Parking Management Market Set to Reach USD 45.12 Billion by 2028: A Comprehensive Analysis

According to our latest market study on "Parking Management Market - Global Analysis - by Parking site, Solution, Services, and Deployment Type," market is expected to grow from USD 32,221.73 million in 2021 to USD 45,125.82 million by 2028; it is estimated to grow at a CAGR of 4.9% during 2021-2028.

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Significant Rise in Number of Vehicles on Road to Drive Market Growth during Forecast Period
The global automotive industry is experiencing huge demand for vehicles, which is expected to further increase exponentially year on year. The number of vehicles from every class is constantly rising in developed regions and developing regions. According to Organization Internationale des Constructeurs d'Automobiles (OICA), a total number of vehicles sold in 2020 accounted for almost 77 Mn, as compared to 90 Mn in 2019, this drop in number of vehicles sold is due to COVID-19 impact. Out of 77 Mn vehicles sold, the passenger car segment accounted for 53 million, and the rest 24 million recorded for commercial vehicles. Though we experience moving traffic, however, it has been proven statistically that vehicles spend most of their lives parked. Hence, there is a huge requirement for an efficient and effective parking infrastructure in the era of the aggressive rise in the number of vehicles across the globe.

Majority of the cities globally are facing a severe problem with traffic congestion, and the same is reaching towards an alarming issue shortly. The car parking issue is a key contributor and is still a significant problem with growing vehicle size in the luxurious, semi-luxurious, and commercial vehicle segment and confined parking spaces in urban cities. In addition, limited availability of information related to vacant parking spaces, especially on-street, results in a waste of fuel and time, leading to traffic congestion. Parking management systems and technology plays a vital role in the parking of vehicles on-street and off-street.

In 2020, the world economy suffered significant consequences, and the effects are expected to endure to some extent. The outbreak has led to disruptions in primary industries including electronics, semiconductor, and automotive. A sharp decline in the growth of mentioned industries is limiting the Parking Management market growth. Factory shutdowns, travel and trade bans, and border lockdowns to combat and contain the infection have impacted the working of many commercial and corporate buildings across the world.

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Key Findings of Study:
The global parking management market is segmented into five major regions-North America, Europe, APAC, MEA, and SAM. Based on parking site, the global parking management market is segmented into on-street parking and off-street parking. In 2020, the off-street parking segment led the parking management segment accounted for a larger share in the market. Based on solution, the parking management market is segmented into parking guidance solutions, parking reservation solutions, parking security & surveillance solutions and others.

In 2020, the others segment led the parking management segment accounted for a larger share in the market. Based on services, the parking management market is segmented into managed services and professional services. In 2020, the managed services segment led the parking management segment accounted for a larger share in the market. Based on Deployment, the parking management market is segmented into cloud, and on-premise. In 2020, the on-premise segment led the parking management segment accounted for a larger share in the market.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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