Parking Management Market size is anticipated to surpass USD 67 billion by the end of 2035, growing at a CAGR of 10% during the forecast period i.e., 2023 – 2035. In the year 2022, the industry size of parking management was USD 6 billion. The growth of this market can be attributed to the increasing transformation of urban areas into smart cities around the globe. With the help of innovative data and communication technologies, smart cities adopt housing, mobility, and economic functions. The smart city initiatives offered by the government are expected to offer lucrative growth opportunities for smart parking management systems that can be adopted by smart city solutions.
Besides, increasing vehicle production and escalating the number of vehicles moving roads is also expected to drive the growth of the parking management market in the projected period. As increasing production of vehicles and increasing use of these vehicles would lead to more traffic and congestion on roads as well as in parking spaces, thus it is significant to have a proper parking management solution for them to avoid any kind of traffic or congestion. In 2022, 85.4 million motor vehicles were produced all across the globe.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023 – 2035 |
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CAGR |
~10% |
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Base Year Market Size (2022) |
~USD 6 billion |
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Forecast Year Market Size (2035) |
~USD 67 billion |
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Regional Scope |
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Deployment Type (On-premise, Cloud)
The on-premises segment is set to experience the largest market share of 60% by the end of 2035. The growth can be ascribed on the back of several reasons such as improved security, better accessibility, and less downtime risk. Additionally, they also offer benefits in terms of compliance issues. Another factor due to this segment is highly preferable among consumers as it is more stable and people can get access to data even if the server is down or internet connectivity is slow.
Parking Site (On-Street, Off-Street)
The off-street parking segment in the parking management market is predicted to hold the largest revenue share in the time period between 2023 – 2035 on the account of increasing number of vehicles moving on the road. This is mainly used as it is easier, more reliable, and aids in traffic control. Low installation and maintenance costs, pre-built infrastructure, cutting-edge software, enhanced communication rules, and the spread of smart city projects all contribute to the market's growth. The introduction of mobile devices and digital methods of payment is furthermore boosted the market growth.
Our in-depth analysis of the global market includes the following segments:
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Solution |
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Service |
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Deployment Type |
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Parking Site |
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North America Market Forecasts
The parking management market in the North America is estimated to experience the largest market growth of 34% in the time period between 2023 – 2035. High vehicle ownership rates and urbanization of the region boom the size of the market. The market is growing steadily, with a focus on implementing innovative technologies and creative parking solutions. Due to the increase in the number of cars in countries like Canada and the United States, a smart parking solution is needed to reduce traffic congestion. In 2022, about 1.8 million cars will be produced in the US, up more than 13% from 2021. Locals also easily adapt to modern parking options due to the ease of use of mobile phones and the availability of mobile applications to find parking spots. The increasing efforts made towards offering better user experience to customers and increasing commercialization are driving the expansion of the sector.
APAC Market Statistics
The Asia Pacific parking management market growth is poised to grow significantly by the end of the predicted period. Increasing government interest is helping growth to create smart cities and increasing public demand for orderly and efficient traffic flow. Development requires smart logistics and transportation. Rapid urbanization and digitalization in the region are predicted to further boost the expansion of the market in the APAC region.
Author Credits: Abhishek Verma, Hetal Singh
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