Global Parking Management Market Insights Forecasts to 2032

• The Global Parking Management Market Size was valued at USD 4.2 Billion in 2022.
• The Market Size is Growing at a CAGR of 7.5% from 2022 to 2032
• The Worldwide Parking Management Market Size is expected to reach USD 8.7 Billion by 2032
• Asia Pacific is expected to Grow the fastest during the forecast period

The Global Parking Management Market size is anticipated to exceed USD 8.7 Billion by 2032, growing at a CAGR of 7.5% from 2022 to 2032. The global increase in the number of vehicles, rising demand for an effective traffic management solution, and the rapid development of smart cities are all contributing to the expansion of this market.        

Market Overview

The global parking management market is a growing industry dedicated to organizing and optimizing parking spaces, facilities, and resources across various urban and suburban environments. As the world's population continues to urbanize and vehicle ownership increases, the need for efficient parking solutions becomes more critical. This market includes a wide range of technologies, services, and systems aimed at improving parking infrastructure management, monitoring, and utilization. These platforms allow users to reserve parking spaces in advance, reducing the time spent searching for parking and improving overall convenience. The global parking management market is driven by urbanization, increasing vehicle ownership, and the need for sustainable urban mobility solutions. As cities strive to alleviate traffic congestion and reduce emissions, the demand for innovative parking management solutions is expected to grow, making this market a pivotal player in modern urban infrastructure.

Report Coverage

This research report categorizes the market for the global parking management market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the parking management market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the parking management market.

Driving Factors

Rapid urbanization has led to increased congestion in cities, resulting in a higher demand for efficient parking solutions. As more people move to urban areas, the need for well-organized parking management becomes critical to alleviate traffic and enhance the urban living experience. The global increase in vehicle ownership has created immense pressure on parking infrastructure. As the number of vehicles on the road continues to grow, efficient parking management is essential to ensure available spaces and minimize traffic congestion. Governments and municipalities worldwide are implementing policies to reduce carbon emissions and combat air pollution. Parking management systems that encourage efficient parking and reduce the time spent searching for spots can help reduce traffic-related emissions.

Restraining Factors

Implementing advanced parking management systems, including sensors, surveillance cameras, and digital payment infrastructure, can require substantial upfront investments. This cost barrier can discourage some parking operators, particularly smaller ones, from adopting modern solutions. Integrating parking management systems with existing infrastructure and technologies can be complex. Legacy systems may not seamlessly connect with new technologies, leading to compatibility issues and potential disruptions in operations.

Market Segmentation

The Global Parking Management Market share is classified into application and parking site.

• The government segment accounted for the largest share of the global parking management market in 2022.         

The global parking management market is categorized by application into government, commercial, and transport transit. Among these, the government segment accounted for the largest share of the global parking management market in 2022. This is owing to the city's need for safe, clean, and efficient public parking facilities. Several initiatives are being undertaken by the government in order to reduce the burden on public property by making better use of the available resources.

During the forecast period, the commercial segment is projected to expand most rapidly. This increase is attributed to maximizing available space, improved vehicle security and protection, and additional revenue. Many businesses value commercial parking management because it improves the user experience by saving customers time and effort in finding free parking spots.

• The off-street segment accounted for the largest share of the global parking management market in 2022.          

Based on the parking site, the global parking management market is divided into off-street and on-street. Among these, the off-street segment accounted for the largest share of the global parking management market in 2022. Off-street parking is important in traffic management because it is a faster, easier, and more reliable solution. Furthermore, this solution has low installation and maintenance costs, which are expected to drive segment growth. The increase in smart city initiatives is also driving up demand for off-street parking lots.           

Regional Segment Analysis of the Global Parking Management Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America is anticipated to hold the largest share of the global Parking Management market over the predicted timeframe.

North America is projected to hold the largest share of the global parking management market over the predicted years. United States and Canada are significant contributors to the global parking management market. High urbanization rates, dense populations in major cities, and a strong technological infrastructure drive the demand for parking management solutions. The region is characterized by the adoption of advanced parking technologies, including smart parking systems, mobile apps, and digital payment methods. North America is typically one of the largest regional segments in the global parking management market, with the United States being a major driver of growth.      

Asia Pacific is expected to grow at the fastest pace in the global parking management market during the forecast period. China, India, Japan, and South Korea are key players in the Asia-Pacific region. Rapid urbanization, increasing vehicle ownership, and traffic congestion issues have fueled the demand for parking management solutions. The region has been experiencing rapid growth in smart parking adoption, with mobile payment platforms playing a crucial role. In recent years, Asia-Pacific has been a major driver of global growth in the parking management market.

Europe is expected to grow at significant pace in the global parking management market during the forecast period. Western European countries, including the UK, Germany, France, and the Netherlands, have well-developed parking management markets. These countries often lead in the adoption of smart parking systems and sustainable mobility initiatives. Eastern European countries are also seeing growth, but at a relatively slower pace compared to their Western counterparts.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global parking management along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Group Indigo  
• Amano  
• Siemens  
• Bosch Group 
• Atos  
• SWARCO 
• SKIDATA  
• Chetu  
• Precise Parklink  
• FlashParking  
• Passport Labs  
• SpotHero 
• Get My Parking  
• INRIX   
• IPS Group
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In March 2023, Amano has partnered with Pay By Phone to provide contactless parking payments in the United States. This collaboration will allow drivers to pay for parking at Amano's parking facilities in the United States using their Pay By Phone app.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Parking Management Market based on the below-mentioned segments: 

Global Parking Management Market, By Offering

• Solutions
• Services

Global Parking Management Market, By Parking Site

• Off-Street
• On-Street

Global Parking Management Market, By Application

• Government
• Commercial
• Transport Transit

Global Parking Management Market, By Region

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of Middle East & Africa