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Parking Lots and Garages Global Market Exhibit a Remarkable CAGR of 4.0% and is expected to reach $119.91 Billion By 2028 | Lanier Parking, Abm Industries Inc., Indigo Group SAS, Tokyo Tatemono, Sp Plus Corporation
Parking Lots and Garages Global Market
The parking lots and garages market size is expected to see steady growth in the next few years. It will grow to $119.91 billion in 2028 at a compound annual growth rate (CAGR) of 4.0%. The growth in the forecast period can be attributed to rising number of vehicles across the world and increasing investment in the parking lot and garages company. Major trends in the forecast period include mergers and acquisitions, partnerships and collaborations and focus on wireless smart parking sensors.
Market Overview -
Parking lots refer to those agencies that provide areas for the temporary parking of automobiles against parking charges for a specified period of time. Parking garages refers to those agencies that run and operate secure establishments where people can park their motor vehicles against fee charged on a time basis.
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Parking Predicament Driving Forces Behind The Expansion Of Global Parking Lots And Garages Market
The lack of sufficient parking due to rising motor vehicles use in developing economies is expected to drive the global parking lots and garages market. Market liberalization has caused a severe increase in transport, one of the important economic sectors, and its operational efficiency, which in turn has led to increased stagnant traffic in cities. For instance, in India, the average volume of traffic related to parking during peak times can reach 30%-50% of total traffic according to a research study published by the Journal of Traffic and Transportation Engineering. Commuters in Indian cities spend over 80 hours a year looking for parking spaces due to the lack of parking spaces in Indian cities amid a growing population of vehicles. The imbalance between parking supply and parking demand due to the increasing use of vehicles in developing economies is driving the growth of the parking lots and garages market.
Competitive Landscape -
Major companies operating in the parking lots and garages market report are Impark Parking Corporation, LAZ Parking Ltd. LLC, Park24, Lanier Parking, Abm Industries Inc., Indigo Group SAS, Ace Parking Management Inc., Tokyo Tatemono, Sp Plus Corporation, NIPPON PARKING DEVELOPMENT Co.,Ltd., Yi Po International , Wilson Parking, Diamond Parking, TPS Parking , Sika Group , Park'N Fly, Spot Hero, The Toronto Parking Authority (TPA), EL GARAGE BELGRANO S.A, ALSE PARKING S.A, PARKING SAN TELMO S.A., Rose Concrete, Highway Department Garage, Osage Township Garage , COPEMSA, Mawarid Company, Earadat Transport, Makani Parking, Saudi Premier Parking, HUB Parking Technology South Africa, Ortym Agencies, Kenya Airport Parking Service, Junction Mall Parking Hall
Smart Solutions For Parking Woes The Rise Of Wireless Parking Sensors In Global Markets
The wireless smart parking sensor for detecting parking space occupancy is an emerging trend in the global parking lots and garages market. The Parking Lot Sensor (PLS) senses and records the occupancy of parking spaces, allowing active parking lots management functionality such as search, navigation, and reservation. The sensors help in the effective management of parking spaces in cities. For instance, BOSCH recently launched a parking lot sensor that utilizes the LoRaWAN protocol for wireless communication. This sensor helps in guided and regulated parking, which removes traffic limitations.
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Key Segments -
The parking lots and garages market covered in this report is segmented -
1) By Type: Airport & Rail, Hospitals, Hotel And Restaurants, Shopping Centers, Privately Owned, Others
2) By Site: On Street, Off Street
3) By Technology: Smart Parking Using IOT, Automation, Unautomated
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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