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Parking Management Market worth $11.61 billion by 2030, growing at a CAGR of 9.51% - Exclusive Report by 360iResearch
Parking Management Market | 360iResearch
The Global Parking Management Market to grow from USD 6.14 billion in 2023 to USD 11.61 billion by 2030, at a CAGR of 9.51%.
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Parking management refers to various policies and strategies employed to regulate the use of parking spaces with the primary aim of ensuring efficient utilization of existing parking infrastructure. It encompasses a range of practices including the design, implementation, and administration of systems that facilitate orderly parking. This includes considerations for pricing strategies, enforcement of parking regulations, and technological solutions for monitoring and managing parking supply and demand. The overarching goal of parking management is to improve accessibility, reduce traffic congestion caused by vehicles searching for parking, and promote sustainable transport options by aligning parking policies with broader urban development objectives. The need for efficient use of urban space due to increasing vehicle ownership, the emerging trend of smart cities incorporating intelligent transportation systems, and environmental concerns pushing for a reduction of vehicular exhaust emissions are primarily raising the adoption of parking management solutions. Despite growth, the parking management market faces challenges, including the high initial costs of implementing advanced parking management solutions and the lack of standardization across different regions, which can hinder interoperability. However, the integration of big data analytics and AI offers the potential to enhance user experience, optimize parking operations, and present future growth avenues for the parking management market.
In the Americas, the parking management market demonstrates robust growth, largely driven by increasing urbanization and the need for efficient vehicular flow in densely populated cities. Technological advancements such as intelligent parking solutions and a rise in smart city initiatives are further propelling market performance. North America, with the United States at the forefront, is a significant contributor to market development owing to its robust adoption of advanced parking management systems aimed at addressing congestion and ensuring sustainability. The EMEA region shows a diverse market performance in parking management. Europe, with its high vehicle ownership rates and stringent regulations for reducing carbon emissions, displays a strong demand for efficient parking solutions. The Middle East, with its focus on infrastructure development and smart city projects, particularly in the Gulf Cooperation Council (GCC) countries, is also seeing market expansion. Africa's market is developing at a slower pace due to economic variability but is expected to grow with urbanization trends and infrastructure advancements. The APAC region is currently experiencing rapid growth in the parking management market, attributed to the extensive urbanization in China and India, which are grappling with significant traffic congestion and vehicle population. Economic development and the increasing prevalence of smart parking technologies through initiatives in smart cities are key drivers of market growth in this region. Additionally, the region is witnessing a heightened awareness of the environmental impact of traffic congestion, motivating the adoption of eco-friendly and efficient parking management solutions.
Market Segmentation & Coverage:
This research report categorizes the Parking Management Market in order to forecast the revenues and analyze trends in each of following sub-markets:
Based on Technology, market is studied across GSM-Based Parking Management Systems, Image Processing, License Plate Recognition, RFID-Based Parking Management Systems, and Visible Light Communication. The License Plate Recognition commanded largest market share of 23.27% in 2023, followed by Image Processing.
Based on Component, market is studied across Services and Solutions. The Services is further studied across Support & Maintenance Services and System Integration Services. The Solutions is further studied across Parking Access & Revenue Control Solutions, Parking Guidance System, Permit Management Solutions, Reservation Management Solutions, and Security & Surveillance. The Parking Access & Revenue Control Solutions is further studied across Automated Gates, Handheld Ticket Writers, and Parking Meters. The Security & Surveillance is further studied across Alarms & Locators and Surveillance Cameras. The Solutions commanded largest market share of 67.30% in 2023, followed by Services.
Based on Parking Site, market is studied across Off-Street and On-Street. The On-Street commanded largest market share of 68.31% in 2023, followed by Off-Street.
Based on Deployment, market is studied across On-Cloud and On-Premise. The On-Cloud commanded largest market share of 88.73% in 2023, followed by On-Premise.
Based on End User, market is studied across Commercial and Residential. The Commercial is further studied across Airports, Railway Stations, & Bus Terminals, Office Spaces, and Retail, Entertainment, and Leisure. The Commercial commanded largest market share of 86.91% in 2023, followed by Residential.
Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom. The Americas commanded largest market share of 37.74% in 2023, followed by Europe, Middle East & Africa.
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FPNV Positioning Matrix:
The FPNV Positioning Matrix is essential for assessing the Parking Management Market. It provides a comprehensive evaluation of vendors by examining key metrics within Business Strategy and Product Satisfaction, allowing users to make informed decisions based on their specific needs. This advanced analysis then organizes these vendors into four distinct quadrants, which represent varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital(V).
Market Share Analysis:
The Market Share Analysis offers an insightful look at the current state of vendors in the Parking Management Market. By comparing vendor contributions to overall revenue, customer base, and other key metrics, we can give companies a greater understanding of their performance and what they are up against when competing for market share. The analysis also sheds light on just how competitive any given sector is about accumulation, fragmentation dominance, and amalgamation traits over the base year period studied.
Key Company Profiles:
The report delves into recent significant developments in the Parking Management Market, highlighting leading vendors and their innovative profiles. These include Amano Corporation, APCOA Parking Holdings GmbH, Chetu Inc., CivicSmart, Inc., Cleverciti Systems GmbH, Conduent Incorporated, FlashParking, Inc., Flowbird, Get My Parking, IEM S.A., Indigo Group, INRIX, Inc., IPS Group, Inc., Klaus Multiparking GmbH, Nedap N.V., Parkpnp Limited T/A Wayleadr, Passport Labs, Inc., Precise Parklink, Inc., Robert Bosch GmbH, Siemens AG, SKIDATA GmbH, Smart Parking Limited, Stanley Robotics, Streetline, SWARCO AG, T2 Systems, Inc., TIBA Parking LLC, Total Parking Solutions Ltd., UKCPS Ltd., Urbiotica, VersionX Innovations Private Ltd., WISEGO, and Xerox Holdings Corporation.
Key Topics Covered:
1. Preface
2. Research Methodology
3. Executive Summary
4. Market Overview
5. Market Insights
6. Parking Management Market, by Technology
7. Parking Management Market, by Component
8. Parking Management Market, by Parking Site
9. Parking Management Market, by Deployment
10. Parking Management Market, by End User
11. Americas Parking Management Market
12. Asia-Pacific Parking Management Market
13. Europe, Middle East & Africa Parking Management Market
14. Competitive Landscape
15. Competitive Portfolio
The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The report answers questions such as:
1. What is the market size and forecast of the Parking Management Market?
2. Which are the products/segments/applications/areas to invest in over the forecast period in the Parking Management Market?
3. What is the competitive strategic window for opportunities in the Parking Management Market?
4. What are the technology trends and regulatory frameworks in the Parking Management Market?
5. What is the market share of the leading vendors in the Parking Management Market?
6. What modes and strategic moves are considered suitable for entering the Parking Management Market?
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