Parking Management Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI2956
Parking Management Market size is set to grow exponentially to 2024 impelled by increasing number of public-owned automobiles. As a result, parking issues in the urban areas have raised significantly and the conventional parking management strategies have been ineffective to cope with the challenges. To address these issues, authorities are seeking advanced ways to optimize parking space usage and reduce traffic congestion.
The growing adoption of smartphones is also propelling the growth of the parking management market. The parking management application uses the standard features of smartphones including the built-in camera, GPS, and Near Field Communication (NFC) to identify vacant parking spaces within the driver’s vicinity. It allows the customers to pre-book their parking spaces, reducing the time spent in looking for empty parking spaces.
The increasing adoption of pay per use parking model and the growing number of smart city initiatives across the globe also propel the demand for the parking management system. As the number of vehicles in urban cities is growing, it also gives rise to the requirement for efficient parking management systems. As a result, enough parking facility has become an integral component for building & road infrastructure. The development & maintenance of these parking facilities is highly capital-intensive. Hence, the building authorities are moving toward pay per use model to generate revenue through these parking facilities.
The parking management market is characterized into on-street and off-street market. The on-street market is expected to grow at a fast pace due to the rapid adoption by government authorities across the globe. The on-street parking solutions have allowed the government authorities to legitimately generate revenues through public properties. The off-street parking management services have been increasingly implemented by large commercial establishments to provide their customers with ample parking spaces.
The parking management solutions have wide applications in the government, transportation, and commercial space. The government sector market holds a major share in the parking management market. It is attributed to the growing number of smart cities projects in developed regions. The smart parking facilities help the local authorities implement parking tariffs and deter or encourage drivers from parking in specific locations. The commercial market is estimated to grow significantly due to the widespread adoption of off-street parking facilities in the emerging nations. The transport transit market will grow due to the rising government investments in developing advanced public transport infrastructure.
The North America parking management market is expected to hold the largest market share over the forecast timeframe. According to the Organisation Internationale des Constructeurs d'Automobiles (OICA), over 25 million vehicles were sold in the region in 2017. The commercial establishments and government agencies, such as town centers and airports, have invested highly in developing efficient parking management systems. In addition, the increasing adoption of parking assistance features in advanced driver assistance systems has also nurtured the growth of the market.
The Asia Pacific parking management market will register a significant growth over the projected time period. The governments in the region are introducing new guidelines to promote the development of modern parking facilities. For instance, in 2015, the National Development and Reform Commission of China introduced new regulations to endorse smart parking facilities. The rising number of smart city initiatives in the region has accelerated the demand for smart parking management solutions.
The players operating in the parking management landscape are forming partnerships with automakers to develop advanced parking assistance solutions for ADAS applications. They are also helping the public & private establishments monetize on the existing parking facilities. The vendors in the parking management market are Conduent, Indigo Park Services, Amano, Swarco, Q-Free, Streetline, T2 Systems, Skidata, Siemens, Urbiotica, ParkMobile, SecurePark, gtechna, SpotHero, Parkable, Oncall Parking Manager, NEX Valet, Skidata, Parksol, AutoVu, Gateworks, Scout, Access+, Aims, Bosscars, Colibri Park, DPM, OmniPark, and ParkAlto.
The companies in the parking management market are focusing on conducting fundraising activities and forming alliances with technology players. For instance, in 2018, Keptop, a Chinese smart parking solution provider conducted a fundraising round from Tencent Holdings. This funding was aimed at expanding its business operations internationally. The companies have also launched a smart parking application platform “Fast Speed Parking” to help drivers quickly locate empty parking spaces.
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