Top Market Shifts Transforming the Parking Lots and Garages Market Landscape: Key Insights

Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.

What Is the Expected CAGR for the Parking Lots and Garages Market Through 2025?
The steady expansion of the parking lots and garages market in recent years is notable. A consistent increase from $91.31 billion in 2024 to $93.99 billion in 2025, at a compound annual growth rate (CAGR) of 2.9%, is expected. The growth during the historic period is credited to the insufficient parking spaces caused by the surge in motor vehicles, accelerated urbanization, global population growth, and robust economic development in emerging markets.

What's the Projected Size of the Global Parking Lots and Garages Market by 2029?
Anticipated to maintain a steady climbing trend in the years to come, the parking lots and garages market is predicted to surge in value to $108.54 billion by 2029, amassing a compound annual growth rate (CAGR) of 3.7%. This increasing curve through the projected period can primarily be credited to the escalating global vehicle count as well as augmenting investments in the parking lot and garages sector. The forecast period is expected to majorly see dynamics such as mergers and acquisitions, cooperative ventures and a heightened emphasis on wireless smart parking sensors.

View the full report here:
https://www.thebusinessresearchcompany.com/report/parking-lots-and-garages-global-market-report

Top Growth Drivers in the Parking Lots and Garages Industry: What's Accelerating the Market?
Growing motor vehicle usage in developing economies, hindered by inadequate parking facilities, is forecasted to fuel the expansion of the global parking lots and garages market. The liberalization of markets has led to a steep rise in transportation, a significant economic sector. This has resulted in increased traffic congestion in urban areas. For instance, in India, traffic related to parking during peak times can contribute to 30%-50% of the total traffic, according to a study published by the Journal of Traffic and Transportation Engineering. The lack of sufficient parking spots in Indian cities, combined with a burgeoning vehicle population, results in commuters spending over 80 hours a year in search of parking. The disparity between the availability and demand for parking, escalated by the growing usage of vehicles in developing nations, is propelling the growth of the parking lots and garages market.

Get your free sample here:
https://www.thebusinessresearchcompany.com/sample.aspx?id=3487&type=smp

What Trends Will Shape the Parking Lots and Garages Market Through 2029 and Beyond?
A growing trend in the global market for parking lots and garages is the emergence of wireless smart parking sensors designed to detect parking space occupancy. The Parking Lot Sensor (PLS) is designed to sense and log the use of parking spaces, allowing for active management of parking lots, including functions like search, navigation, and reservation. These sensors play a key role in efficiently managing city parking spaces. BOSCH, for instance, recently introduced a parking lot sensor that employs the LoRaWAN protocol for wireless communication. This sensor facilitates guided and regulated parking, eliminating traffic restrictions.

What Are the Main Segments in the Parking Lots and Garages Market?
The parking lots and garagesmarket covered in this report is segmented -

1) By Type: Airport And 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

Subsegments:
1) By Airport And Rail: Airport Parking Garages, Railway Station Parking Lots
2) By Hospitals: Hospital Parking Garages, Medical Center Parking Lots
3) By Hotel and Restaurants: Hotel Parking Garages, Restaurant Parking Lots
4) By Shopping Centers: Mall Parking Garages, Retail Store Parking Lots
5) By Privately Owned: Commercial Parking Garages, Residential Parking Lots
6) By Others: Event Venue Parking, University Parking, Public Parks Parking

Tailor your insights and customize the full report here:
https://www.thebusinessresearchcompany.com/customise?id=3487&type=smp

Which Top Companies are Driving Growth in the Parking Lots and Garages Market?
Major companies operating in 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., Yi Po International, Wilson Parking, Diamond Parking, TPS Parking, Park'N Fly, Spot Hero, The Toronto Parking Authority (TPA), EL GARAGE BELGRANO S.A, ALSE PARKING S.A, PARKING SAN TELMO S.A., Highway Department Garage, Osage Township Garage, COPEMSA, Mawarid Company, Earadat Transport, Makani Parking, Saudi Premier Parking, HUB Parking Technology South Africa, Kenya Airport Parking Service, Junction Mall Parking Hall

Which Regions Will Dominate the Parking Lots and Garages Market Through 2029?
North America was the largest region in the parking lots and garages market in 2024. Asia-Pacific was the second largest region in the global parking lots and garages market share. The regions covered in the parking lots and garages market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

Purchase the full report today:
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=3487

This Report Supports:
1.Business Leaders & Investors - To identify growth opportunities, assess risks, and guide strategic decisions.
2.Manufacturers & Suppliers - To understand market trends, customer demand, and competitive positioning.
3.Policy Makers & Regulators - To track industry developments and align regulatory frameworks.
4.Consultants & Analysts - To support market entry, expansion strategies, and client advisory work.

Connect with us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company,
Twitter: https://twitter.com/tbrc_info,
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ.

Contact Us
Saumya Sahey
Europe: +44 7882 955267,
Asia: +44 7882 955267 & +91 8897263534,
Americas: +1 310-496-7795
Email: saumyas@tbrc.info

Learn More About The Business Research Company
With over 15,000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Our flagship product, the Global Market Model delivers comprehensive and updated forecasts to support informed decision-making.

This release was published on openPR.