Parking Management Market: Global Industry Analysis, Growth, Trends, and Forecasts (2022 – 2029)

Parking Management Market was valued at US$ 3.35 Bn. in 2021 and is expected to reach US$ 8.31 Bn. by 2029, at a CAGR of 12% during a forecast period.
Parking Management Market Overview:
Parking Management Market was valued at US$ 3.35 Bn. in 2021. Parking is an essential part of every transportation system. An automobile, according to data, is parked for 23 hours each day and uses different parking spots throughout the week. The ease with which you can get to your location is influenced by parking. To make the most use of parking resources, parking management oversees a variety of initiatives and policies. With increasing urbanization in all areas, the number of vehicles on the road is also increasing, necessitating a greater demand for packaging management. The requirement for easy traffic flow and the growing number of vehicles are driving the growth of the parking management market. One of the main reasons for parking management is the concern for safety.



To know about the Research Methodology :- Request Free Sample Report
COVID-19 Impact on Parking Management Market:
The parking management business has stalled due to the covid-19, and the reason is evident. The covid-19 has wreaked havoc on economies all across the world, causing a slowdown in economic activity. And the result can be seen in the market. The majority of construction projects around the world have been halted, and this is projected to continue for at least the next two years. The advanced parking projects are also on hold as a result of this. The rising number of automobiles is one of the primary drivers of the parking management market, although the car industry is experiencing a production reduction due to the covid-19 pandemic. Because of the poor quality of vehicle production, parking management has been severely impacted. The global market will be negatively impacted due to the poor performance of the global economy and lower growth in the automotive and construction industries.
Parking Management Market Dynamics:
Growing demand for optimum utilization of parking spaces: Several parking spaces go unused as developers install more to comply with restrictions governing the size and number of parking spaces. By alerting consumers when and where a parking spot is available, consistent parking management solutions, such as better signage and real-time parking indicators, reduce parking space wastage. By preventing overpricing and underpricing parking spaces through better revenue management, parking management also contributes to more efficient use of parking resources.

Rising smart city initiative across the globe: The rapid use of new technology has prompted big cities to evolve into smart cities. Smart cities use cutting-edge information and communication technologies to integrate housing, mobility, and economic activities. Smart city efforts launched by governments throughout the world are likely to open up new economic prospects for smart parking management solution providers that can interact with smart city solutions. Intelligent parking management systems are helpful for easy-to-manage, scalable space-efficient parking systems and adaptable in smart cities.

The parking management process is quite complicated, and it necessitates a large number of input and output devices as well as CPUs. As a result, parking lot owners are finding it difficult to implement new parking management systems. Although parking management systems are quite useful, they are extremely expensive to operate. Parking management systems will pay off in the long run, but they will cost a lot of money to implement. Many factors go into putting together a parking management system, including management and coordination, multiple hardware, electronic signs, communication lines, static signs, testing, software components, and training.

System integration complexities: Despite the importance of parking management, there are various constraints that limit the market's growth. Different hardware sensors, traffic control devices, computer servers, and wireless and wired systems, and applications are all part of parking management. To put the notion of dynamic-priced parking into practice, parking data from various systems must be analyzed. These parking data are stored on incompatible hardware, which makes data integration problematic. The combination of all parking management gear and software into one makes the process complicated, and it is one of the market restrictions.
Parking Management Market segment analysis:
Based on solution, Access control, security & surveillance, revenue management, parking reservation management, and others are all segments of the parking management market. In 2021, the revenue management category led the market, accounting for USD 686.2 million in revenue. Revenue management solutions are in high demand since they assist in determining the correct pricing for all car parks by offering a visual representation of the price rates. These technologies also assist facility providers in comparing their prices to those of competitors, allowing them to gain revenue.

Based on application, in 2021, the government segment dominated the market. In the government sector, there is a strong need for effective car park management solutions due to the requirement to establish safe, clean, and efficient public parking facilities across cities. The need for intelligent solutions is increasing in tandem with the growing number of smart city projects. Governments around the world are implementing car park management solutions in response to rising traffic challenges caused by a scarcity of parking spots. The Dutch Ministry of Infrastructure and Water Management, for example, planned to invest USD 101 million by 2021, in collaboration with local governments and national and international organizations. To develop and deploy novel traffic applications, the Dutch Ministry formed agreements with traffic solution providers, car firms, and telecommunications and internet providers.

Based on parking site, the market is divided between on-street and off-street parking based on the parking location. The off-street part is the most important. Increased adoption of mobile applications, enhanced ticketing and payment solutions for parking advice, and the introduction of assistive devices are all contributing to the off-street segment's growth. Both short- and long-term consumers use the off-street parking schemes. Various governments are investing heavily in off-street parking management technologies in order to reduce traffic congestion on roads.


Parking Management Market Regional Insight:
North America region held the largest market share of xx% in 2021. The rise in the number of automobiles in nations like Canada and the United States has created a need to address issues like traffic congestion, which is helping to propel the regional industry forward. The market in the North American area is predicted to increase due to rising mobile device adoption and the development of mobile apps for finding parking spaces in the United States. Furthermore, cloud-based car park management solutions are becoming more popular because they allow for cost-effective management of parking lots.

APAC is the second dominant region and it held xx% of share in 2021. The increased government spending on constructing smart cities can be related to the rise of this geographical market. For example, the Indian government set aside USD 1.2 billion in 2015 for the construction of smart cities in the country. Furthermore, a number of companies in the region are developing and delivering smart parking management solutions. In China, for example, Huawei Technologies Co., Ltd. introduced a smart parking network in 2017, allowing customers to search for, book, and pay for parking spaces using a smartphone app.

Recent Developments:

• Park and Sanitize, a contactless hydro-alcoholic gel dispenser attached to Flowbird parking and transportation ticketing terminals, was released in July 2021 to assist protect possibly millions of motorists and passengers from the risks associated with the spread of the COVID-19.

• GROUP Indigo extended its European footprint in July 2021 by establishing a subsidiary in Poland.

• SWARCO made a parking application called PARCO available to German citizens in April 2021. PARCO now has parking data for over 1,200 cities in Germany, Austria, and Switzerland, and plans to extend its activities.

The objective of the report is to present a comprehensive analysis of the Parking Management market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Parking Management market dynamics, structure by analyzing the market segments and projects the Parking Management market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Parking Management market make the report investor’s guide.
Parking Management Market Scope: Inquire before buying



Parking Management Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US $3.35 Bn.


Forecast Period 2022 to 2029 CAGR:
5.87%
Market Size in 2029:
US $ 8.31 Bn.


 Segments Covered:
by Solution
• Access Control
• Security & Surveillance
• Revenue Management
• Parking Reservation Management
• Valet Parking Management
• Other


by Service
• Consulting Services
• System Integration & Deployment
• Support & Maintenance


by Parking Sites
• On-street
• Off-street


by Application
• Transport Transit
• Commercial
• Government



Parking Management Market, by Region
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America
Parking Management Market Key Players
• Amano Corporation
• Q-Free ASA
• Indigo Park Services
• Chetu, Streetline
• SWARCO
• T2 Systems
• SKIDATA
• Flowbird Group
• GROUP Indigo
• Siemens
• Bosch Group
• Conduent
• APCOA PARKING
• Precise ParkLink
• FlashParking
• Passport Labs
• ParkMobile
• SpotHero
• Get My Parking
• INRIX
• IPS Group
• Smart Parking
• TIBA Parking Systems
• Streetline

Frequently Asked Questions:

1. Which region has the largest share in Parking Management Market?
Ans: North America region holds the highest share in 2021.

2. What is the growth rate of Parking Management Market?
Ans: The Parking Management Market is growing at a CAGR of 12 % during forecasting period 2021-2029.

3. What segments are covered in Parking Management market?
Ans: Parking Management Market is segmented into solution, service, parking site, application and region.

4. Who are the key players in Parking Management market?
Ans: The important key players in the Parking Management Market are – Amano Corporation, Q-Free ASA, Indigo Park Services, Chetu, Streetline, SWARCO, T2 Systems, SKIDATA, Flowbird Group, GROUP Indigo, Amano, Siemens, Bosch Group, Conduent.

5. What is the study period of this market?
Ans: The Parking Management Market is studied from 2021 to 2029.