The global parking management market
size is expected to reach USD 8,438.4 million by 2024 according to a new study
by Grand View Research, Inc. The increased public sector funding and
constructive government initiatives are presumed to strengthen the global
parking management industry growth. The market is anticipated to experience a
surge in the demand for parking management solutions in the commercial and
government application segments and is expected to propel the industry growth.
 |
| U.S. parking management market revenue by application, 2014 - 2024 (USD Million) |
The emergence of smart parking
systems helps inefficiently addressing the traffic woes and parking-related
issues. The system helps in minimizing fuel usage and consequently
reduces automobile emissions. The industry is expected to gain traction due to
the development of systems with sophisticated features such as handicapped
parking, auto-payment options, and voice guidance enabled through mobile phone
applications.
An increasing number of vehicles is
impacting the availability of parking lots and is consequently fueling the
demand for implementing parking management solutions across the globe. The
systems help in making the cities cleaner, greener, and compact. The growing
smartphone penetration will benefit the industry by increasing its reach. These
parking mobile applications are expected to offer local businesses an
opportunity to attract their most potential customers and provide them with the
best offers for customers looking for parking.
In depth research
report on Parking Management Market
Further key
findings from the study suggest:
·
The government application segment dominated the global parking
management industry accounting for over 60% of the market share in 2015. The
rising demand for minimizing vehicular emissions and effectively managing
on-road automotive is expected to trigger the wide-scale adoption of parking
management solutions in the government sector
·
The North America regional market accounted for 40% of the overall
revenue share in 2015. The rising interest of automobile manufacturers in the
U.S. and Canada to develop parking management systems is projected to fuel
growth in the region
·
The demand for the parking reservation management solution segment
accounted for 15% of the overall market share in 2015.This demand is expected
to increase in the metropolitan cities as vehicle ownership is increasing,
which is leading to parking problems. The parking reservation management
reduces traffic congestion issues due to better parking space, reduced search
time, cost for parking spaces, and increased parking revenue
·
The service segment accounted for 18% of the global market share in 2015.
The parking management solution providers, mobile payment companies, and
parking data aggregators are changing the way parking is seen by the end-users
and operators. This segment includes revenue generated from consultancy
services, engineering services, and revenue generated by companies offering
parking services through the mobile application. The segment is expected to be
the fastest-growing component segment
·
The key players in the industry include Amano, 3M, Cubic Corporation,
Swarco AG, Siemens AG, Kapsch TrafficCom, Xerox Corporation, and IBM
Corporation
Grand View Research has segmented the
global parking management market on the basis of application, parking site,
component, solution, and region:
Parking Management
Application Outlook (Revenue, USD Million, 2014 - 2024)
·
Transport transit
·
Government
·
Commercial
Parking Management
Parking Site Outlook (Revenue, USD Million, 2014 - 2024)
·
On-street
·
Off-street
Parking Management
Component Outlook (Revenue, USD Million, 2014 - 2024)
·
Hardware
·
Software
·
Service
Parking
Management Solution Outlook (Revenue, USD Million, 2014 - 2024)
·
Access control
·
Security & surveillance
·
Revenue management
·
Parking reservation management
·
Valet parking management
·
Others
Parking Management
Regional Outlook (Revenue, USD Million, 2014 - 2024)
·
North America
·
Europe
·
Asia Pacific
·
Latin America
·
MEA
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research reports of this category:
About Grand View
Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
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