Parking Lots and Garages Market Report 2026

The parking lots and garages market size has grown steadily in recent years. It will grow from $93.99 billion in 2025 to $97.33 billion in 2026 at a compound annual growth rate (CAGR) of 3.6%. The growth in the historic period can be attributed to rapid urbanization growth, rising vehicle ownership, increasing congestion in urban areas, expansion of commercial and public infrastructure, rising need for managed parking services.

The parking lots and garages market size is expected to see steady growth in the next few years. It will grow to $112.5 billion in 2030 at a compound annual growth rate (CAGR) of 3.7%. The growth in the forecast period can be attributed to increasing development of structured parking facilities, rising demand for secure long duration parking, growing expansion of transport hubs, increasing dependency on organized parking management, expansion of premium and commercial parking services. Major trends in the forecast period include growing demand for organized parking infrastructure, increasing dependence on paid parking facilities, rising requirement for secure vehicle parking spaces, increasing utilization of managed parking solutions, growing shift toward structured urban parking management.

Rapid urbanization is expected to support the growth of the parking lots and garages market during the forecast period. Urbanization refers to the movement of people from rural areas to urban centers, leading to a reduction in the proportion of the population living in rural regions. As the global population becomes increasingly urban, more people are relocating to cities. Urban areas are typically densely populated and often face limited parking availability, which further increases the demand for parking lots and garages. For example, in 2023, according to data from the World Health Organization, a Switzerland-based specialized agency, the share of the global population living in urban areas is projected to reach 68% by 2050. Consequently, the expansion of the urban population is expected to drive demand for parking lots and garages.

Major companies operating in the parking lots and garages market are concentrating on developing technologically advanced solutions, such as driverless parking technologies, to address key industry requirements. For instance, in January 2023, Bosch, a Germany-based technology and services company, partnered with APCOA, a parking management firm, to introduce an advanced driverless parking solution in Germany. This initiative extended the deployment of highly automated valet parking (AVP) technology to 15 additional parking garages across the country, following a successful rollout at Stuttgart Airport’s P6 garage. The system enables vehicles to park autonomously using sophisticated sensors and algorithms, allowing drivers to leave their vehicles at a designated drop-off zone and initiate the parking process through a mobile application.

In March 2025, Smart Parking Limited, an Australia-based parking technology and services company, acquired Peak Parking LP for an undisclosed amount. Through this acquisition, Smart Parking aims to expand its operations into the United States by leveraging its proprietary parking technologies to enhance service offerings and accelerate growth in the world’s largest parking services market. Peak Parking LP is a US-based boutique parking operator that provides a wide range of parking services, including garage management, valet services, special event parking, and parking consultancy, across 134 locations in six states.

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., SP Plus Corporation, NIPPON PARKING DEVELOPMENT Co., Ltd., Wilson Parking, Diamond Parking, TPS Parking, Park'N Fly, The Toronto Parking Authority (TPA), COPEMSA, Mawarid Company, Earadat Transport, Makani Parking, Saudi Premier Parking, Kenya Airport Parking Service, Junction Mall Parking Hall.

North America was the largest region in the parking lots and garages market in 2025. 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, South East Asia, 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, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

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.

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