% |
| China | 7.5% |
| Japan | 7.7% |
| Australia | 7.4% |
Key players in the global parking management solutions market include Parking BOXX, IPS Group, Inc., METRIC Group Ltd., Ventek International, and CivicSmart, Inc. among others. Market players are leveraging strategic collaborative initiatives to increase their market share and increase their profitability.
Recent developments among key players are:
The global Parking Management Solutions Market is estimated at USD 404.7 Million in 2021.
The global market is expected to value USD 786.2 Billion, recording a CAGR of 5.6% during the forecast period.
Growing demand for effective traffic management solutionss is projected to offer significant opportunities in the coming time.
Parking BOXX, IPS Group, Inc., METRIC Group Ltd., Ventek International, CivicSmart, Inc. among others are some of the established players in the market.
Lack of technical experts is anticipated to act as a significant restraint to the market in the forecast period.
The USA market is estimated to expand at a 4.7% growth rate during the forecast period.
| Market Size (2024) | USD 4,717.07 million |
|---|---|
| Market Value (2034) | USD 9,279.09 million |
| Market Projected CAGR (2024 to 2034) | 7% |
| Market Estimated Size (2023E) | USD 28,983.5 million |
|---|---|
| Projected Market Valuation (2033F) | USD 73,347.0 million |
| Value-based CAGR (2023 to 2033) | 9.7% |
| Market Value (2022) | USD 3,371.0 Million |
|---|---|
| Market Value (2029) | USD 12,102.0 Million |
| CAGR% (2022 to 2029) | 20.0% |
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