Parking Reservation System Market Size by Parking Site, Solutions, End-user Vertical, Region, Industry-Wide Analysis, Competitive Landscape Assessment & Long-Term Forecast to 2030
Overview
The Global Parking Reservation System market size reached USD 1.23 billion in 2023 and is expected to reach USD 4.74 billion by 2030 Parking Reservation System, growing at a CAGR of 21.2 % during the forecast period.
The growing urban population has taken shape as a major problem with the parking system in almost every major city around the world. Many of us are highly disturbed when there is not enough parking space for our vehicles. People can eradicate this problem by implementing an online Car parking reservation system.
They can find and book a parking spot by using their smartphones. Airlines are among the most regular users of the online parking reservation system, with 90% of UK airports having an online Parking Reservation service, while implementation at airports in other European countries increasing by 30% every year.
The rising trend of smart cities throughout the world is driving demand for smart parking solutions, which is supporting the Parking Reservation System market growth during the forecast period. Some established parking businesses as well as new technological entrants are already looking to capitalize on these developments by creating new and innovative ways to control demand, improve supply, and better meet the demands of consumers. VINCI Park S.A., Streetline, Inc., National Car Parks Ltd., APCOA Parking AG, Ace Parking Management, Inc., ParkMe, Inc., Siemens AG, 3M Company, and Xerox Corporation are leading key players in the Parking Reservation System Market.
To know about the Research Methodology :- Request Free Sample Report
Parking Reservation System Market Dynamics:
Rising economies in many developing countries
The increasing disposable incomes have given rise to the number of vehicles. This has resulted in traffic congestion and serious parking issues across many countries. Many of these problems are associated with urban areas where parking issues arise due to space limitations. A lack of proper on-street parking and the slow development of new parking structures are expected to worsen this problem in the coming years.
The lack of parking in residential and commercial facilities causes severe difficulties for companies and residents. Parking providers are also having difficulty keeping daily records on parked vehicles, making it difficult to ensure round-the-clock security. As a result, the demand for parking reservation systems is likely to grow in the coming years.
Developed countries such as the United States and Germany are investing heavily in truck parking reservation systems. According to the American Transportation Research Institute’s (ATRI) report, 48.7% of respondents said the parking shortage leads them to park on ramps or the side of highway three or five times a week. TruckPark is increasing access to its truck parking reservation system through a new partnership with Trucker Tools.
TruckPark collaborates with lot owners to provide reserved parking spots for tractor-trailers. The average cost for drivers is $15. The Parking Reservation System market is also likely to benefit from the deployment of smart parking systems in developed countries such as India and China. Therefore, the Parking Reservation System Market is expected to grow during the forecast period.
Effective car parking reservation system based on internet of things technologies
According to research, more than 44% of drivers find parking stressful and looking for a parking spot. All of this leads to unnecessary traffic congestion and the depletion of valuable real estate to construct more parking spots. However, current advancements in the parking reservation system may be changing this picture. Users park their automobiles by finding an empty parking slot through the Android Solutions or can even park their vehicles directly through Embedded Hardware. An Intelligent Parking System is implemented based on Slot Allotment.
Two modes are using which the Android user can book the parking slots easily like Advance & Current Booking. While booking, the user should indicate their vehicle number and the time period for which the slot is required. After users pay for a parking place, the status of that slot is updated in the system, making it unavailable to other persons during the booked time.
Through continuous monitoring, a parking reservation system gives information about parking availability in a specific location for both drivers and parking suppliers. Parking reservation systems comprise software and hardware such as parking meters, cameras, sensors, and automatic gates that assist in traffic flow and security. IoT-based parking reservation solution makes the parking system smarter with the latest innovation in electronic sensors & computers.
On-street and off-street parking reservation systems are available. Off-street parking systems have a single point of contact between parking zones and entry points. On-street parking systems provide real-time parking spot information via online, mobile, and voice-based solutions. Several software solutions such as Python, PHP web gateway with MySQL database, Cloud-based storage, and mobile Solutionss are proposed to provide a pleasant parking experience to mobile users.
Rising parking concerns across the globe has boosted the Parking Reservation System Market
With increased urbanization and a rapid increase in automobile density, a solution to the parking issue is critical. This issue is resolved by using improved features such as SMS notifications of available free space and live updates of place reservations via the parking reservation system. This technology reduces the amount of time the user spends looking for a vacant parking place and simplifies the process of searching for the best parking space and position. As a result, the Parking Reservation System market is expected to develop significantly during the forecast period.
Organizations and governments are actively developing innovative parking systems and solutions to help users utilize available space effectively in order to overcome these space issues. These parking reservation systems are expected to gain momentum in industrialized and high-population countries since they are extremely beneficial in solving important difficulties such as finding secure parking spaces and reducing traffic congestion. Another major factor expected to increase the adoption of these systems by various organizations is the ability to access customer-related information, such as travel trends and preferences, which can be used to engineer personalized solutions and strategies that would help retailers and other end-users improve customer satisfaction rates.
High investment and infrastructural improvement
High investment in improving existing transportation infrastructure is restraining the growth of the parking reservation system market size. China spends about $551 million per year on Intelligent Transportation Systems (ITS). Improvement of existing roads or rail projects requires a long time, which increases the project's resources and expense. The complexity of modern transportation pricing systems, infrastructure development, and a lack of internet penetration in developing nations require significant investment to improve supporting infrastructure for parking reservation systems. In April 2023, Parkopedia partnered with Volkswagen America to provide parking reservation services to rivers in the United States via the Car-Net service and the associated smartphone app. The service is now available to drivers and will cover both legacy and new Volkswagen vehicles that support Car-Net services.
Parking Reservation System Market Segment Analysis:
Based on Solutions, Mobile-based parking reservation solutions have gained popularity in recent years because of their greater efficiency in fetching real-time parking availability and relevant packages as compared to other modes of parking reservation solutions. Moreover. As smartphone and internet penetration grows, governments and organizations are launching a variety of digital initiatives. It has become simple for solution providers to enhance their earnings through mobile-based parking reservation solutions.
Increased investments in IoT and smart city projects have enabled market players to focus more on mobile-based solutions and increase the reach of their app-based solutions across many nations. ParkMe provides statistics, availability, and payment information for on and off-street parking in over 1,800 cities across 32 nations.
Based on the Parking Site, the On-street Parking segment is expected to grow at a rapid rate throughout the forecast period. On-street parking management system enables all parking users to reserve a parking space in advance. Users won't have to worry about finding a parking spot in the city center. As a result, users won't have to drive around in a circle looking for an empty parking spot.
Parking Reservation System Market Regional Insights
In North America, Parking Reservation System is expected to experience strong revenue growth throughout the forecast period. The region is home to major automotive industry giants like General Motors, Ford, and Chrysler, among many others, and vehicle production in North America is developing at a significant rate every year, which is one of the major reasons for the increased adoption of these solutions.
This rising rate is being fueled by increased urbanization and changing lifestyles of a large number of people. With the growing use of automobiles throughout the region, the need for parking reservation systems is also growing in this region. The Parking Reservation System Market market is witnessing high demand for mobile-based parking solutions with the rising penetration of peer-to-peer parking, online parking reservation options, and mobile payment solutions. The region is going to see the emergence of navigable parking lots, which are expected to provide several opportunities. As the parking industry in North America rapidly changes to smart technologies, high-end automation and parking reservation solutions are increasingly being incorporated into the various mobility solutions.
The Asia-Pacific region dominated the worldwide Parking Reservation System market share in 2023 owing to the high adoption of parking reservation systems in regions such as India, Brazil, Japan, and others. In the coming years, India and China are expected to be potential markets for parking reservation systems. Parking apps in India and China are offering Additional features like valet services, reservations, and advance payments which are expected to drive the Parking Reservation System Market during the forecast period.
The Parking Reservation System Market report forecasts revenue growth at global, and country levels and provides an analysis of the latest industry trends in each of the sub-segments during the forecast period. MMR has segmented the global Parking Reservation System Market report based on Parking Site, Solutions, End-user Vertical, and region.
The report contains strategic profiling of top key players in the market, a wide-ranging analysis of their core competencies, and their strategies like new product launches, growths, agreements, joint ventures, partnerships, and acquisitions that apply to the businesses. Our team of analysts can also provide you with data in excel files and pivot tables or can assist you in creating presentations from the data sets available in the report.
Parking Reservation System Market Scope: Inquire before buying
| Parking Reservation System Market | |||
|---|---|---|---|
| Report Coverage | Details | ||
| Base Year: | 2023 | Forecast Period: | 2024-2030 |
| Historical Data: | 2018 to 2023 | Market Size in 2023: | US $ 1.23 Bn. |
| Forecast Period 2024 to 2030 CAGR: | 21.2% | Market Size in 2030: | US $ 4.74 Bn. |
| Segments Covered: | by Parking Site | On-street Parking Off-street Parking |
|
| by Solutions | Web-based Mobile-based Voice Call-based |
||
| by End-user Vertical | Government Retail Hospitality Entertainment/Recreation Transportation Other End-user Verticals |
||
Parking Reservation System Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina, Columbia and Rest of South America)
Parking Reservation System Market Key Players:
North America:
1. Conduent Incorporated - United States
2. INRIX - United States
3. SP Plus Corporation - United States
4. TCS International Inc. - United States
5. Complus Data Innovations, Inc. - United States
6. Gtechna, Inc - United States
7. Passport Labs, Inc - United States
8. 3M Company - United States
9. Ace Parking Management, Inc. - United States
10. City-parking - United States
11. Joes Auto Parks - United States
12. Laz Parking - United States
13. MyPark Corp - United States
14. Streetline - United States
Europe:
1. Cubic Corporation - Germany
2. Robert Bosch GmbH - Germany
3. APCOA Parking Holdings GmbH- Germany
4. Continental AG - Germany
5. JustPark Limited - United Kingdom
6. VALEO - France
Asia-Pacific:
1. Amano Corporation - Japan
2. AISIN CORPORATION - Japan
3. Swarco Corporation - Austria
4. Kapsch TrafficCom - Austria
5. BePooler - Switzerland
FAQs:
1. Who are the key players in the Parking Reservation System market?
Ans. JustPark, LAZ Parking, NCP, Port Labs, QPARK, Siemens Mobility GmbH, SP Plus Corporation, and SpotHero. are some of the market players in the Parking Reservation System industry.
2. Which Parking Site segment dominates the Parking Reservation System market?
Ans. The On-street Parking segment accounted for the largest share of the global Parking Reservation System market in 2023.
3. How big is the Parking Reservation System market?
Ans. The global Parking Reservation System market size reached USD 1.23 billion in 2023 and is expected to reach USD 4.74 billion by 2030 Parking Reservation System, growing at a CAGR of 21.2 % during the forecast period.
4. What are the key regions in the global Parking Reservation System market?
Ans. Based On the region, the market has been classified into North America, Europe, Asia Pacific, Middle, East and Africa, and Latin America. North America dominates the global Parking Reservation System market.