Parking Management Market Is Set For Lucrative Growth To 2030

Parking Management Industry

The global parking management market size was valued at USD 4.38 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 12.1% from 2023 to 2030. The rise in the number of vehicles across the world, growing demand for an effective traffic management solution, and rapid development of smart cities are contributing to the growth of this market. Due to the COVID-19 pandemic, there was a modest decrease in growth activities as many countries imposed strict restrictions by announcing complete lockdowns. Additionally, the government of several nations invested heavily in their healthcare systems to help identify the signs of the virus and stop the spread, which included restriction measures such as no crowding of public transport stations and vehicles that hindered the growth of parking management for a short period.

However, the ease in travel restrictions currently is expected to propel the market demand, as most of the places are opening with full occupancy which will push the demand for parking management. The rise in parking management makes cloud-native parking management also rise to the occasion, with parking operators running their infrastructure via the cloud, owing to multiple benefits such as scalability and a pay-as-you-go model.

For instance, in July 2022, Amano McGann launched Amano ONE, a cloud-based parking accessibility and revenue process control system which streamlines parking operations. The system is simple to install and administer with low maintenance requirements. It is also user-friendly.

Technological advancements such as the Internet of Things (IoT), parking sensors, and electronic payment methods are additionally supporting the growth of this market. Firms are trying to deliver an enhanced customer experience and offer hassle-free parking that can help them gain a competitive advantage over others.

With the help of real-time data and analytics, organizations can allocate spaces, provide access control, and reduce administrative overhead spent on parking. For instance, in November 2022, Robert Bosch GmbH announced a partnership with Mercedes-Benz to launch automated self-parking software. The software allows vehicles to park themselves in spaces reserved in the parking lot of Stuttgart Airport.

Parking management is a cost-effective and reliable solution that reduces the time spent by drivers in finding available carpark space and traffic congestion. Furthermore, the increased adoption of electric vehicles compels city authorities to implement charging stations to push the demand for parking management higher. Parking management helps businesses in reaching their maximum potential by offering them space optimization. Features such as hassle-free booking, simple navigation, seamless customer experience, live reports, and parking enforcement options are anticipated to fuel the demand for parking management.

Gather more insights about the market drivers, restrains and growth of the Global Parking Management market

Parking Management Market Segments Highlights:

The parking reservation segment is anticipated to witness significant growth during the forecast period. This growth can be attributed to the rising demand for parking reservation solutions (valet parking management solutions, access control, and slot management) to get information about available parking spaces through continuous monitoring
The support and maintenance segment held a significant market share in 2022. The segment also includes software and equipment, which requires preventive maintenance to avoid downtime and ensure that systems run as smoothly as when it was first installed. These capabilities will supplement the growth of the segment during the forecast period
The cloud segment is anticipated to register considerable growth over the forecast period. The segment growth can be attributed to the increasing adoption of cloud-based solutions by parking management companies, zero maintenance cost, and flexible payment options
The off-street segment accounts for the largest market share in 2022. The growing use of mobile applications, better payment, and checking ticket solutions for parking assistance is expected to drive the growth of the segment during the forecast period
The government segment accounts for the largest market share in 2022 due to the increasing government investments in implementing smart city development projects. Additionally, parking management vendors, technology providers, and consultants have aggressively started simulating innovative solutions based on conceptual modules for the designing and development of urban infrastructure

Parking Management Market Report Segmentation

Grand View Research has segmented the global parking management market based on solution, service, deployment, parking site, off-street parking site, application, and region:

Parking Management Solution Outlook (Revenue, USD Million, 2018 - 2030)

Access Control
Security & Surveillance
Revenue Management
Parking Reservation Management
Valet Parking Management
Others

Parking Management Service Outlook (Revenue, USD Million, 2018 - 2030)

Consulting Services
System Integration and Deployment
Support and Maintenance

Parking Management Deployment Outlook (Revenue, USD Million, 2018 - 2030)

Cloud
On-premise

Parking Management Parking Site Outlook (Revenue, USD Million, 2018 - 2030)

On-street
Off-street

Parking Management Off-street Parking Site Outlook (Revenue, USD Million, 2018 - 2030)

Garage Parking
Lot Parking

Parking Management Application Outlook (Revenue, USD Million, 2018 - 2030)

Transport Transit
Commercial
Government

Parking Management Regional Outlook (Revenue, USD Million, 2018 - 2030)

North America
- US
- Canada
- Mexico
Europe
- UK
- Germany
Asia Pacific
- China
- India
- Japan
South America
- Brazil
MEA

Key Companies & Market Share Insights

Market players are observed to invest resources in research & development activities to support growth and enhance their internal business operations. Companies can be seen engaging in mergers & acquisitions and partnerships to further upgrade their products and gain a competitive advantage in the market. Moreover, governments are taking various initiatives to solve the problem of traffic congestion across the cities, and many private players are expanding their geographical presence to gain more market share.

Key Parking Management Company Insights