Parking Management Market Size, Share & Trends Report

Parking Management Market Size, Share & Trends Analysis Report By Application (Transport Transit, Commercial, Government), By Parking Site, By Component, By Solution, By Region, And Segment Forecasts, 2018 - 2024

  • Published Date: Apr, 2018
  • Base Year for Estimate: 2016
  • Report ID: GVR-1-68038-086-6
  • Format: Electronic (PDF)
  • Historical Data: 2014 - 2015
  • Number of Pages: 120

Industry Insights

The global parking management market size was valued at USD 3,980.2 million in 2015 and is expected to witness significant growth over the forecast period. An increased production and usage of cars, especially in the developed and urban parts of the world is driving the parking management solutions growth.

Parking management has come a long way from the traditional parking methods which included gated and unattended facilities and head meters. As these systems were driven by visual and centralized enforcement methods, they failed to provide a failsafe and streamlined flow of traffic and created numerous bottlenecks. However, the recent emergence of new technologies such as Internet of Things, sensor networks, and connectivity, the parking management landscape is changing rapidly.

U.S. parking management market

The parking management solutions that are being deployed in the industry today are a result of the consolidation of various technologies available to vendors. While machine-to-machine connectivity forms the backbone of these systems many other supplementary technologies have added value to the existing infrastructure. Access control, parking reservation applications, cellular connectivity, and analytics are some of the emerging areas that will have a profound effect on this industry.

As an ever-increasing number of technologies find their applications in the parking management space, integration of these technologies to form a seamless system with distributed revenue models will be the major focus of the industry stakeholders. A combined effort by all the industry participants is expected to drive the future movements of this market wherein, a greater emphasis will be put on service provision and greater convenience to end-users.

An important aspect of the parking management industry is the role played by government bodies and law enforcement authorities. The impact these government entities will have on the market will be most profound in two major areas namely, regulations and laws, and public private partnerships. There has been numerous successful implementation of parking management solutions with public private partnerships in both, developed as well as developing countries. As its benefits come to light, more number of local governments are expected to follow suit. However, the regulatory framework that is followed today for parking laws is quite outdated and is expected to act as the main hurdle to sustainable development.

Overall, the parking management industry is expected to witness a substantial growth in coming years which will be primarily driven by three factors including advancement in technology, increasing traffic congestion and the need to develop the urban infrastructure. However, linking a wide variety of vendors, technologies and revenue models into a single platform is anticipated to be the major the industry is faced with.

Application Insights

The government application segment is the largest shareholder in the parking management market and has attained a market share of 59.7% in 2016. The segment includes on-street parking and municipality operated parking facilities. Lower cost of implementation and the rise in smart city projects across the world are driving the government segment demand. Further, the growing number of urban population will also lead to increase in number of challenges faced by the city such as traffic congestion which will aid in the segment’s growth.

The commercial segment includes parking garages, universities, and large retail, hotel and venue parking slots. This segment is predicted to witness a phenomenal growth in the market over the forecast period and is expected to grow at a growth rate of 10.4% over the forecast period. With the integration of various solution such as analytics, guidance system and other background application tools, commercial parking facilities are expected to gain increased traction in coming years.

Component Insights

The parking management solutions comprise software, hardware and services subsegments. These components are supplied by numerous industry stakeholders including raw material and component suppliers, system manufacturers, software developer, system integrator, and professional service providers among others. The system providers closely work with their partners in order to provide its customers with the next generation of parking management solutions and bring together the technology, service, and equipment essential for creating seamless solutions.

The hardware segment has the largest revenue share in the market owing to the preeminence of hardware components such as wireless sensors, parking meter, and others. However, the services segment is expected to grow fastest at a CAGR of 10.4% over the forecast period. The services segment includes consulting services, deployment & customization and maintenance & support.

Parking Site Insights

The study segments the parking management into two key segments, namely on-street and off-street parking space. The off-street parking segment dominates the market today and is expected to maintain the largest market share over the forecast period. Additional cost pertaining to collection of fees, maintenance, transit, security and customer service has led to a larges revenue movement in this segment.

Europe parking management market

In addition, the increasing implementation of smart city projects and a shift to service centric cost model has led to a better development of the segment. The off-street parking segment was valued at USD 2,934.3 million in 2015.

The on-street parking segment is expected to grow at CAGR of 10.7% over the forecast period wherein the demand is driven by increasing investment in urban areas to manage the traffic congestion. On-street parking requires painting of signage, sensors, and parking meters among others, and the required time of development is low and cost of construction is also less as compared to off-street parking. These reasons are further aiding the rapid growth of on-street parking solutions globally.

Solution Insights

Current parking planning practices in major cities across the globe are inefficient, resulting in economically excessive parking supply, more dispersed land use development patterns than is economically optimal and increased vehicle ownership and use. As a result, improved and advanced parking management system could provide substantial social, economic, and environmental benefits. This has led to an increased demand for the solutions such as parking reservation management and parking revenue management solutions.

The security and safety perspective of the end-users is also a major factor in the growing adoption of parking management, owing to which the security and surveillance solutions are gaining increased traction. The security and surveillance solutions segment is expected to register an impressive growth rate in market with a CAGR of 10.1% over the forecast period.

Regional Insights

The North America region and especially the U.S. leads the global regional market in terms of adoption. An ever-increasing number of car users, growing traffic congestion problems and propensity of end-users towards service oriented offerings are driving the market growth in the region. The region is closely followed by Europe which is expected to grow at a growth rate of 7.6% over the span of next eight years.

Asia Pacific region holds a great opportunity for growth in coming years for parking management market. This is particularly true for developing countries such as China and India who have been facing population growth problems in recent years. Also, the increasing investments in smart city projects in the developing countries of the region will help the market to grow at a rapid rate.

Parking Management Market Share Insights

Key players operating in the industry include M Company, Amano Corporation, Cubic Corporation, IBM Corporation, Kapsch TrafficCom, Siemens AG, Skidata, Swarco Corporation, T2 Systems, and Xerox Corporation., among others. These vendors operate at distinct stages of the value chain and cater to numerous end-users and customers.

Industry is expected to witness increase in number of strategic initiative by industry players such as merger & acquisition, strategic collaboration, new product development in order to exploit the potential of the parking management market. In April 2015, Kapsch TrafficCom AG announced the acquisition of Streetline, Inc. to expand Intelligent Transportation Systems (ITS) product portfolio. In September 2015, GreenPeak Technologies in collaboration with Dusun Electron Ltd., launched low cost and intelligent car park application in China reduce parking congestion and to increase revenues for car park operators.

Report Scope

Attribute

Details

Base year for estimation

2016

Actual estimates/Historical data

2014 - 2015

Forecast period

2016 - 2024

Market representation

Revenue in USD Million & CAGR from 2016 to 2024

Regional scope

North America, Europe, Asia Pacific, South America, and MEA

Country scope

U.S., Canada, Mexico, UK, Germany, China, India, Japan, and Brazil

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

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Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and analyzes the market trends in each of the sub-segments from 2013 to 2024. For the purpose of this study, Grand View Research has segmented the global parking management market report based on parking sites, components, application, and regions.

  • Parking Management Application Scope (Revenue, USD Million;2014 - 2024)

    • Transport transit

    • Government

    • Commercial

  • Parking Management Parking Site Scope (Revenue, USD Million;2014 - 2024)

    • On-street

    • Off-street

  • Parking Management Component Scope (Revenue, USD Million;2014 - 2024)

    • Hardware

    • Software

    • Service

  • Parking Management Solution Scope (Revenue, USD Million;2014 - 2024)

    • Access control

    • Security & surveillance

    • Revenue management

    • Parking reservation management

    • Valet parking management

    • Others

  • Parking Management Regional Scope (Revenue, USD Million;2014 - 2024)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • UK

      • Germany

    • Asia Pacific

      • China

      • India

      • Japan

    • South America

      • Brazil

    • MEA

Key questions answered by the report
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