Parking Reservation System Market - Size, Share, Growth, Trends Forecast 2024

Parking Reservation System Market: Overview

Growing economy in many developing countries have fostered high disposable income among population which has given rise to increase in number of vehicle purchase. This has led to sharp increase in the number of vehicles on road in recent years. Passenger and goods carrier vehicles contribute to the most of the numbers of vehicles compared to as compared other types. Increase in number of vehicles have given rise to huge traffic congestion thereby leading to serious parking issues in many countries.

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Most of these problems are associated with urban areas where parking problems arise due to space constraint. Vehicle drivers waste substantial amount of their time finding proper parking space thereby creating traffic congestion for other vehicles. Lack of proper on-street parking lots and slow development of new parking complexes is expected to further increase the traffic congestion in coming years.

Further, the current absence of parking slots in residential and commercial complexes creates serious concerns for employers and residential societies. Thus, the need for parking reservation or convenience parking is increasing owing to the time wasted in finding a proper parking slot. Parking complex providers are also facing problems in maintaining daily records related to parked vehicles thereby leading to inability to ensure round the clock security. Thus, the demand for parking reservation system is expected to witness trong growth owing to the above factors in coming years.

Parking reservation system provides information of parking availability for both drivers and parking complexes providers in a certain area through continuous monitoring. Parking reservation system comprises software and equipment such as parking meters, cameras, sensors and automatic gates which help maintaining the smooth flow of traffic. Additionally, parking reservation system also enhances the aspect of security in parking lots.

Parking Reservation System Market: Segmentation

Parking reservation system can be classified as on-street and off-street parking system. Off-street parking system consists a single point of interaction between parking areas and access points. Thus, the application of off-road parking system is expected to see more adoption among parking complex and garage providers in coming years. On-street parking system provides information of parking slot on real-time basis through web, mobile and voice based solution. Thus, the demand for on-street parking system is expected to increase owing to the increase in rise in smart cities projects across various region.

Parking Reservation System Market: Region-wise Outlook

Further, the demand for parking reservation system is expected to increase in transportation sector due to the traffic congestion caused in truck terminals. Developed countries such as the U.S. and Germany are investing heavily in implementing parking reservation system for trucks. The market can also be segmented on the basis of end-use sector such as retail, government, hospitality, transportation and logistics, airports and commercial and corporate parks. The market for parking reservation system is expected to get a boost with the adoption of smart parking system in developed countries. India and China is expected to be a potential market for parking reservation system market in coming years. However, a slower adoption rate of parking reservation system in developing countries is expected to pose a challenge for this market in coming years.

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Parking Reservation System Market: Key Players

Some of the key parking reservation system providers in the market are VINCI Park S.A., Streetline, Inc., National Car Parks Ltd., APCOA Parking AG, Ace Parking Management, Inc., ParkMe, Inc., Siemens AG, 3M Company and Xerox Corporation.

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