CAGR: 10.1%Current Market Size: USD 4.50 BillionFastest Growing Region: APAC
Largest Market: North AmericaProjection Time: 2023-2030Base Year: 2022
The global parking management market is expected to grow from USD 4.50 billion in 2022 to USD 9.71 billion by 2030, at a CAGR of 10.1% during the Projection period 2023-2030. The growth of the parking management market is mainly driven by the rise in the number of vehicles.
Parking management refers to a variety of programs, initiatives, and policies that are in place to promote the efficient use of various parking resources and to create more walkable regions. Parking management systems, security and surveillance solutions, boom barriers, and parking reservation structures are all part of it. These gadgets help to reduce the demand for parking subsidies, increase travel options, reduce traffic, create a return on investment (ROI), and keep the vehicle safe and secure. Because of these characteristics, it is widely used in on-premises and cloud solution deployment forms in off-street and on-street parking areas. The increasing requirement for increased mobility among service consultants and optimizing total revenue can be related to the broad use of parking management policies and solutions across commercial, residential, and transportation sectors. This, combined with positive actions conducted by government agencies for managing tows, resolving traffic congestion concerns, and mitigating total operational expenditure (OPEX) and capital expenditure (CAPEX), is the primary factor driving market expansion. Significant technology improvements, such as the integration of various parking management solutions with near-field communication (NFC), global positioning systems (GPS), and cameras, are also driving expansion. These technologies aid in locating vacant parking spaces, monitoring systems, offering increased signage, and real-time parking indicators, and reducing space waste by promoting efficient parking resource utilization.
Sample Request: - Global Parking Management Market
Market Dynamics:
Drivers:
Parking management assists in modifying and allocating parking spaces in accordance with company norms and employee needs. The emphasis is fast changing from hardware to digital solutions, as hardware solutions raised numerous concerns about security, inconvenient parking, and unallocated parking spaces. Office-centric parking solutions, often known as employee parking software, are currently experiencing substantial growth due to the additional capacity they can provide without increasing the real area. For example, in February 2022, Yellowbrick International BV, a Flowbird Group company, bought PICONET, a parking payment solution provider. The acquisition increased the former company's foothold in the Romanian market for mobile parking apps.
Restraints:
Parking systems are typically automated, but they require routine maintenance to guarantee that everything runs well. This includes making sure the software isn't malfunctioning and that everything functions properly, such as updating code or optimizing processes for speed and efficiency. This could include changing code or optimizing the application to improve task speed, reliability, and efficiency. Parking system upkeep necessitates not just money but also time. As a result, it could be regarded a disadvantage of having a parking management system.
Opportunities:
Technological innovations such as the Internet of Things (IoT), parking sensors, and electronic payment systems are also contributing to the market's growth. Firms are attempting to provide a better client experience and hassle-free parking in order to get a competitive advantage over others. Organizations may allot parking spaces, provide access control, and decrease administrative costs by using real-time data and analytics. In November 2022, for example, Robert Bosch GmbH announced a collaboration with Mercedes-Benz to produce autonomous self-parking software. The software enables automobiles to park themselves in slots reserved in the Stuttgart Airport parking lot.
Challenges:
Parking systems are typically automated, but they require frequent maintenance to guarantee that everything runs well. This includes ensuring that the software isn't malfunctioning and that everything functions properly, such as updating code or optimizing processes for speed and efficiency. This could include upgrading bits of code or optimizing the program to improve task speed, reliability, and efficiency. Regular parking system maintenance necessitates not only money but also time. As a result, it could be viewed as a disadvantage of having a parking management system.
Segmentation Analysis:
The global parking management market has been segmented based on deployment type, parking-site, service, application, and region.
By Deployment Type
The deployment type segment is the on-premise and cloud. The cloud segment led the largest share of the parking management market with a market share of around 60.23% in 2022. This growth can be ascribed to the benefits of cloud deployment, such as ease of deployment. Cloud solutions do not require hardware installation and provide flexibility of modification, allowing organizations to create solutions that are tailored to their specific needs. Cloud solutions are also easily scalable. Many firms do not want to invest much in infrastructure at the outset; instead, they prefer a strategy that allows them to expand as needed. Cloud deployment offers a pay-as-you-go concept in which businesses only pay for what they use. This is one of the most important reasons fueling the expansion of this market.
By Parking-Site
The parking-site segment is off-street and on-street. The hybrid segment led the largest share of the parking management market with a market share of around 61.46% in 2022. Because of the increased number of automobiles on the road, infrastructural issues exist. Off-street parking is important in traffic management since it is a faster, easier, and more reliable alternative. Furthermore, this solution has minimal installation and maintenance costs, which are projected to drive industry expansion. The increase in smart city programs is also driving up demand for off-street parking lots. Furthermore, the development in digital payment methods and smartphone usage is assisting in the expansion of this market. ParkMobile, LLC, for example, collaborated with the University of Louisville in June 2022 to provide smart parking payments for on-campus parking. ParkMobile is now available at the institution in about 2,700 off-street parking spaces thanks to the agreement.
By Service
The service segment is the support & maintenance, system integration & deployment, and consulting services. The system integration & deployment segment led the largest share of the parking management market with a market share of around 39.4% in 2022. Customization, add-on functionality, and centralized data management systems have all contributed to this growth. Digital signage, license plate recognition, and rapid improvements that do not need changing existing hardware can all contribute to improving the customer experience. It also provides a competitive advantage. Payment import, demographic import and export of receivables, vehicle owner retrieval, and user authentication are all made easier by system integration and deployment.
By Application
The application segment is government, commercial, and transport transit. The government segment led the largest share of the parking management market with a market share of around 36.7% in 2022. This is owing to the city's requirement for safe, clean, and efficient public parking facilities. Several measures are being undertaken by the government in order to lessen the pressure on public property by making better use of the available resources. For example, in December 2022, a collaboration between IDFC FIRST Bank and the Jammu Development Authority (JDA) launched a FASTag-enabled parking management solution at a general bus stop in Jammu & Kashmir. The plan will aid the union territory in the establishment of a traffic control system as well as the provision of cashless and paperless parking facilities.
Global Parking Management Market - Sales Analysis.
The sale of the parking management market expanded at a CAGR of 9.1% from 2016 to 2022.
The global increase in the number of vehicles, the rising demand for an effective traffic management system, and the rapid development of smart cities are all contributing to the growth of this industry. There was a slight decline in growth activities as a result of the COVID-19 epidemic, as many governments placed stringent limitations by announcing complete lockdowns. Furthermore, the governments of several countries invested heavily in their healthcare systems to help identify the signs of the virus and stop its spread, which included restrictions such as no crowding of public transportation stations and vehicles, which temporarily slowed the growth of parking management.
However, the present relaxation of travel limitations is projected to drive market demand, since most venues are opening with full occupancy, increasing the demand for parking management. The development in parking management necessitates the rise of cloud-native parking management, with parking operators running their infrastructure via the cloud, owing to numerous benefits such as scalability and a pay-as-you-go model. Amano McGann, for example, debuted Amano ONE in July 2022, a cloud-based parking accessibility and revenue process control system that streamlines parking operations. The system is simple to set up and administer, and it requires little maintenance. It is also simple to use.
Thus, owing to the aforementioned factors, the global parking management market is expected to grow at a CAGR of 10.1% during the Projection period from 2023 to 2030.
By Regional Analysis:
The regions analyzed for the parking management market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America region dominated the parking management market and held a 37.8% share of the market revenue in 2022.
Global Parking Management Market - Country Analysis:
Germany's parking management market size was valued at USD 0.33 billion in 2022 and is expected to reach USD 0.72 billion by 2030, at a CAGR of 10.3% from 2023 to 2030. Due to issues including rising concern about safety and security and greater attention on seamless traffic flow. Countries such as Germany are playing an important part in the parking management system. Because they have a market share of less than 50% in their domestic markets, Europe's major main companies are expected to continue expanding.
China’s parking management market size was valued at USD 0.35 billion in 2022 and is expected to reach USD 0.78 billion by 2030, at a CAGR of 10.6% from 2023 to 2030. Because of rising urbanization in the region and the growth of smart city initiatives focusing on infrastructure and connectivity, parking management systems are becoming increasingly important in smart city projects.
India's parking management market size was valued at USD 0.27 billion in 2022 and is expected to reach USD 0.60 billion by 2030, at a CAGR of 10.5% from 2023 to 2030. Users benefit from the increased usage of smartphones and the launch of mobile apps for finding parking spaces; as a result, they are swiftly adapting to modern parking demands. The region's rising commercialization, as well as the desire to provide tailored user experiences, are driving up demand for parking management.
Key Industry Players Analysis:
To increase their market position in the global parking management market business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2022-2030 |
Base year |
2022 |
CAGR (%) |
10.1% |
Market Size |
4.50 billion in 2022 |
Projection period |
2023-2030 |
Projection unit |
Value (USD) |
Segments covered |
By Deployment Type, By Parking-Site, By Service, By Application, and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
3M Company, Cubic Corporation., Amano Corporation, Kapsch TrafficCom., International Business Machines Corporation, Skidata, Siemens AG, T2 Systems, Swarco Corporation, and Robert Bosch GmbH. |
By Deployment Type |
|
By Parking-Site |
|
By Service |
|
By Application |
|
Regional scope |
|
Scope of the Report
Global Parking Management Market By Deployment Type:
Global Parking Management Market By Parking-Site:
Global Parking Management Market By Service:
Global Parking Management Market By Application:
Global Parking Management Market By Region:
Global parking management market is expected to reach USD 9.71 billion by 2030.
The parking management market is projected to have a CAGR of 10.1%.
The global increase in the number of vehicles, the rising demand for an effective traffic management system, and the rapid development of smart cities are all contributing to the growth of this industry. There was a slight decline in growth activities as a result of the COVID-19 epidemic, as many governments placed stringent limitations by announcing complete lockdowns.
Leading market players active in the global parking management market are 3M Company, Amano Corporation, Cubic Corporation, FlashParking Inc. (Arrive Mobility Inc.), Infocomm Group LLC, International Business Machines Corporation, Passport Labs Inc., among other
Political Factors- Before considering whether to expand, parking management should extensively examine the taxes policies relevant to the business. Tax policy will benefit industries that are top priorities for the government. Many governments in developing countries are actively attempting to reduce company taxes in order to attract foreign direct investment. parking management should consider these countries since their low tax rates will make it easier to produce a profit and invest in R&D, innovation, and new product development projects.
Economic Factors- The abilities and skills of the workers have a considerable impact on the performance of parking management. parking management requires talented employees to be accessible when needed in order to remain competitive. parking management should investigate trends in labour demand and supply to better understand how employees with the relevant skill set may be successfully employed. A tight labour market with strong worker unions can cause a number of problems for parking management. It can, for example, apply pressure on parking management to award an unreasonable salary raise, or it can block production by calling a strike. As a result, it is critical to analyse labour market dynamics, anticipate important developments, and modify talent management approaches as needed.
Social Factors- When parking management ' products/services are largely aimed at young consumers, two favourable demographic indicators are high population growth and an increasing proportion of the young population group. parking management should also investigate the host country's perspective on immigration, because a welcoming attitude toward immigrants of varied cultural origins indicates the need for diversity management techniques. parking management should change its marketing strategies to encourage diversity and inclusiveness. A positive view on migration also demonstrates that parking management can easily hire personnel from a variety of cultural backgrounds. Workplace diversity is usually connected with increased productivity, improved innovation, and superior overall business success.
Technological Factors- The research and development trend in the chosen industry or region demonstrates how proactive organisations are in offering cutting-edge solutions to meet the needs of their customers. parking management must gain a better understanding of how new technological improvements can benefit the organisation in addition to providing value to customers. Significant investment in research and development activities would be required in markets defined by disruptive technology. However, parking management must have a long-term perspective and not expect a quick payback from their R&D work.
Environmental Factors- Renewable technology development to reduce reliance on natural resources has become a major trend in several industries. parking management should analyse how well a country's technology infrastructure supports the use of renewable technologies in order to capitalise on this environmental trend. Certain governments around the world offer appealing incentives to employ renewable energy sources. By seizing the opportunity and investing in renewable energy sources, parking management may be able to fulfil its aims for sustainable business development.
Legal Factors- Several federal and state legislation are in existence in several countries to protect consumers from potential economic exploitation. To protect consumer privacy in the age of information technology, rules have become increasingly stricter. To avoid lawsuits, parking management must strictly adhere to data protection standards when executing online transactions. Before entering new markets, parking management should examine local legislation governing refunds, discounts, credit terms, quality, fraudulent advertising, and maximum pricing (particularly in the case of basic essential goods).
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