The “Parking Management Market by Parking Site (On-street, and Off-street), Solutions (Parking Guidance Systems, Parking Reservation, Parking Security & Surveillance, and Others), Service (Professional, and Managed), and Deployment Mode (On-premise, and Cloud) – Global Analysis and Forecast to 2027”. The scope of study involves understanding on the factors responsible for this growth of parking management solutions along with the estimates and forecasts of the revenue and market share analysis and also spots the major players in the market and their key developments.
Parking Management Market to 2027 – Global Analysis and Forecast by Parking Site, Solutions, Service, and Deployment Type. In terms of revenue, the global parking management market is expected to grow to US$ 58,507.6 Mn by 2027 from US$ 37,597.1 Mn in 2017, growing at a CAGR of 4.8%.
The increase in number registered vehicles coupled with densely populated cities have attributed towards the surge in demand for efficient parking space management especially among commercial hubs and on-street parking across major cities in the past few years. Moreover, growing cost parking space at major cities has further emphasized towards growing lack of available sparking space for the vehicle users. As a result, the parking management solution such as parking guidance, parking fees enforcement, valet parking, access control and parking security & surveillance among others have gained momentum among different countries in the past few years. Whereas, among developing countries the growing purchasing power of the individuals has led to significant boost in mobility towards popular commercial hubs such as malls, shopping complexes, theaters, and restaurants among other commercial hubs. Subsequently, the availability of limited parking space coupled with growing demand for providing seamless mobility across major popular locations has risen the demand for efficient parking management market in the coming years.
Factors such as increasing demand from motorist and passenger vehicle users for quick identification and access to available parking space has led to the growing popularity of parking guidance system in the major developed countries. The system provides real time navigation as well as parking space availability of the entire facility to the end-users. Also, the systems effectively reduces the time spent by the vehicle user for finding the available empty parking space. In addition, the availability of technologically superior parking management solutions such as ANPR and parking security & surveillance have facilitated in the improved enforcement and security of the parking locations thus ensuring the effective monitoring and utilization of the parking space. The growing popularity of mobile app based parking fees payment and parking reservation across significant end-users such as airports, bus station, commercial hubs and on-street parking is also anticipated to gain traction among developed countries in the forecast period. Thus, the parking management market is expected to provide substantial profitable opportunities for the market players in the coming years.
The strong presence of European Parking Association (EPA) and European Automotive Manufacturer’s Association (ACEA) has facilitated the early adoption of effective parking management solution across its different European countries. Moreover, the availability of strong economic background of European nations especially in the western region along with high disposable income has attributed in a large number of registered vehicle per household capita among Europe countries. Thus, the increase in the number of registered vehicles coupled with the limited availability of parking space has resulted in the adoption of effective parking management policies across the European Union and other European countries.
Moreover, the continuous surge in a number of the registered vehicle has also risen the demand for efficient parking management practices especially among urban and metro cities among Germany, Russia, France, UK, Spain, Italy and Netherlands among other European countries. Currently, the leading end-users of parking management solutions are airports, bus stations, commercial complexes, residential buildings, malls, government & municipal, universities, and restaurants and hospitals among other locations. The European parking management market is heavily dominated by the developed economies in the western region such as the UK, Germany, Netherlands, France, Spain, Sweden, and Norway among other countries. Moreover, the countries present in the western region consists of major players in each country with substantial market share as well as experience in the industry providing significant market competition to the other market players. The Europe region is expected to witness an modest CAGR growth rate of 4.0% from 2019 to 2027 and reach approximately US$ 21,355.3 Mn by 2027.
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