Parking Management Global Market Report 2024

The parking management market size has grown strongly in recent years. It will grow from $3.54 billion in 2023 to $3.87 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The growth observed in the historical period can be attributed to urbanization and population growth, government initiatives for smart cities, concerns about traffic congestion, increased vehicle ownership, and initiatives promoting environmental sustainability.

The parking management market size is expected to see strong growth in the next few years. It will grow to $5.4 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. The anticipated growth in the forecast period can be attributed to the emergence of autonomous vehicles, the implementation of data analytics and predictive parking solutions, and compliance with regulatory policies related to parking. Major trends in the forecast period include the integration of smart technologies, advancements in payment technologies, the adoption of contactless payment systems, and a focus on environmentally sustainable parking solutions.

The increasing global demand for efficient parking space utilization is a key driver propelling the growth of the parking management market. The proliferation of vehicles in the contemporary era has led to the mismanagement of parking spaces on a global scale. To address this challenge, authorities responsible for managing parking spaces are increasingly investing in advanced parking management solutions to enhance business performance and ensure error-free operations. As of August 2022, Parking Network, a Netherlands-based statistical company, reported that in large centers and non-residential regions, between 50 and 70% of land is allocated for parking, compared to an average of 35% in residential areas worldwide. Notably, in the United States, there are eight parking places available for every vehicle. This data underscores the need for optimal utilization of parking spaces, driving the demand for parking management solutions. The growing emphasis on efficient parking space utilization is expected to fuel the demand for parking management solutions throughout the forecast period.

The anticipated surge in vehicle production is expected to be a significant driver for the growth of the parking management market in the coming years. The term "vehicles" encompasses a diverse range of conveyances or modes of transportation designed for carrying people or goods. With the continued escalation in vehicle production, effective parking management becomes increasingly critical. This is essential for creating more parking options without requiring additional land and ensuring the provision of convenient and secure parking near transportation hubs. As of May 2023, data from the European Automobile Manufacturers' Association (ACEA), a Belgium-based organization representing the automobile industry, reveals that global motor vehicle production reached 85.4 million units in 2022. This marks a substantial growth of 5.7% compared to the figures recorded in 2021. Consequently, the increasing production of vehicles stands as a driving force behind the growth of the parking management market.

Prominent companies in the parking management market are strategically focused on the development of innovative technologies, particularly in the form of parking compliance management solutions. A Parking Compliance Management Solution is a comprehensive system designed to effectively manage and enforce parking regulations and compliance within specific areas such as cities, campuses, or private facilities. A notable example is the initiative taken by Smart Parking Limited, an Australia-based company specializing in car park management solutions. In March 2021, the company launched the 'Tessera' app, utilizing the SmartCloud platform, providing an end-to-end parking management and enforcement system. The Tessera app is designed to empower city parking wardens, enabling them to conduct patrols of parking sites with increased efficiency and safety. The app's functionality includes real-time, automatic alerts triggered by in-ground sensors, notifying of parking violations such as overstaying or non-payment. This innovative solution not only enhances the operational efficiency of parking enforcement but also contributes to increased safety and improved compliance management within parking facilities. Smart Parking Limited's launch of the Tessera app exemplifies a strategic commitment to leveraging technology for efficient and intelligent parking management solutions.

Leading companies in the parking management sector are strategically focusing on the development of cutting-edge solutions, particularly in the realm of digital payment technology. Digital payment technology involves the utilization of electronic or digital methods to facilitate financial transactions, enabling individuals, businesses, and organizations to conduct payments, transfers, and other financial activities through electronic devices and online platforms. As an illustration, in October 2023, HUB Parking Technology, a prominent Italy-based manufacturer and provider of intelligent parking solutions, unveiled the 'J4Pay' application. This mobile QR-based payment solution is meticulously crafted to deliver a seamless digital consumer experience for contemporary parkers. J4Pay presents drivers with a user-friendly, transparent, and secure avenue to directly settle their parking dues using their personal mobile devices.

In November 2021, Verra Mobility Corporation, a U.S.-based smart mobility company, completed the acquisition of T2 Systems, Inc., for $21 million. This strategic move aims to complement Verra's urban transportation technology portfolio, facilitating revenue growth and an expansion of the client base. The acquisition positions Verra Mobility to provide streamlined transportation solutions, enhancing the overall customer experience and service reach across North America. T2 Systems, Inc., the acquired company, is a U.S.-based provider of parking management solutions, known for pioneering innovations in parking, mobility, and transportation systems in North America.

Major companies operating in the parking management market report are Bosch Group, Siemens AG, IBM Corporation, SAP SE, Atos SE, DEPLOT, Xerox Corporation, Globe Group Indigo, Flowbird Group, SWARCO, Amano Corporation, SKIDATA, Precise Parklink, IPS Group, Inrix Inc., Q-Free ASA, Chetu, Passport Labs Inc., SpotHero, Nex Valet LLC, FlashParking Inc., Streetline, TIBA Parking, ParkMobile LLC, T2 Systems, Get My Parking, Bond Traffic Solutions, Cleverciti Systems, Robotic Parking Systems Inc., Infocomm Group LLC.

North America was the largest region in the parking management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the parking management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the parking management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Parking management involves two main types of parking sites such as on-street and off-street. On-street parking management pertains to a solution focused on parking spaces within a designated area on the street. Key parking management solutions for on-street parking include access control, security management, revenue management, parking reservation management, valet parking management, and others. These solutions find widespread use among transport transit, commercial, and government entities, contributing to effective and organized parking facilities.

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

The parking management market includes revenues earned by entities by providing services to users of parking facilities and enhancing parking facility design. 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.