Parking Management Market Size, Trends and Growth Analysis by 2027

The global parking management sector is projected to expand to US$ 58.5 billion by 2027, up from US$ 37.6 billion in 2017.

According to the ACEA (European Automobile Manufacturers Association), parking management encompasses the implementation of various strategies and technology-driven solutions aimed at optimizing the use of parking resources. The successful execution of these strategies leads to a decrease in the number of parking spaces needed by facilities, ultimately providing long-term economic, social, and environmental advantages to users. The parking management market is anticipated to experience a compound annual growth rate (CAGR) of 4.8% from 2019 to 2027.

This market is characterized by a high level of fragmentation, with numerous players operating in each country, including many small and regional companies. Common solutions available in the parking management sector include access control systems, automatic number plate recognition (ANPR), security and surveillance systems, parking reservations, valet services, and fee enforcement, among others. The rising number of registered passenger vehicles, combined with the scarcity of parking spaces in major urban areas, has significantly increased the demand for effective parking management solutions in recent years. Consequently, key end-users of parking management services, such as airports, government entities, universities, hospitals, hotels, restaurants, and commercial complexes, are expected to see substantial growth in their parking management needs in the near future. Additionally, on-street parking in metropolitan areas has contributed to considerable revenue generation through parking violations and fees, which are often reinvested into public utilities. Factors such as the accelerating pace of infrastructure development and the increasing purchasing power of individuals have further fueled the demand for enhanced vehicle mobility in prominent commercial centers across both developed and developing nations.

From a geographical perspective, the parking management market is predominantly led by developed regions like Europe and North America, which boast a high number of registered vehicles per household and a significant amount of regulated parking spaces. Furthermore, the growing focus on enabling seamless mobility in densely populated urban areas has intensified the demand for effective parking management solutions in these regions. Currently, several major players, including APCOA, Indigo-Infra Park, Passport, Siemens, Skidata, and SP Plus, hold significant market positions in the parking management sector across various countries in Europe and North America. However, the presence of numerous local and regional players with limited business scope has resulted in a highly fragmented market, even in these developed economies. In contrast, developing nations often feature a large number of unregulated parking spaces and free parking options, which significantly impact the growth of the parking management market, primarily driven by off-street parking in commercial and government locations. Nevertheless, countries like Japan and China, due to strict government regulations regarding parking spaces, have seen a reduction in the availability of parking management solutions.

A key driver of off-street parking growth in the parking management market, particularly in developed and some emerging economies, is the rapid development of smart cities. The rise of smart city initiatives is propelling the adoption of sensors and related technologies for various applications, including parking management. As a result, numerous technology developers and parking management service providers are innovating and offering advanced solutions to help municipalities and private entities optimize underutilized and disorganized parking areas. The benefits of these technologically advanced parking solutions are attracting interest from municipalities, commercial properties, industrial facilities, and the residential sector, thereby boosting the off-street parking management market in the current landscape.

Looking ahead, the future of off-street parking management is expected to be significant, driven by two main factors: the increasing collaboration between technology developers, parking management service providers, and municipalities, as well as the declining costs of these technologies. Notable companies in the global off-street parking management sector include Amano McGann, TIBA Parking, Gemini Parking Solutions, and Duncan Solutions, among others.