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The primary factor influencing the growth of off-street parking in the parking management market among developed countries and few financially emerging countries is the rapid growth of smart cities. The rising smart city initiatives are driving the deployment of sensors and related technologies for various applications which includes parking. Owing to this, several parking management technology developers as well as numerous parking management service providers are developing and offering advanced technologies to facilitate the municipalities and private spaces to optimize unutilized and unorganized parking areas. The advantages of technologically enhanced parking technologies are increasing the interest among various municipalities, commercial building zones, industrial building management as well as residential sector, thereby, rising the market for off-street parking management in the current market scenario.Request a sample of this premium report at https://www.marketstudyreport.com/request-a-sample/2095952/
The parking management market is a highly fragmented market with the presence of a significant number of players in each country coupled with multiple players with small and regional presence. The commonly available parking solutions in parking management market are access control, ANPR, parking security & surveillance, parking reservation and valet parking, and fee enforcement among other parking management solutions. Moreover, the increasing number of registered passenger vehicles along with limited parking space availability across important cities has led to the surge in demand for efficient parking management market in the past few years. Subsequently, the leading end-users of parking management such as airports, government & municipals, universities, hospitals, hotels, restaurants, and commercial complexes among other end-users have witnessed a significant increase the parking management market in the coming years. Also, among on-street parking especially in metro cities has attributed in a considerable collection of revenue generated through parking violation and parking fees which is effectively utilized for providing essential utilities to the public. Factors such as increasing rate of infrastructure development coupled with the growing purchasing power of the individuals have significantly increased the demand for improving the vehicle mobility at major popular commercial hubs in developed as well as developing countries.
The global parking management market is expected to grow to US$ 58.5 Bn by 2027 from US$ 37.6 Bn in 2017. As per ACEA (European Automobile Manufacturers Associations), parking management refers to the adoption of various strategies and subsequently technology-enabled solutions that facilitate in efficient use of parking resources. Further, the effective implementation of the strategy results in the reduced number of parking space required by the facility based on the strategy adopted thereby providing long-term economic, social, and environmental benefits to the end-user. The parking management market is expected to witness a CAGR growth rate of 4.8% from 2019 to 2027.
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Geographically, the parking management market is majorly dominated by developed regions such as Europe and North America owing to a high number of registered vehicle per household capita and the amount of regulated parking space currently available in the areas. Moreover, the growing emphasis towards facilitating seamless mobility among densely populated cities has further boosted the demand for efficient parking management in the developed regions. Currently, there are various leading players such as APCOA, Indigo-Infra Park, Passport, Siemens, Skidata and SP Plus among other leading companies have leading market position in parking management market among different countries across European and North America regions. However, the presence of the substantial number of local and regional players with a minimal scope of business has resulted in the highly fragmented parking management market even in developed economies. Among developing countries, the availability of a substantial number of unregulated parking space and free parking has a profound influence over the parking management market growth and the market is majorly driven by off-street parking space at commercial areas and government & municipal locations. However, countries such as Japan and China owing to stringent government guidelines towards parking space have resulted in minimum parking space available for parking management solutions.
The future of off-street parking management is anticipated be prominent attributing to two significant facts; increase in partnerships among the technology developers and parking management service providers as well as municipalities; and reduction in the cost of the technologies. Some of the prominent off-street parking management companies across the globe include; Amano McGann, TIBA Parking, Gemini Parking Solutions, and Duncan Solutions among others.
Table of content:
1. INTRODUCTION 17
1.1 SCOPE OF THE STUDY 17
1.2 THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE 17
2. KEY TAKEAWAYS 18
3. PARKING MANAGEMENT MARKET LANDSCAPE 20
3.1 MARKET OVERVIEW 20
3.2 MARKET SEGMENTATION 21
3.2.1 Global Parking Management Market - By Parking Site 22
3.2.2 Global Parking Management Market - By Solutions 22
3.2.3 Global Parking Management Market - By Services 23
3.2.4 Global Parking Management Market - By Deployment Type 23
3.2.5 Global Parking Management Market - By Geography 23
3.3 PEST ANALYSIS 24
3.3.1 North America - PEST Analysis 24
3.3.2 Europe - PEST Analysis 26
3.3.3 Asia Pacific - PEST Analysis 28
3.3.4 Middle East and Africa - PEST Analysis 30
3.3.5 South America - PEST Analysis 32
4. PARKING MANAGEMENT MARKET - KEY INDUSTRY DYNAMICS 34
4.1 KEY MARKET DRIVERS 34
4.1.1 Significant Rise in Number of Vehicles on Road 34
4.1.2 Rising Adoption of Smart Technologies in Parking Management 35
4.2 KEY MARKET RESTRAINTS 35
4.2.1 Limited Awareness among the Consumers in Developing Countries 35
4.3 KEY MARKET OPPORTUNITIES 36
4.3.1 Increasing Partnerships and Mergers to Stimulate the Parking Management in Urban Areas 36
4.4 FUTURE TRENDS 36
4.4.1 Simplification of Technologies and Reduction in Cost of the Systems 36
4.5 IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS 37
5. PARKING MANAGEMENT - GLOBAL MARKET ANALYSIS 38
5.1 GLOBAL PARKING MANAGEMENT MARKET OVERVIEW 38
5.2 GLOBAL PARKING MANAGEMENT MARKET FORECAST AND ANALYSIS 39
Related Report:
Global Parking Management Market Size, Status and Forecast 2019-2025
The major driver for the market is expected to be the growing focus on seamless traffic flow and reduction in fuel consumption and increasing motor vehicle sales. The major restraining factor for the growth of the market could be the complexity in system integration.
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