Parking Management Market is expected to reach US$ 45,125.82 million by 2028

Accentuating Development of Contactless Parking System Growth Opportunities for Oil Conditioning Monitoring Market during 2021–2028

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.

The Parking Management market is broadly segmented into five major regions— North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). Asia Pacific held the largest market share in 2020, followed by Europe, North America, Middle East & Africa, and South Africa.

The parking management market is highly fragmented market with presence of significant number of players in each country coupled with multiple players with small and regional presence. The companies provide different parking management solution such as access control, ANPR, parking security & surveillance, parking reservation and valet parking, and fee enforcement among other parking management solutions. Moreover, the increasing number of registered passenger vehicles along with limited parking space availability across major cities has led to the surge in demand for efficient parking management solutions in the past few years. Subsequently, the leading end-users of parking management such as airports, government & municipals, universities, hospitals, hotels, restaurants, and commercial complexes among other end-users have witnessed significant increase in parking management requirement across major cities. In addition, among on-street parking especially in metro cities has attributed in significant collection of revenue generated through parking violation and parking fees which is effectively utilized for providing important utilities to the public. Factors such as increasing rate of infrastructure development coupled with growing purchasing power of the individuals has significantly increased the demand for improving the vehicle mobility at major popular commercial hubs in developed as well as developing countries.

With the advent of technology and precisely handling the parking space issues faced by an individual, the market players are robustly focusing on the development of contactless parking systems. The contactless parking management system facilitates the entry & exit of the vehicle without any physical contact with parking entry/exit stations. The driver does not have to push the ticket button or even touching a payment machine. The contactless intelligent parking system integrates a unique QR Coded e-ticket, which is generated at the entry station with the help of a smartphone device. This QR Coded e-ticket credential also permits the users to make an online payment at the exit station.

After the COVID-19 pandemic outbreak, the adoption of tech-driven parking solutions is emerging to efficiently fill the gap between car owners/drivers looking for safe parking spots and companies who could provide such spaces digitally and quickly. The drivers are currently discovering empty parking spots in their vicinity, book slots within a few taps in the smartphone screen, and making payments using the digital method. The contactless method offers different features that vary from monitoring payment to regulating the crowd within parking structures/lots. Owing to the COVID-19 outbreak, the businesses halted and disrupted entire economies, with social distancing becoming the new normal, which creates a massive opportunity for the market player to introduce digital and contactless solutions across automotive industries.

The parking management market is segmented on the bases of parking site, solutions, services, deployment type, and geography. Based on parking site, the global parking management market is segmented into on-street parking and off-street parking. In 2020, the off-street parking segment led the parking management market and accounted for a larger market share. 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 segment accounted for a larger share in the market. 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 segment accounted for a larger share in the market. Based on Deployment, the parking management market is segmented into cloud, and on-premise. In 2020, the on-premise segment led the parking management segment accounted for a larger share in the market. Geographically, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, Asia Pacific accounted for the significant share in the global market.

Impact of COVID-19 Pandemic on Parking Management Market

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.

The key companies operating in the field of parking management across the world include Indigo Parking Service, Streetline, Flowbird Group, Parkmobile, TIBA Parking, Smart Parking Limited, T2 Systems, Swarco, Passport Inc., and Siemens AG, among others. Several other players are also functioning in the market worldwide, contributing significant revenue shares year on year.

Parking Management Market — by Geography, 2020 and 2028 (%)

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Parking Management Market to Grow at a CAGR of 4.9% to reach US$ 45,125.82 million from 2021 to 2028

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Parking Management Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Parking Site (On-street, and Off-street), Solutions (Parking Guidance Systems, Parking Reservation, Parking Security & Surveillance, and Others), Services (Professional, and Managed), Deployment (On-premise, and Cloud)