Parking Management Market By Application (Government, Commercial, Transport) By Component (Hardware, Software, Services) and Region - Global Forecast to 2026

The global parking management market is estimated to value US$ 4,889.7 million in 2017, and is projected to register a CAGR of over 10% in terms of value during the forecast period 2017–2026. The report offers in-depth insights, revenue details, and other vital information regarding the global parking management market, and the various trends, drivers, restraints, opportunities, and threats in the target market till 2026. The report includes PEST analysis, Porter’s Five Forces analysis, and opportunity map analysis for in-depth understanding of the market. The report offers insightful and detailed information regarding the various key players operating in the global parking management market, their financials, technological innovations, key developments, apart from future strategies, SWOT analysis, acquisitions & mergers, and market footprint. The global parking management market is segmented on the basis of application, parking facility, component, solution type, and region.

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A parking management system helps a driver to locate a vacant parking spot, and the system collects real-time data through sensors installed in each parking space, which enables detection of presence or absence of a vehicle. Implementation of parking management systems helps in systematic allocation and maximum utilization of space for parking.

Global Parking Management Market Dynamics:

Major factors driving growth of the global parking management market are increasing number of vehicles worldwide and shrinking availability of on-street parking. In addition, rising adoption of parking management systems by parking garages, multistoried parking facilities, and commercial & residential sites are further propelling growth of the global parking management system market.

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Technological advancements and increasing adoption of Internet of Things (IoT) and connected devices are some other factors expected to drive growth of the global parking management market over the forecast period. Moreover, features such as prior determination of availability of parking space, advance parking reservation, and mobile payment option are factors further fueling growth of the global parking management market.

High installation and maintenance costs are major factors hampering growth of the global parking management market. In addition, lack of funding for deployment and lack of awareness about advantages of parking systems in underdeveloped economies are other factors hampering growth of the global parking management market.

Market Analysis by Parking Management Application:

Among all technology segments, commercial segment in the global parking management market is expected to register a CAGR of over 11% over the forecast period. Commercial parking scheme allows 24×7 use of allocated parking spaces for visitors, tenant, staff, business users, and service providers, hence this parking service is broadly accepted on global platform, is key factor expected to drive growth of the global parking management system in near future.

In addition, increase in number of smart city projects and global population continues to grow creates good opportunity for smart parking which helps to reduce traffic and to control pollution are some additional factors expected to fuel growth of the global parking management market.

Market Analysis by Parking Management Parking Facility Type:

Among all technology segments, off-street segment in the global parking management market is expected to register a CAGR of over 10% over the forecast period. This can be attributed to factors such as adoption of advanced mobile applications, coupled with improved ticketing and payment solutions for parking management over the forecast period.

The off-street parking facility segment dominated the global parking management market with the highest revenue share in 2016, as compared to on-street parking management system, and is expected to maintain its dominance over the forecast period.

Market Analysis by Parking Management Component:

Among all technology segments, hardware segment in the global parking management market is expected to register a CAGR of over 11% over the forecast period, owing to facilities offered by parking management software solutions such as payment & parking information, real-time vehicle counting, real-time parking guidance display, video surveillance, and DVR.

Parking management solutions declines hardware and connectivity costs and it is also beneficial in terms of revenue to the parking site owners. Thus, revenue generation and smoothing of the traffic flow are the factors driving the adoption of parking management systems. The hardware segment dominated the market in 2016 and is expected to dominate the market for forecast period. The rising demand of the digital signage solutions of consumer is fueling the growth of segment.

Market Analysis by Parking Management Solution:

Among all the application segments, valet facility management segment is projected to register highest CAGR of over 11%, owing to new emerging technologies in valet parking facility such as player card, valet parking smartphone application, VIP window stickers, and SMS valet.

In 2016, the revenue management segment accounted for significantly higher revenue contribution to the global parking management market, as compared to security and surveillance, access control, reservation management, valet facility management, and other segment. Increase in development of robotic parking system due to low development cost, requirement of land is small, and lower insurance cost is expected to drive growth of the global parking management market.

Increasing number of vehicles on road and smart cities with differential rates for parking as per time and period of using parking is additional benefit for growth of the global parking management market. In addition, parking facilities are providing some additional services such as gas station and car wash expected to drive growth of the global parking management market.

Analysis by Region:

Americas market is anticipated to grow at a moderate growth rate, while demand for parking management in Europe region is foreseen to expand at steady pace in near future. The market in developing countries in Asia Pacific is witnessing significant growth for parking management market. The growth in Asia Pacific region is driven by increasing demand for parking management in countries such as China and India.

Americas market is expected to dominate the global parking management market and revenue year on year growth of the America market is projected to grow at steady pace over the forecast period, as compared to that of markets in other regions. Dominance in Americas market is projected to continue over the forecast period, owing to high number of automobiles in countries such as Canada, and US, and increasing demand for solutions for traffic congestion. According to Statistics Canada the total number of vehicle registrations in the region was over twenty-two million, and about 1.95 Mil cars were sold in the region. This record number of car sales is a major factor driving growth of the Americas parking management market.

In 2016, Asia Pacific accounted for the third largest revenue share contribution to the global parking management market and anticipated to register highest CAGR in next ten years, owing to factors such as governments in emerging economies such as China, and India adopting smart parking management solutions to control and regulate the number of vehicles on roads. In addition, major cities across Asia Pacific such as Shanghai, Hong King, Beijing, and Tokyo are adopting advanced parking management solutions to deal with congestion and traffic.

Market Segmentation of Global Parking Management Market:

Global parking management system, by application:

• Government
• Commercial
• Transport

Global parking management system segmentation, by parking facility

• Off-street
• On-street

Global parking management system segmentation, by component:

• Hardware
• Software
• Services

Global parking management system segmentation, by solution type:

• Revenue management
• Security & surveillance
• Access control
• Reservation management
• Valet parking management

Global parking management system segmentation, by region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa