According to our latest market study on “Parking Management Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Parking site, Solution, Services, and Deployment Type,” market is expected to grow from US$ 32,221.73 million in 2021 to US$ 45,125.82 million by 2028; it is estimated to grow at a CAGR of 4.9% during 2021–2028.
Strategic Insights
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Report Coverage |
Details |
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Market Size Value in |
US$ 32,221.73 Million in 2021 |
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Market Size Value by |
US$ 45,125.82 Million by 2028 |
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Growth rate |
CAGR of 4.9% from 2021-2028 |
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Forecast Period |
2021-2028 |
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Base Year |
2021 |
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No. of Pages |
177 |
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No. Tables |
109 |
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No. of Charts & Figures |
87 |
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Historical data available |
Yes |
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Segments covered |
Parking Site , Solutions , Services , Deployment |
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Regional scope |
North America; Europe; Asia Pacific; Latin America; MEA |
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Country scope |
US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
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Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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The global automotive industry is experiencing huge demand for vehicles, which is expected to further increase exponentially year on year. The number of vehicles from every class is constantly rising in developed regions and developing regions. According to Organization Internationale des Constructeurs d’Automobiles (OICA), a total number of vehicles sold in 2020 accounted for almost 77 Mn, as compared to 90 Mn in 2019, this drop in number of vehicles sold is due to COVID-19 impact. Out of 77 Mn vehicles sold, the passenger car segment accounted for 53 million, and the rest 24 million recorded for commercial vehicles.
According to the latest situation report from the World Health Organization (WHO), the US, Spain, Italy, France, Germany, the UK, Russia, Turkey, Brazil, Iran, and China are among the worst-affected countries due to the COVID-19 pandemic. In 2020, the world economy suffered significant consequences, and the effects are expected to endure to some extent. The outbreak has led to disruptions in primary industries including electronics, semiconductor, and automotive. A sharp decline in the growth of mentioned industries is limiting the Parking Management market growth. Factory shutdowns, travel and trade bans, and border lockdowns to combat and contain the infection have impacted the working of many commercial and corporate buildings across the world.
Impact of COVID-19 Pandemic on Parking Management Market
The COVID-19 pandemic has shaken several industries across the world. The lockdown hindered the operations of various industries, including manufacturing and IT. However, essential industries such as fast-moving consumer goods (FMCG) and pharmaceutical had to continue their operations. The outbreak has led to disruptions in primary industries including electronics, semiconductor, and automotive. A sharp decline in the growth of mentioned industries is limiting the Parking Management market growth. Factory shutdowns, travel and trade bans, and border lockdowns to combat and contain the infection have impacted the working of many commercial and corporate buildings across the world.
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Parking Management Market: Solutions
Based on solution, the parking management market is segmented into parking guidance solutions, parking reservation solutions, parking security & surveillance solutions, and others. In 2020, the others segment led the parking management market and accounted for the largest market share.
Parking Management Market: Services
Based on services, the parking management market is segmented into managed services and professional services. In 2020, the managed services segment led the parking management market and accounted for a larger market share.
Parking Management Market: Deployment
Based on Deployment, the parking management market is segmented into cloud and on-premise. In 2020, the on-premise segment led the parking management market and accounted for a larger market share.
Parking Management Market: Competitive Landscape and Key Developments
Indigo Parking Service, Streetline, Flowbird Group, Parkmobile, TIBA Parking, Smart Parking Limited, T2 Systems, Swarco, Passport Inc., and Siemens AG are among the key players in the global Parking Management market. The leading companies focus on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.
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- In August 2021, T2 Systems’ Mobile Enforcement Software (MEA), a citation issuance app for iPhones, iPads, and Android tablets, now interacts with Genetec’s AutoVu automated licence plate recognition (ALPR) system, giving parking operations a mobile LPR-based enforcement solution.
- In August 2021, ParkMobile, the #1 mobile parking app in the U.S. has announced today a new strategic partnership agreement with TIBA Parking Systems, a member of the FAAC group – the largest manufacturer of Parking Management Systems in North America, to provide contactless payment options at gated garage locations.
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