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Parking Lots and Garages Market Size, Driving Factors, Growth Statistics, Competitive Landscape And Forecast To 2033
Parking Lots and Garages Market Size
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According to The Business Research Company's, The parking lots and garages market size has grown steadily in recent years. It will grow from $98.45 billion in 2023 to $102.35 billion in 2024 at a compound annual growth rate (CAGR) of 4.0%. The growth in the historic period can be attributed to lack of sufficient parking due to rising motor vehicles, rapid urbanization, growth in world population and strong economic growth in emerging markets.
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.
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Market Drivers and Trends:
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.
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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Major Key Players of the Market:
AstraZeneca plc, F. Hoffmann-La Roche AG, GlaxoSmithKline plc, Amgen Inc, Bristol-Myers Squibb Company, Clovis Oncology, Pfizer, Inc., Novartis AG, Pharma Mar SA, Vivesto, BDR Pharmaceutical, GLS Pharma, Eisai Co., Ltd., Denovo Biopharma, Jiangsu Hengrui Medicine, BeiGene, Innovent Biologics, Zai Lab , EUSA Pharma, Recordati ,, NEUCA, Farmacol, Polska Grupa Farmaceutyczna, Polpharma, TZMO, Msd Sanofi, Gilead Sciences , Johnson & Johnson, Merck & Co, AbbVie Inc, Aa Pharma In, Aaladin Superior Cleaning Systems Ltd, Accel Pharma Inc, EMS Pharma, Eurofarma, Neo Química, Mantecorp Farmasa , Abbott Laboratories Bayer , Laboratorio Elea Phoenix , Laboratorios Ac Farma , Teva , Monte Verde, Gador, Spimaco, Tabuk Pharmaceuticals, Jamjoom Pharma, Abcon International L.L.C., Adcan Pharma ,, Regal Pharmaceuticals Limited
Parking Lots and Garages Market 2024 Key Insights:
• 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%.
• Parking Predicament Driving Forces Behind The Expansion Of Global Parking Lots And Garages Market
• Smart Solutions For Parking Woes The Rise Of Wireless Parking Sensors In Global Markets
• North America was the largest region in the parking lots and garages market in 2023
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