Parking Management Market - Historic Data (2019-2024), Global Trends 2025, Growth Forecasts 2037
Parking Management Market in 2025 is assessed at USD 7.9 billion. The global Market size was worth over USD 7.3 billion in 2024 and is poised to grow at a CAGR of over 10.2%, reaching USD 25.8 billion revenue by 2037. North America is on pace to bring in USD 8.77 billion by 2037, fueled by increasing commercialization and user focus.
The market growth is attributed to the cumulative transformation of urban zones into smart cities, globally. Increasing vehicle production and escalating the number of vehicles is also expected to drive the growth of the market in the projected period. According to ACEA, in May 2023, every year, 85.4 million motor vehicles are manufactured globally. Thus, it is significant to have a proper parking management solution to avoid traffic congestion. Furthermore, in American Trucking Association received USD 30 million in funding, invested by the U.S. Department of Transportation, to construct 260 new truck parking spaces.
Smart city initiatives are fuelling the adoption of intelligent parking solutions further. Parking management supports reserving and tailoring parking spaces in accordance with staff requirements and company guidelines. At present, parking solutions that are office-centric, also known as employee parking software, are observing noteworthy progress owing to the capacity improvement they offer without the need to increase the concrete space.
