Driving Urban Efficiency: Parking Management Market to Reach US$ 9.1 Billion by 2034 | Future Market Insights Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
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Future Market Insights Global and Consulting Pvt. Ltd.
Urban efficiency drives Parking Management Market growth. Manufacturers innovate for city expansion, meeting the rising demand for effective parking solutions.
NEWARK, Del, Feb. 27, 2024 (GLOBE NEWSWIRE) -- The global parking management market is projected to rise at a CAGR of 7.4% through 2034. The net valuation of the market increased from US$ 2.9 billion in 2019 to US$ 4.1 billion in 2023. The market is estimated to be valued at US$ 4.4 billion in 2024. The parking management solution demand is expected to reach US$ 9.1 billion by 2034.
Rapid urbanization, as well as an increase in personal vehicle owners, is the key reason for the growing lucrativeness of the parking management business. Initiatives for smart cities in developed as well as developing economies are increasing the demand for efficient urban parking management services.
Connected parking technologies and IoT integration at parking facilities have made the environment conducive for automated parking systems in many countries. The advent of mobile parking applications and contactless parking payment unified codes is anticipated to further fuel the market in the coming days.
“As sales of EVs are growing rapidly, electric vehicle parking facilities with charging stations present a lucrative opportunity for market players. Likewise, combining GPS navigation apps for finding parking spots and multi-level parking facilities is expected to modernize the business landscape,” opines Sudip Saha, managing director at Future Market Insights (FMI) analyst.
Key Takeaways from the Parking Management Market Study Report
The United States parking management system market is projected to grow at a CAGR of 7.6% from 2024 to 2034.
In Europe, the United Kingdom market is poised to thrive at a CAGR of 7.9% through 2034.
China is the leading country in the adoption of parking management solutions in Asia and is poised to progress at an 8% CAGR through 2034.
The market in Japan is expected to witness a significant growth rate of 9% over the projected years.
South Korea is another remarkably growing market in Asia that is anticipated to advance at an 8.4% CAGR during the forecast years.
Competitive Landscape
The overall market is getting competitive gradually with the franchised expansion of some leading enterprises in recent years. However, the location-specific nature of this sector leaves enough room for the emergence of new parking service providers in developing economies and expanding cities.
Recent Developments in the Parking Management Industry Players
In February 2023, Parqour released its all-in-one parking management system that enables consumers to park and make contactless payments. It uses 99.6% accurate license plate recognition technology to streamline the parking experience for its clients, making vehicle parking more effortless. In addition, the firm has adopted a business model to provide smart parking as a service, upgrading clients' parking infrastructure with hardware and software in exchange for a cut of future parking income.
In March 2022, WPS introduced a new open and adaptable parking solution at the Intertraffic 2022 event in Amsterdam. WPS is a leading parking management solution provider that aims to maximize legacy investment, improve the customer journey, and pave the way for emerging technologies. Its new cloud-based platform enables the integration of new and old equipment, including its own and third-party technologies, software applications, and operator services, to create a seamless parking solution.
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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