Global Parking Management Market Revenue To Record Stable Growth Through 2027

“Global parking management industry size is expected to surpass $6 billion by 2027, suggests a Global Market Insights, Inc. report”

Car parking management has continued to function as a set of solid strategies that optimize parking space through the delivery of real-time information to improve security and privacy. The rapid increase in urbanization, along with the persistent focus on achieving smart city standards, are major factors proliferating the development of smart parking management solutions.

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The escalating rate of accidents at parking lots and the high emphasis of vehicle manufacturers on increasing their fleets are some of the key drivers pushing parking management market growth. According to a report from CBS News, nearly 20% of car accidents occur in parking lots. This accounts for over 50,000 of all car accidents, hundreds of deaths, and thousands of injuries per year. These unfavorable prospects are prompting law enforcement agencies to enforce new regulations to ensure fair access to parking and expedite the flow of vehicular traffic, in turn driving up the need for efficient parking management solutions considerably.

Rapid integration of smart city concepts

Parking maintenance services are increasingly gaining momentum, as government organizations are becoming increasingly cognizant about the risks of parking lot pitfalls such as cracks and potholes, especially to older adults. As per GMI's statistics, the maintenance segment held nearly 15% share in the parking management market in 2020.

One of the key targets of the maintenance team is the preservation of the parking area pavements, which is considered a necessity for facility managers and building owners. According to DB Krieg, parking lots that are seal-coated every 3-5 years and have cracks filled annually may last for 30 years without replacement.

Amid the burgeoning deployment of smart city concepts, some cities have already introduced smart parking systems to bring more benefits to citizens. Parking service operators can team up with transport operators and other agents to create a smart city environment. Such favorable growth prospects will drive the adoption of parking management systems across the transportation sector to help predict future road load and develop a hyper-personalized experience.

Mounting investment in COVID-19 recovery plan in the EU

The outbreak of COVID-19 has resulted in economic crises across multiple industries and economies worldwide. As per the National League of Cities report, average revenues of above 900 surveyed cities in the U.S. declined by 21% in 2020, along with increased expenditures of 17%. This has led to a combined budget gap of around $90 billion.

However, parking management has emerged to be a key tool in boosting revenue streams of cities to fund critical recovery priorities, as well as achieving public and community policy goals. Several active parking management strategies are also being deployed in regions including California and New York, positioning the country as the key parking management industry hub over the coming years. One of the key reasons behind the regional service expansion is the strong focus on various projects to boost access to parking spaces. Citing an instance, Platri IT commenced a software development project for Parkobility, a parking management system, designed to simplify the access of drivers in small and large cities in the U.S. to spaces in parking lots.

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Other economies are also making a significant investment in COVID-19 recovery plans, which ties-in with the global efforts being made to establish smart city concepts worldwide. For example, the EU announced plans to invest around $847 billion in a recovery plan known as NextGenerationEU, while London and 5 other cities in Europe also invested nearly $282 million in smart technologies via the Sharing Cities program to scale the adoption of smart technology. Developments such as these, along with the growing urbanization, are offering a positive outlook for smart city projects even during the pandemic which, in turn, will push parking management market demand significantly over the years ahead.

Partial Chapter of the Table of Content

Chapter 4 Competitive Landscape,

4.1 Introduction

4.2 Competitive analysis of key market players

4.2.1 AMANCO Corporation

4.2.2 APCOA Parking AG

4.2.3 INDIGO Group

4.2.4 IPS Group

4.2.5 Robert Bosch GmbH

4.2.6 Siemens AG

4.2.7 T2 Systems, Inc.

4.3 Competitive analysis of other key market players

4.3.1 SKIDATA GmbH

4.3.2 Passport Labs, Inc.

4.3.3 Smart Parking Limited

4.3.4 TIBA Parking Systems

Chapter 5 Parking Management Market, By Component

5.1 Parking management market share, by component, 2020 & 2027

5.2 Solution

5.2.1 Market estimates and forecast, 2017 – 2027

5.2.2 Access control

5.2.2.1 Market estimates and forecast, 2017 – 2027

5.2.3 Security & surveillance

5.2.3.1 Market estimates and forecast, 2017 – 2027

5.2.4 Revenue management

5.2.4.1 Market estimates and forecast, 2017 – 2027

5.2.5 Reservation management

5.2.5.1 Market estimates and forecast, 2017 – 2027

5.2.6 Parking analytics

5.2.6.1 Market estimates and forecast, 2017 – 2027

5.2.7 Others

5.2.7.1 Market estimates and forecast, 2017 – 2027

5.3 Service

5.3.1 Market estimates and forecast, 2017 – 2027

5.3.2 Consulting

5.3.2.1 Market estimates and forecast, 2017 – 2027

5.3.3 Maintenance

5.3.3.1 Market estimates and forecast, 2017 – 2027

5.3.4 Training

5.3.4.1 Market estimates and forecast, 2017 – 2027

Chapter 6 Parking Management Market, By Parking Site

6.1 Parking management market share, parking site, 2020 & 2027

6.2 On-street parking

6.2.1 Market estimates and forecast, 2017 – 2027

6.3 Off-street parking

6.3.1 Market estimates and forecast, 2017 – 2027

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