Global Parking Management Market to Reach US$ 9.7 Billion by 2032, Stimulated by Increasing Vehicle Traffic

August 18, 2023 | Technology & Media

According to the latest report by IMARC Group, titled “Parking Management Market Report by Offering Type (Solution, Service), Deployment Mode (On-Premises, Cloud-Based), Parking Site (Off-Street, On-Street), and Region 2024-2032,” the global parking management market size reached US$ 4.7 Billion in 2023. Parking management refers to an array of strategies that facilitate the more effective use of parking resources. This includes varied methods and technologies to improve the efficiency of operations, maximize space usage, reduce environmental impact, and increase revenue. Such strategies range from conventional practices, such as metered spaces and multi-level parking structures, to advanced solutions involving automated systems, smart parking, and real-time parking information updates. In a broader context, parking management is an essential aspect of urban planning and transportation infrastructure. It helps control traffic congestion, ensures swift and seamless parking operations, enhances user convenience, and contributes to smart cities' sustainable development. This vital role is transforming parking management from a mere operational function to a strategic tool for optimizing urban mobility and contributing to environmental sustainability.

Global Parking Management Market Trends:

The global parking management market is witnessing significant growth, driven by rapid urbanization and increased vehicular traffic, necessitating efficient parking solutions to mitigate congestion and maintain smooth urban traffic flow. Along with this, the rising number of vehicles across the globe is adding to this demand, contributing to the escalation of the market. In addition, the escalating adoption of smart city initiatives and advancements in IoT technologies are propelling the use of intelligent parking management systems, enhancing operational efficiency and user convenience. This integration of technology is streamlining the parking process and offering dynamic pricing models, thereby generating new revenue streams for parking space providers. Apart from this, the rising environmental awareness and the need for carbon footprint reduction have catalyzed the development and adoption of green parking initiatives, such as the use of solar-powered parking meters and electric vehicle charging stations. Furthermore, regulatory support and initiatives from governments worldwide to modernize urban infrastructure are positively impacting market growth. These factors, combined with continuous technological innovations, are creating a positive market outlook. Looking forward, the market value is projected to reach US$ 9.7 Billion by 2032, expanding at a CAGR of 8.1% during 2024-2032.

Market Summary:

  • Based on the offering type, the market has been segmented into solution (access control, security and surveillance, revenue management, parking reservation management, valet parking management, and others) and service (consulting and training, system integration and deployment, and support and maintenance).
  • On the basis of the deployment mode, the market is segregated into on-premises and cloud-based.
  • Based on the parking site, the market has been segmented into off-street and on-street.
  • Region-wise, the market has been segmented into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa.
  • The competitive landscape of the market has also been examined, with some of the key players being 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 and T2 Systems Inc. (Verra Mobility).

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Offering Type, Deployment Mode, Parking Site, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 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 and T2 Systems Inc. (Verra Mobility).
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Global Parking Management Market to Reach US$ 9.7 Billion by 2032, Stimulated by Increasing Vehicle Traffic
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