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Off-Street Parking Management System Market is expected to increase to US$ 5.5 Bn at an estimated CAGR of 9.5% from 2022-2029
Off-Street Parking Management System Market 2022
The off-street parking management system industry analysis by Persistence Market Research forecasts the market to close in a valuation of US$ 1.85 Bn by the end of 2022. Sales of off-street parking management systems are expected to reach around US$ 5.5 Bn by the end of 2029. Demand registered in the market is set to surge at an estimated CAGR of 9.5% from 2022-2029.
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Rise in the number of vehicles across countries is resulting in higher adoption of parking management systems. As the use of automation is rising in parking lots, parking management systems will play an important role in improving efficiency in car parking.
Parking lots are becoming smaller with automated parking. Lasers in automated parking lots scan vehicles before a moving platform elevates and transfers vehicles to a parking space. This is the reason that parking lots are taking more vertical space than horizontal space. There is no need of drivers as machines are parking the vehicles. Developed countries are working toward improving traffic congestion by providing proper parking spaces. Hence, demand for off-street parking management systems is expected to increase going ahead.
The market is evolving at a fast pace, and partnerships, investments, and product launches are ongoing.
In September 2021, an Italian company Safety21 announced the acquisition of Kapsch TrafficCom. This acquisition will reaffirm the leading role of Safety21 as an enabler of smart city and smart road solutions for local councils.
In May 2020, APCOA PARKING collaborated with HERE Technologies, a location data and technology platform provider. This partnership will help both companies develop and provide digital parking services and HD indoor maps of parking facilities across Europe.
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Key Takeaways from Market Study
By system, parking reservation management is anticipated to account for a leading market share. However, parking guidance & slot management is estimated to expand at a robust CAGR of nearly 13% through 2029.
By component, software is anticipated to increase at a CAGR of around 16% from 2022 to 2029, while hardware is currently dominating the market.
Adoption of off-street parking management systems in commercial institutions is expected to rise at a high pace. Demand from this segment is set to surge at an estimated CAGR of 19% through 2029.
North America is expected to lead the market, followed by Western Europe in 2022. Japan is anticipated to emerge as the fastest-growing market at a CAGR of nearly 17% over the decade.
In the U.K., sales are expected to increase at a CAGR of around 16.5% over the next eight years.
"Government in various countries are taking smart city initiatives to make their cities more energy-efficient. Increasing investments in major urban areas for space-efficient parking systems is expected to provide an array of opportunities for off-street parking management solution providers," says a Persistence Market Research analyst.
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Implementation of IoT in Parking Management Systems
The world has seen the utilization of Internet of Things (IoT) technology in many ways. This technology is making several processes easier and smoother. By using IoT in parking lot systems, a driver can check the availability of parking space in real time through an application before getting to the parking site.
Using an IoT-enabled systems can reduce the time by 40% for a driver. This will also decrease the carbon emissions. Also, IoT has its many benefits on the environment, subsequently driving off-street parking management market growth.
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