Rising Demand and Growth Projections in the Global Parking Lots and Garages Market

The parking lots and garages sector witnesses steady expansion, driven by the rapid rise in motor vehicles and urbanization, aiming for a significant market size by 2029.

What Is The Projected Market Size Of The Global Parking Lots and Garages Market And Its Growth Rate?
The parking lots and garages market is poised for sustainable growth in the upcoming years, projected to reach a significant market size by 2029.
•2024 Market Size: $91.1 billion
•2025 Market Size: $94.38 billion (3.6% CAGR)
•2029 Market Size: $109.22 billion (3.7% CAGR)
The market growth in the historical period can be attributed to factors such as lack of sufficient parking due to rising motor vehicles, rapid urbanization, growth in world population, and robust economic growth in emerging markets.

What Is Driving The Growth In The Parking Lots and Garages Market?
Insufficient parking due to increasing vehicle use particularly in developing economies is fueling the global parking lots and garages market. Market liberalization has prompted a steep rise in transport, a crucial economic sector, leading to elevated stagnant traffic in cities. For instance, in India, the traffic volume related to parking during peak times can reach up to 50% of total traffic. The dearth of parking spaces in Indian cities despite a growing vehicle population results in commuters spending over 80 hours a year searching for parking spaces. This imbalance between parking demand and supply due to escalating vehicle use in developing countries is propelling the market's growth.

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Who Are the Key Players Driving Parking Lots and Garages Market Growth?
Major companies influencing the parking lots and garages market include:
- 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.

What Are The Key Trends In The Parking Lots and Garages Market?
Key market trends for the forecast period include:
- Mergers and acquisitions
- Partnerships and collaborations
- Focus on wireless smart parking sensors

What Are The Segments Of The Global Parking Lots and Garages Market?
Key market segmentations:
- By Type: Airport And Rail, Hospitals, Hotel And Restaurants, Shopping Centers, Privately Owned, Others
- By Site: On Street, Off Street
- By Technology: Smart Parking Using IOT, Automation, Unautomated

Which Region Leads The Parking Lots and Garages Market?
In 2024, North America held the largest share in the parking lots and garages market, followed by Asia-Pacific. The report provides a thorough analysis of the parking lots and garages market across regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

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Mandatory Section: What Is Covered In The Parking Lots and Garages Market Global Market Report?

- Market Size Analysis: Analyze the Parking Lots and Garages Market size by key regions, countries, product types, and applications.

- Market Segmentation Analysis: Identify various subsegments within the Parking Lots and Garages Market for effective categorization.

- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.

- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.

- Market Contribution: Evaluate contributions of different segments to the overall Parking Lots and Garages Market growth.

- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.

- Industry Challenges: Analyze challenges and risks affecting the Parking Lots and Garages Market.

- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

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