Parking Management Market | Global Industry is estimated to grow at a CAGR of 12% by Forecast to 2023

“Parking Management Market”
Global Parking Management Market, By Component (Software, Service), Parking Site Type (Off Street Parking, On Street Parking) –Forecast 2023

Market Highlights:

Parking management aims towards the optimization of parking resources. It employs various plans & strategies to meet its objectives. Escalating industrialization across metropolitan regions has resulted in more vehicles, propelling the demand for parking management. Primary drivers of the parking management industry are rising concerns about parking & focus on smooth traffic-flow. Concerns on safety & connectivity also drive the market.

The industry is projected around USD 7.1 billion by 2023. It should expand at 12 percent CAGR from 2017 to 2023 (forecast period.) Across the globe, the number of vehicles has multiplied, leading to the shortage of parking lots. This has furthered the growth of advanced & efficient parking systems. Today’s innovative systems emphasize on the convenience of drivers, rendering business operations simple & automatic.

Parking Management Market generates profits for the owners of parking-sites and lowers connectivity & hardware costs. Hence, smooth traffic-flow and good profit generation are the key factors, propelling the usage of these systems. However, the price-sensitivities of parking-lot workers act as a hindrance for the market. Parking management has multiple prospects in smart cities & regional economies.

Target Audiences and Worldwide Players:

The target audiences of this worldwide market are integrated device manufacturers, technology investors, governmental agencies, research/consultancy companies, cloud service providers, and others. Deeper penetration across these audiences should also propel the market. Some of the industry participants encompass Siemens AG, Cubic Corporation, INDIGO, AMANO Corporation, etc.      

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Market Segments   :

The global parking management industry is fragmented on account of solutions, parking sites, end-users, services, and geographical regions. Solutions comprise safety & surveillance, access control, valet parking management, parking slot management & guidance, parking sales & fee management, and others. Parking sales & fee management occupied about 28 percent shares in 2015. The same is anticipated to witness the fastest growth over the forecast period. It is mainly used for profit-generation.

On the basis of parking sites, the market is divided into off-street and on-street. Enhanced payment & ticketing schemes for assistive & guided systems produce added sales for off-street sites. The said systems are advantageous for both long and short-term consumers. Off-street captured over 70 percent shares in 2015 and could maintain lead till 2023. On-street sites contributed over 25 percent of the overall shares in 2015. They are predicted to grow further owing to higher mobile adoption for enabling consumers with monitoring ‘real-time’ space-availability.

As far as end-users are concerned, the industry is categorized into commercial, transport transit, and government. Government occupied around 60 percent of the total shares in 2015. Demand for clean, safe, and effective public parking in cities produces the need for advanced services across government solutions. Expansion across smart-cities has driven connected and intelligent solutions. Commercial produced more than 29 percent shares in 2015. It is estimated to undergo huge growth from 2017 to 2023.

Services of the worldwide parking management market comprise hardware, software, and others. Wide usage of analytic solutions and guidance systems for better management can raise global sales in the near future. Software held nearly 26 percent shares in 2015. It can grow substantially till 2023.

Geographies into which the parking management industry is fragmented, include Europe, Asia Pacific, North America, and Rest of the World. It has been reported that North America will register the largest sales and Asia Pacific the fastest growth rate during the forecast period. North America’s key expansion would result from its novel technologies and timely usage of parking management. EU guidelines for decreasing the levels of ‘ecological contamination’ have positively affected the demand for parking management systems in European nations.

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High-Tech Products & Services:

The future of parking management is likely to be heavily influenced by the advent of automated vehicles. Different cities around the globe have begun to experiment with specialized AV parking lots, self-parking vehicles, and robotic parking valets. For instance, ‘ParkPlus,’ a Colorado-based company, is on its way towards deploying fully-mechanized parking garages.  

The firm’s mechanized system employs lasers to check vehicles and robotic valets for convenient vehicle-parking.

Vehicles are moved from one place to another by robotic dollies that lift and transport them to storage shelves. The adoption of this system has led to the parking as many as four times the number of cars within the same space as a conventional garage. Smart city leaders have come to terms with the fact that smart-parking infrastructure can help future cars to park themselves.       

Table of Contents

1          Market Introduction

1.1       Introduction   

1.2       Scope of Study

1.2.1    Research Objective

1.2.2    Assumptions

1.2.3    Limitations

1.3       Market Structure

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