Parking Lots and Garages Global Market Report 2024

The parking lots and garages market size has grown steadily in recent years. It will grow from $98.45 billion in 2023 to $102.35 billion in 2024 at a compound annual growth rate (CAGR) of 4.0%. The historical period's growth can be ascribed to insufficient parking availability resulting from the increasing number of motor vehicles, rapid urbanization, the global population's growth, and robust economic expansion in emerging markets.

The parking lots and garages market size is expected to see steady growth in the next few years. It will grow to $119.91 billion in 2028 at a compound annual growth rate (CAGR) of 4.0%. The anticipated growth in the forecast period can be attributed to the increasing global number of vehicles and the heightened investment in parking lot and garage companies. Key trends expected during this period include a surge in mergers and acquisitions, partnerships, collaborations, and a focus on wireless smart parking sensors.

The global parking lots and garages market is expected to be driven by the inadequacy of parking spaces due to the increasing use of motor vehicles in developing economies. The liberalization of the market has led to a significant surge in the transportation sector, enhancing operational efficiency but also resulting in heightened traffic congestion in urban areas. For example, in India, research published by the Journal of Traffic and Transportation Engineering indicates that during peak times, parking-related traffic can constitute 30%–50% of total traffic. Commuters in Indian cities spend over 80 hours annually searching for parking spaces due to the limited availability amid the growing vehicle population. The imbalance between parking supply and demand, attributed to the escalating use of vehicles in developing economies, is a key factor propelling the growth of the parking lots and garages market.

Rapid urbanization is expected to further contribute to the growth of the parking lots and garages market in the forecast period. Urbanization, characterized by the shift of the population from rural to urban areas, results in increased density and limited parking space in cities. As the world experiences ongoing urbanization, the demand for parking lots and garages continues to rise. For instance, global urban population data from the World Health Organization indicates that by 2050, an estimated 68% of the global population will be living in urban areas. This growth in the urban population is anticipated to drive the demand for parking lots and garages, particularly in the context of the increasing adoption of electric vehicles.

An emerging trend in the global parking lots and garages market is the adoption of wireless smart parking sensors for detecting parking space occupancy. The Parking Lot Sensor (PLS) is designed to sense and record the occupancy status of parking spaces, facilitating active management functions such as search, navigation, and reservation within parking lots. These sensors contribute to the effective administration of parking spaces in urban areas. For instance, BOSCH has recently introduced a parking lot sensor that utilizes the LoRaWAN protocol for wireless communication, aiding in guided and regulated parking, thereby alleviating traffic congestion.

Key companies in the parking lots and garages market are focusing on product innovation, exemplified by the introduction of Perq, to enhance their market profitability. Perq is a pre-designed, pre-engineered, and customizable parking solution offered to customers as a product. It stands as a pioneering product that represents innovation and collaboration in the design and construction industry. In March 2021, Walker, a U.S.-based parking consulting company and engineering firm, collaborated with Swinerton, a U.S.-based general contractor, to launch Perq. This product can potentially save clients up to 10 months compared to traditional design-build deliveries, providing clients with a tailored parking solution that meets their specific needs.

In September 2022, Premium Parking successfully acquired Allpro Parking, a U.S.-based parking management company, for an undisclosed amount. This strategic acquisition aims to expand Premium Parking's presence across the Midwest and Northeast, creating the largest network of entrepreneur-led parking. Allpro Parking specializes in offering first-class valet parking services for medical facilities, hotels, and special events, with expertise in surface and structured parking management, healthcare system parking management, airport and commuter rail transportation services, and special event parking.

Major companies operating in the parking lots and garages market report are Impark Parking Corporation, LAZ Parking Ltd. LLC, Park24, Lanier Parking, ABM Industries Inc., Indigo Group SAS, Ace Parking Management Inc., Tokyo Tatemono, Sp Plus Corporation, NIPPON PARKING DEVELOPMENT Co.,Ltd., Yi Po International , Wilson Parking, Diamond Parking, TPS Parking , Sika Group , Park'N Fly, Spot Hero, The Toronto Parking Authority (TPA), EL GARAGE BELGRANO S.A, ALSE PARKING S.A, PARKING SAN TELMO S.A., Rose Concrete, Highway Department Garage, Osage Township Garage , COPEMSA, Mawarid Company, Earadat Transport, Makani Parking, Saudi Premier Parking, HUB Parking Technology South Africa, Ortym Agencies, Kenya Airport Parking Service, Junction Mall Parking Hall.

North America was the largest region in the parking lots and garages market in 2023. Asia-Pacific was the second largest region in the global parking lots and garages market share. The regions covered in the parking lots and garages market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the parking lots and garages market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The primary categories of parking lots and garages encompass airport parking and garages, events and venues (for activities such as sporting events held in stadiums), healthcare parking, hospitality parking, municipal parking, office parking, university parking, retail parking, and residential parking. An airport parking garage is a structure where individuals can leave their vehicles. Various technologies are employed, including smart parking utilizing the Internet of Things (IoT) and automation, spanning different locations such as off-street areas and streets.

The parking lots and garages market research report is one of a series of new reports that provides parking lots and garages market statistics, including parking lots and garages industry global market size, regional shares, competitors with a parking lots and garages market share, detailed parking lots and garages market segments, market trends and opportunities, and any further data you may need to thrive in the parking lots and garages industry. This parking lots and garages market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The parking lots and garages market consists of revenues earned by entities that are engaged in providing temporary parking services for motor vehicles, usually on an hourly, daily, or monthly basis. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.