Parking Management Market Trends: Current and Future Growth Forecast 2023-2030
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The parking management market has witnessed significant growth in recent years, driven by the rapid increase in global vehicle ownership, the demand for efficient traffic management solutions, and the development of smart cities. In 2021, the market size was estimated to have reached around US$4 billion, and it shows strong indications of impressive growth in the years to come. This article aims to provide a comprehensive analysis of the parking management market, highlighting key findings, growth drivers, challenges, and growth opportunities across different regions.
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Key Report Findings
The global parking management market reached approximately US$4 billion in 2021, indicating its substantial size and potential. One of the primary drivers of this market growth is the increasing need for efficient parking management due to the mounting sales of electric vehicles (EVs) and the consequent demand for improved EV charging infrastructure. In 2021, EV sales doubled to 6.6 million, accounting for roughly 9% of total sales and bringing the total number of EVs on the road to 16.5 million. This upward trend is expected to continue, creating a higher demand for effective parking management solutions.
Within the parking management industry, Parking Access and Revenue Control (PARC) solutions remain the most sought-after category. PARC solutions enable the control of vehicle entrance and exit in parking garages, as well as the collection of payments for temporary and permanent parking. This comprehensive approach, incorporating both hardware and software components, ensures smooth parking operations and provides benefits such as reduced staffing needs, access control, and flexible entry and exit options.
Growth Drivers
Growing Need for Parking Spots
As vehicle ownership continues to rise, developers are constructing additional parking spaces to comply with regulations governing their size and number. However, a significant proportion of these parking spots remain vacant at any given time. Effective parking management solutions can help mitigate this wastage by alerting consumers to available parking spaces through enhanced signage and real-time parking indicators. By reducing parking space inefficiencies, these solutions contribute to the conservation of land, improved traffic flow, increased government tax revenue, and enhanced user convenience.Ascending Smart City Initiatives
With the proliferation of cutting-edge technologies, major cities around the world are transforming into smart cities. These cities integrate residential, transportation, and economic operations through advanced information and communications technologies. As governments adopt smart city programs, new opportunities arise in the parking management market, particularly for businesses offering smart parking management systems that can seamlessly integrate with existing smart city solutions. Smart cities demand flexible, scalable, controllable, and space-efficient parking solutions, and intelligent parking management systems can deliver precisely that.Increasing Shift of Companies to Advanced Technologies
Technological advancements, such as electronic payment systems, the Internet of Things (IoT), and smart parking sensors, are driving the growth of the parking management industry. Businesses strive to provide a better client experience and hassle-free parking to outperform their competitors. Real-time data and analytics enable organizations to assign parking spaces, provide access control, and reduce administrative costs, ultimately benefiting both parking managers and users. By adopting these advanced technologies, companies gain a competitive edge and contribute to the expansion of the parking management market.Growth Challenges
Despite its promising potential, the parking management market faces certain challenges that need to be addressed for sustained growth.
Expensive Installation and Additional Costs
Parking management systems rely on a wide range of hardware and software components, including wireless and wired telecommunications systems, traffic control equipment, sensors, servers, and application interfaces. Integrating these diverse systems into a unified platform poses a significant challenge. Furthermore, the collection and analysis of data from multiple parking data archives, often scattered across incompatible systems, can be complex and time-consuming. Overcoming these integration hurdles is crucial for the expansion of the parking management market.Overview of Key Segments
Parking Access and Revenue Control (PARC) Solution Likely to Dominate
Within the parking management market, the parking access and revenue control (PARC) solution is expected to maintain a higher market share. This comprehensive solution enables effective parking operations by controlling vehicle access, managing payments, and incorporating various hardware and software components. Parking access control systems provide benefits such as reduced staffing needs, internal access restrictions, and control over multiple entries and exits. These systems are categorized based on different features, including biometrics, automatic vehicle identification (AVI) through license plate recognition (LPR), and ID management.Professional Category Leads with Higher Efficiency
The professional sector holds the largest market share within the parking management industry. It plays a crucial role in providing guidance, training, and support to staff employees before and after the installation of parking management systems. Additionally, the professional division offers services for mobile application enhancement to ensure compatibility with the latest operating system (OS) upgrades. Preventive maintenance is also a vital aspect of the professional category, ensuring the smooth operation of hardware and software components. The utilization of customization, add-on functionality, and centralized data management strategies contributes to the market growth of the professional category.Growth Opportunities Across Regions
North America to Acquire a Major Market Share
North America currently dominates the parking management market, holding a significant market share. The region's increasing number of vehicles and the consequent need to mitigate traffic congestion make smart parking solutions crucial. The availability of mobile apps for finding parking spaces and the ease of using cell phones have facilitated the adoption of modern parking alternatives by local residents. For example, a recent report by INRIX revealed that the economic impact of searching for parking spaces in New York amounts to over US$2,200 per driver annually, including wasted time, fuel, and emissions. The demand for efficient parking management solutions in North America is evident, and the market is poised for further growth.Asia Pacific Presents Significant Growth Potential
The Asia Pacific region is expected to experience substantial growth in the parking management market. Governments in this region are increasingly focusing on creating smart cities and implementing efficient traffic flow systems. India's Smart Cities Mission, for instance, aims to raise the standard of living in cities and towns through the utilization of best practices, digital technology, and public-private partnerships. The rapid urbanization and industrialization in the Asia Pacific region, particularly in countries like China, South Korea, and India, contribute to the demand for parking management solutions. Intelligent traffic management methods and smart logistics and transportation systems are essential components of these developing nations, further fueling the growth of the parking management market.Visit Our Blog: https://www.fairfieldmarketresearch.com/blog/the-global-last-mile-delivery-market-a-comprehensively-insightful-overview
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