The global parking management market is expected to expand at a CAGR of 9.5% during the forecast period from 2018 to 2026. A steady rise in the number of vehicles on the road leading to increased traffic congestion has forewarned the government and municipal authorities to take initiatives to control and manage traffic.
Consequently, initiatives promoting parking and traffic management via transport infrastructure development are driving demand for parking management solutions worldwide. With improvements in the interoperability between hardware and software parking management modules, the adoption of automated parking management solutions will surge in the coming years, thereby driving the market growth.
Market Synopsis
Parking Access and Revenue Control Solutions Dominate
Parking access and revenue control segments accounted for the majority of the global parking management market's value in 2017. Parking access and revenue control solutions are the preferred solutions among parking lot and garage owners since they enable them to control not only the entry and exit of vehicles in parking facilities but also manage the parking revenue. On the other hand, parking guidance solutions will witness growing adoption among parking owners for their ability to help both drivers and owners manage parking allotments by offering real-time information regarding the availability of parking slots.
North America to Lead; Asia Pacific to Register Superior Growth During the Forecast Period
In 2017, North America was the largest parking management market worldwide, closely followed by Europe and Asia-Pacific, respectively. The value share of North America in the global parking mana
gement market stood at around one-third of the global market value in the same year. The growth in the region can be largely credited to the greater adoption of smart parking solutions in view of ensuring a better driving experience. On the other hand, Asia-Pacific is expected to experience strong growth on the back of perpetually growing concerns about traffic congestion and government initiatives to develop smart cities.
Key Players:
Some of the leading players profiled in the study include Streetline, Inc., Parking Technology Services, Amano McGann, Smart Parking Limited, Parkmobile LLC, Swarco AG, SpotHero, ParkWhiz, Nedap N.V., Skidata AG, ParkingPanda, Urbiotica, ParkMe, Inc., The Kapsch Group, SAP SE, and Siemens AG, among others.
Periods of History and Forecast
This research study provides qualitative as well as quantitative insights for each segment and sub-segment from 2016 to 2026, considering 2017 as the base year for the research. The CAGR (compound annual growth rate) for each segment andsub-segment is calculated for the forecast period from 2018 to 2026.
Report Scope by Segments
Key questions are answered in this report.
What was the global parking management market size in 2016 and 2017?
What are the estimated forecast and market projections up to 2026?
Which is the largest regional market for parking management solutions?
Which end-use segment has the largest penetration of parking management solutions?
Predominant trends shaping the global parking management market worldwide
Which is the most attractive and promising end-use segment in the global parking management market?
Who are the leading vendors in the global parking management market?
What are the key strategies adopted by the leading vendors in the global parking manage
Frequently Asked Question:
The market for Parking Management Market is expected to reach USD$ XX in 2026.
The Parking Management Market is expected to see significant CAGR growth over the coming years, at 9.5%.
The report is forecasted from 2018 -2026.
The base year of this report is 2017.
Streetline, Inc., Parking Technology Services, Amano McGann, Smart Parking Limited, Parkmobile LLC, Swarco AG, SpotHero, ParkWhiz, Nedap N.V. are some of the major players in the global market.
