Through 2034, the parking management market is expected to grow at a compound annual growth rate (CAGR) of 7.4%. From USD 2.9 billion in 2019 to USD 4.1 billion in 2023, the market’s net value grew. In 2024, the market is projected to be worth USD4.4 billion. By 2034, the need for parking management solutions is projected to reach USD9.1 billion.
Rapid urbanization and a rise in the number of people owning personal vehicles are the main causes of the parking management industry’s increasing profitability. The need for effective urban parking management services is rising as a result of smart city initiatives in both developed and emerging nations.
Connected parking technologies and IoT integration at parking facilities have made the environment conducive for automated parking systems in many countries. The advent of mobile parking applications and contactless parking payment unified codes is anticipated to further fuel the market in the coming days.
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“As sales of EVs are growing rapidly, electric vehicle parking facilities with charging stations present a lucrative opportunity for market players. Likewise, combining GPS navigation apps for finding parking spots and multi-level parking facilities is expected to modernize the business landscape,” opines Sudip Saha, managing director at Future Market Insights (FMI) analyst.
Key Takeaways from the Parking Management Market Study Report
- The United States parking management system market is projected to grow at a CAGR of 7.6% from 2024 to 2034.
- In Europe, the United Kingdom market is poised to thrive at a CAGR of 7.9% through 2034.
- China is the leading country in the adoption of parking management solutions in Asia and is poised to progress at an 8% CAGR through 2034.
- The market in Japan is expected to witness a significant growth rate of 9% over the projected years.
- South Korea is another remarkably growing market in Asia that is anticipated to advance at an 8.4% CAGR during the forecast years.
Competitive Landscape
The overall market is getting competitive gradually with the franchised expansion of some leading enterprises in recent years. However, the location-specific nature of this sector leaves enough room for the emergence of new parking service providers in developing economies and expanding cities.
Recent Developments in the Parking Management Industry Players
- In February 2023, Parqour released its all-in-one parking management system that enables consumers to park and make contactless payments. It uses 99.6% accurate license plate recognition technology to streamline the parking experience for its clients, making vehicle parking more effortless. In addition, the firm has adopted a business model to provide smart parking as a service, upgrading clients’ parking infrastructure with hardware and software in exchange for a cut of future parking income.
- In March 2022, WPS introduced a new open and adaptable parking solution at the Intertraffic 2022 event in Amsterdam. WPS is a leading parking management solution provider that aims to maximize legacy investment, improve the customer journey, and pave the way for emerging technologies. Its new cloud-based platform enables the integration of new and old equipment, including its own and third-party technologies, software applications, and operator services, to create a seamless parking solution.
Key Companies Profiled
- Amano
- Atos
- Bosch Group
- Chetu
- CivicSmart
- FlashParking
Key Segments Covered by Parking Management Industry Survey Report
By Solution Type:
- Access Control
- Security & Surveillance
- Revenue Management
- Parking Reservation Management
- Valet Parking Management
- Other Solutions
By Service Type:
- Consulting Services
- System Integration and Deployment
- Support and Maintenance
- Other Services
By Deployment Type:
- Cloud
- On-premise
By Parking Site:
- On-street
- Off-street
By Off-street Parking Site:
- Garage Parking
- Lot Parking
By Application:
- Transport Transit
- Commercial
- Government
- Other Applications
By Region:
- North America Market
- Latin America Market
- Europe Market
- East Asia Market
- South Asia and Pacific Market
- Middle East and Africa (MEA) Market
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries. Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.
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