According to a report by Grand View Research, Inc., global parking management market is projected to value USD 8,438.4 million by 2024. Growing number of vehicles owing to increasing number of population coupled with traffic congestion on roads are anticipated to propel demand for parking management. It is likely to offer advanced parking solutions integrated with latest technologies.
High demand for effective parking methods to reduce automobile emissions and fuel consumption can influence growth of market. In addition, provision of advanced features such as auto-payment options, handicapped parking, and voice guidance can also stimulate market growth in the forthcoming years. Moreover, ability to resolve traffic congestion and parking related problems can further influence demand for parking management during the forecast period (2014 to 2024).
The parking management market can be segregated on the basis of application, parking site, component, solution, and region. Based on application, the market can be classified into government, transport transit, and commercial. In 2016, the government segment dominated the market and accounted for 59.7% market share. This includes parking facilities and on-street parking. Rising number of smart city projects and lower costs of implementation can drive market growth. In addition, increasing in urban population can also lead to problems such as traffic congestion in cities, which can further influence growth of market in the coming years.
On the contrary, the commercial segment is expected to display substantial growth with CAGR of 10.4% during the forecast period. This includes universities, parking garages, large retail, and venue parking slots. Integration of guidance systems, analytics, and background application tools is estimated to stimulate demand for commercial parking facilities.
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Based on parking site, the market can be bifurcated into off-street and on-street. Off-street parking segment is dominating the market and can continue its dominance over the forecast period too. Additional costs pertaining to maintenance, security, transit, collection of fees, and customer service can lead to revenue generation through off-street parking. In addition, growing implementation of smart city projects can also fuel the growth of this segment. In 2015, off-street parking segment was valued at USD 2934.3 million.
However, off-street parking segment is anticipated to grow at CAGR of 10.7% during the forecast period due to high investment in urban areas to resolve parking problems. On-street parking is likely to require sensors, parking meters, and painting of signage and low construction time required to build such systems. In addition, cost of construction is also expected to be low in comparison to off-street parking.
Based on component, the market can be segmented into software, hardware, and service. These components are likely to be supplied by multiple resources such as system manufacturers, raw material and component suppliers, professional service providers, and system integrators. Hardware segment is expected to account for maximum revenue share importance of various hardware components such as parking meter, wireless sensors, and others. However, services segment can grow well at CAGR of 10.4% during the forecast period. It can include deployment & customization, consulting services, and maintenance & support.
Based on solution, the market can be divided into security and surveillance, access control, valet parking management, revenue management, parking reservation management, and others. Revenue management and parking reservation management segments are expected to dominate the market in the forthcoming years. Provision of advanced parking management systems offering economic, social, and environmental benefits can lead to demand for such solutions.
In addition, the security and surveillance segment can also be considered as important factor behind increasing adoption of parking management. Growing concerns regarding safety and security among end-users is estimated to fuel demand for such solutions. This segment is expected to witness substantial growth at CAGR of 10.1% during the forecast period.
Geographically, the market is fragmented into Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa. In North America, the market is expected to display significant growth during the forecast period owing to rising number of car users in the region. The regional market is dominated by the U.S. In addition, inclination of end-users towards service-based offerings coupled with increasing traffic problems can augment market growth in the region.
In Europe, the market is anticipated to grow well at a CAGR of 7.6% over the forecast period.
In Asia Pacific, the market is estimated to witness substantial growth in the forthcoming years with parking management used in tackling increasing population growth problems in developing countries such as India and China. In additions, huge investments in smart city projects in developing countries can influence growth of the market in this region.
Some of the leading companies offering parking management are IBM Corporation, Cubic Corporation, M Company, Amano Corporation, and Siemens AG.
View press release of this research report by Grand View Research:
www.grandviewresearch.com/press-release/global-parking-management-market
About Grand View Research
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