Parking Management Market Growth & Trends
The global parking management market size is expected to reach USD 10.14 billion by 2030, expanding at a CAGR of 11.1% from 2022 to 2030, according to a new report by Grand View Research, Inc. Growing demand for smart parking sensors, increasing need for parking spaces, and favorable government initiatives are some of the factors contributing to the market growth. Smart technologies are experiencing tremendous growth in the parking management system, including parking guidance systems, automated parking, and parking reservation systems. In addition to these technologies, the demand for security and safety of parked vehicles is also increasing rapidly among vehicle owners, which is propelling the procurement of a parking surveillance system. This will create a substantial market space for parking management companies to grow over the years.
Several car park mobile applications have included the feature to reserve a vehicle park space and make payments through mobile wallets. It allows users to save meaningful time spent searching for vacant spaces and provides parking enforcement options, such as adding remote parking spaces and providing parking information to users. For instance, in December 2021, T2 Systems, a parking management solutions provider, implemented T2Mobile Pay, a browser-based parking solution, in Houston City Center, so that the visitors could pay for parking quickly and easily on their mobile phones using this solution. This solution will increase mobile payment adoption and customer satisfaction. These features are anticipated to further increase the demand for parking management solutions over the forecast period.
The increasing availability of integrated automated solutions and advancements in wireless technology are anticipated to drive the adoption of parking management solutions. Moreover, parking management systems aid in increasing mobility in cities and offer a dependable revenue model. These systems use data analytics, wireless communication technology, and sensors to address parking issues in cities and metros. Furthermore, these solutions can be used to locate available parking spaces with the help of sensors and mobile applications, thereby saving customers time and minimizing the waste of fuel spent looking for available parking spaces.
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Parking Management Market Report
Parking Management Market Report Highlights
- The parking reservation segment is anticipated to witness a significant growth of a CAGR of 12.6% during the forecast period due to the rising demand for parking reservation solutions (valet parking management solutions, access control, and slot management) to get information about available parking space by continuous monitoring.
- The support and maintenance segment held a market share of over 40% in 2021. The segment also includes software and equipment, which requires preventive maintenance to avoid downtime and ensure that systems running 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 of a CAGR of 11.7% 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.
- The off-street segment accounts for the largest market share of over 70% in 2021. The growing use of mobile applications, better payment, and checking tickets 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 of over 55% in 2021 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.
- The Asia Pacific regional market is expected to reach USD 2,186.0 million by 2030. The regional market growth can be attributed to the rising government expenditures on developing smart cities and the rising number of individuals migrating toward popular cities for better opportunities. Hence, there is a huge requirement for an efficient and effective parking infrastructure in the era of the aggressive rise in the number of vehicles across the region.
