The parking management market is set to observe growth rate of over 12% till 2027. The market growth is being further driven by the rising investments by the government authorities in smart city projects creating a high demand for parking management systems. These systems offer secure functionality and provide parking access control to allow only the authorized customers to enter premises, minimize property vandalism, reduce the possibility of car theft, vehicle damage, etc.
Various prominent companies operating in parking management market are strongly focusing on the development of innovative solutions and forming strategic alliances to gain a strong foothold in the market. For instance, in 2020, leading provider of mobility hub technology, FlashParking expanded its ecosystem with launch of key mobility services that enhance the utilization of parking asset and offers better consumer experience. The company collaborated with eminent electric scooter maker Bird and EVBox, a renowned manufacturer of EV charging stations to allow parking facility asset owners and operators to effectively respond to the rapidly evolving mobility ecosystem and offer differentiated services.
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Rising need to effectively manage the growing traffic across various countries has created a strong necessity for efficient parking solutions. Their elevating demand coupled with the ongoing technological advancements is impelling the adoption of smart parking solutions. The integration of IoT & AI technologies to enable system monitoring, data analytics, and real-time information tracking is strengthening the business space for parking management industry.
The rising penetration of smartphones around the world is strongly favoring parking management market growth. This can be largely credited to the emergence of mobile applications linked with the system that help customers to check availability, remotely book the parking spot, and make contactless payments. The rising demand for such applications is urging the market players to focus on business expansion initiatives to gain a larger consumer base. For instance, in 2021, the leading smart parking and mobility solutions firm in ParkMobile expanded its reach to Puerto Rico by partnering with DISTRITO T-Mobile. Under this initiative, visitors will be able to pay for parking through their mobile devices in around 3,000 spaces within the property.
Increasing support from the regional government bodies in India for managing the growing traffic in cities and addressing the need for designated parking sites is stimulating product adoption in the country to a greater extent. For instance, the Tamil Nadu government is developing a smart parking management system in its capital city of Chennai to curb parking issues in the capital. In addition, the regional governments are also engaging in the Public Private Partnerships (PPP) to develop smart parking management solutions in the country which will positively influence the market growth through the coming years.
The increasing production of autonomous vehicles in Germany is significantly contributing to the adoption of smart parking solutions in the country. The strong presence of numerous parking management system providers coupled with the increasing support from the government authorities is largely favoring the business expansion. Quoting an instance, in 2021, the German government passed a legislation to allow Level 4 autonomous vehicles to operate on public roads in the country without the need for special permits.
Briefly, parking management market is growing exponentially with the increasing technology integration coupled with the ongoing product launches by eminent business players.
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Some Point from Table of Contents:
Chapter 6 Parking Management Market, By Parking Site
6.1 Parking management industry share, parking site, 2020 & 2027
6.2 On-street parking
6.2.1 Market estimates and forecast, 2017 - 2027
6.3 Off-street parking
6.3.1 Market estimates and forecast, 2017 - 2027
Chapter 7 Parking Management Market, By Application
7.1 Parking management market share, application, 2020 & 2027
7.2.1 Market estimates and forecast, 2017 - 2027
7.3.1 Market estimates and forecast, 2017 - 2027
7.4 Transport transit
7.4.1 Market estimates and forecast, 2017 - 2027
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