Parking Management Market Reaching $8.1 Billion by 2029

The parking management market size is predicted to grow at a CAGR of 7.4%, rising from USD 5.6 billion in 2024 to USD 8.1 billion by 2029

The increasing population density in urban areas necessitates the provision of adequate parking facilities. This commenced with the growing number of people who shifted their residences from rural to urban areas, thus increasing demand for adequate parking space since the number of vehicles on the road rose. This trend fuels the market’s need to address the increasing number of vehicle ownerships by providing sophisticated solutions to meet the demands of owners and manufacturers. Good parking discipline ensures that many available parking spaces in the cities are utilized to the maximum, hence diminishing disorderly parking drills that are common in many streets, thus enhancing the quality of life in cities.

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Parking Management Market Dynamics:

Drivers:

  • Rapid urbanization
  • Growing focus on reducing urban congestion and maximizing space use
  • Rise in motor vehicle sales
  • Proliferation of smartphones

Restraints:

  • System integration complexities
  • Regulatory hurdles

Opportunities:

  • Rising smart city initiatives globally
  • Emergence of autonomous cars
  • Demand for innovative parking management solutions

List of Key Companies in Parking Management Market:

  • Siemens (Germany)
  • Amano (Japan)
  • Group Indigo (France)
  • Bosch Group (Germany)
  • SWARCO (Austria)
  • SKIDATA (Austria)
  • Chetu (US)
  • IPS Group (US)
  • TIBA Parking Systems (Israel)
  • Precise Parklink (Canada)

The PARC solution segment contributed the largest market share in the Parking Management Market during the forecast period.

PARC stands for parking access and revenue control, and it oversees the main entrance and exit of the car parking spaces. It also deals with the payment of both the intermittent and the non-intermittent users of the road. The main advantages of access control systems are the following: manpower reduction, variable internal access, and access/restriction of more entry/exit points. Revenue management is also applied in the Parking Management Market to solve problems, including over or under-capacity, variable, and advance booking. PARC helps parking operators to recover parking charges from the users of the parking lots.

Based on region, North America holds the largest market size during the forecast period.

North America holds the maximum revenue share in the Parking Management Market. This is because of the emergence of new technologies in parking management systems and the improvement in the market relating to the provision of vehicles in the region. In February 2023, Eleven-x, a Canadian IoT company, entered into an agreement to lead a substantial smart parking project in Virginia. The initiative aims to enhance parking efficiency and accessibility for both residents and visitors. Notable ongoing parking management projects include the Smart Parking Project in Montreal, Canada; the Elizabeth River Tunnels Project and the Elgin O'Hare Western Access Project in the United States; the Johnson County Gateway Interchange Project in Kansas, United States; and the Inuvik To Tuktoyaktuk Highway Project in Canada. There are a lot of vendors operating in the North American parking management solution market. Some of them are Precise Parklink, T2 Systems, FlashParking, Passport Labs, Chetu, and Streetline.

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