Global Parking Management Market Booming at Significant CAGR of 12.4% to Touch USD 10.1 Billion by 2029

Published | 21 November 2023

Global parking management market is flourishing because of the rising urbanization and traffic congestion and increasing demand for convenient and efficient parking solutions.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global parking management market size at USD 4.5 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global parking management market size to grow at a significant CAGR of 12.4% reaching a value of USD 10.1 billion by 2029. Major growth drivers for the global parking management market include the rising number of vehicles worldwide and increasing demand for effective traffic management in smart city development. Technological innovations, such as IoT, parking sensors, and digital payment methods are further boosting the market. Companies are focusing on improving customer experiences and gaining a competitive edge through convenient parking solutions. Real-time data and analytics are aiding organizations in smartly allocating parking spaces, reducing administrative costs, and enhancing access control. Notably, in November 2022, Robert Bosch GmbH collaborated with Mercedes-Benz to introduce automated self-parking software, enabling vehicles to park independently at Stuttgart Airport. Parking management is cost-effective, cutting down search times and traffic congestion. The growing use of electric vehicles necessitates parking management at charging stations. The customization and reservation of parking spaces based on company guidelines and staff needs are gaining importance. The market is shifting from hardware-based solutions to digital ones, with office-centric parking solutions witnessing significant growth due to their space optimization capabilities. However, high cost of implementation and complexity of parking management solutions are anticipated to restrain the overall market growth during the forecast period.

Global Parking Management Market – Overview

The global parking management market refers to the industry focused on providing solutions and technologies for efficiently managing and optimizing parking spaces and facilities on a worldwide scale. The market encompasses various tools and systems, such as parking sensors, real-time data analytics, mobile applications, and automation, to enhance the overall parking experience for both vehicle owners and operators. It addresses the challenges of urban congestion, traffic management, and the growing need for convenient and cost-effective parking solutions in the context of smart city development. The market also includes solutions for electric vehicle charging and aims to streamline parking operations, reduce search times, and improve resource utilization while accommodating the increasing number of vehicles and the transition to sustainable transportation options.

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Impact of COVID-19 on Global Parking Management Market

COVID-19 pandemic adversely affected the global parking management market. With lockdowns, travel restrictions, and work-from-home arrangements, there was a significant reduction in vehicle traffic, leading to decreased demand for parking services. Parking revenues for businesses and municipalities plummeted as fewer people used parking facilities. Moreover, the pandemic accelerated the adoption of touchless and contactless parking solutions to reduce the risk of virus transmission. As the world gradually recovers, the market is adapting by focusing on smart and automated parking solutions that cater to changing consumer preferences and safety concerns, with an emphasis on digitization, contactless payments, and real-time space availability information.

Global Parking Management Market – By Application

Based on application, the global parking management market is divided into Transport Transit, Government, and Commercial Parking segments. The government segment holds the highest share in the global parking management market by application. It can be attributed to its pivotal role in urban planning, traffic management, and city infrastructure. Government authorities are instrumental in implementing parking regulations, optimizing city layouts, and investing in advanced parking technologies. They have a direct interest in addressing congestion, reducing environmental impact, and enhancing public safety. As a result, governments are often at the forefront of adopting comprehensive parking management solutions, including smart parking systems, digital payment options, and real-time data analytics, to improve the overall urban living experience and promote sustainable transportation.

Competitive Landscape

Major players operating in the global parking management market include 3M Company, Amano Corporation, Cubic Corporation, FlashParking Inc. (Arrive Mobility Inc.), Infocomm Group LLC, International Business Machines Corporation, Passport Labs Inc., Q-Free ASA, Robert Bosch GmbH, SAP SE, Siemens AG, Ta2 Systems Inc. (Verra Mobility), DELOPT, Bond Traffic Solutions, and TIBA Parking. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Parking Management Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Parking Management Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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