PUBLISHER: The Business Research Company | PRODUCT CODE: 1252717
PUBLISHER: The Business Research Company | PRODUCT CODE: 1252717
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“Parking Management Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on parking management market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for parking management? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The parking management market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Major players in the parking management market are: Amano corporation, FlashParking, Inrix Inc., ParkMobile LLC, Passport Labs Inc., Q-Free ASA, Siemens AG, Streetline Inc., T2 Systems Inc., Tiba Parking LLC, IBM Corporation, APCOA Parking Ltd., Robert Bosch GmbH, IPS Group Inc., Smart Parking Ltd., SKIDATA AG, and Cleverciti Systems GmbH.
The global parking management market grew from $3.31 billion in 2022 to $3.64 billion in 2023 at a compound annual growth rate (CAGR) of 9.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The parking management market is expected to grow to $5.24 billion in 2027 at a CAGR of 9.5%.
The parking management market includes revenues earned by entities by providing services to users of parking facilities and enhancing parking facility design. 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.
Parking management refers to solution and service systems focused on managing and using parking sources effectively and efficiently, providing simple parking tactics to the authorities to meet the requirements of controlled parking, and aiding in the reduction of long-waiting times and costs through advanced technologies.
North America was the largest region in the parking management market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the parking management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main type of parking sites in parking management is on-street and off-street. On-street parking management refers to a parking management solution for an on-street parking site focused on the parking spaces within a designated area on the street. The main parking management solutions include access control, security management, revenue management, parking reservation management, valet parking management, and others. These parking management solutions are widely used by transport transit, commercial, and government entities.
The increasing demand for optimal parking space utilization across the globe is driving the growth of the parking management market. In the current era, an increase in vehicles results in the mismanagement of parking spaces across the globe. The authorities operating parking spaces are increasingly investing in advanced parking management solutions for optimal business performance and error-free operations. For instance, in August 2022, Parking Network, a Netherlands-based statistical company, stated that, in large centers and non-residential regions, between 50 and 70% of the land is set aside for parking, compared to an average of 35% in residential areas across the globe, whereas there are 8 parking places available for every vehicle in the US. Therefore, the growing demand for optimum utilization of parking spaces is expected to boost demand for parking management systems during the forecast period.
The growing automation of services is a key trend that is gaining popularity in the parking management market. Automated services help to solve parking-space conundrums while reducing the land use for parking and maximizing space usage efficiency without a human intervention system navigating the parking space and parking the vehicle. For instance, In June 2020, TATA ELXSI, an Indian-based provider of design and technology services across automotive, broadcast, communications, healthcare, and transportation developed two smart auto-parking solutions named Park By Memory and Parking Slot Detection, which help drivers save time and make hassle-free parking with the help of machine learning, automation, and data collection.
In November 2021, Verra Mobility Corporation, a US-based smart mobility company, acquired T2 Systems, Inc., for $21 million. This acquisition rounds out Verra's urban transportation technology portfolio, allowing us to maintain revenue growth while expanding our client base and providing streamlined transportation solutions to improve the customer experience and service reach to North America. T2 Systems, Inc., is a US-based parking management solution provider that pioneers in parking, mobility, and transportation systems in North America.
The countries covered in the parking management market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
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.
The parking management market research report is one of a series of new reports from The Business Research Company that provides parking management market statistics, including parking management industry global market size, regional shares, competitors with a parking management market share, detailed parking management market segments, market trends and opportunities, and any further data you may need to thrive in the parking management industry. This parking management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.