Parking Management Market

The global parking management market is expected to develop at a compound annual growth rate (CAGR) of 7.4% from USD 4.4 billion in 2023 to USD 6.3 billion by 2028, according to MarketsandMarkets. This growth is fueled by the growing popularity of improved parking availability, enhanced security, and growing demand for smart parking.

The Parking Management market is poised for substantial growth in the coming years, driven by several key factors:

• Increasing Urbanization and Vehicle Ownership
• Technological Advancements in Parking Solutions
• Government Initiatives for Smart City Development
• Rising Demand for Efficient Parking Systems
• Environmental Concerns and Need for Sustainable Solutions

These growth factors highlight the dynamic and evolving nature of the Parking Management market, driven by the need for efficient, secure, and sustainable parking solutions.

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Increasing Urbanization and Vehicle Ownership:

• Urban Growth: Rapid urbanization is increasing the demand for effective parking management solutions.
• Vehicle Surge: The rising number of vehicles necessitates better parking management systems.

Technological Advancements in Parking Solutions:

• IoT Integration: IoT technology enhances real-time monitoring and management of parking spaces.
• Automation: Automated parking solutions improve efficiency and reduce operational costs.

Government Initiatives for Smart City Development:

• Smart City Projects: Governments worldwide are investing in smart city projects that include advanced parking management systems.
• Funding and Support: Financial and regulatory support for smart infrastructure development boosts the market.

Rising Demand for Efficient Parking Systems:

• Convenience: Consumers demand more convenient and less time-consuming parking solutions.
• Space Optimization: Efficient parking systems help in better utilization of available parking space.

Environmental Concerns and Need for Sustainable Solutions:

• Reducing Emissions: Efficient parking management reduces the time vehicles spend idling, thus cutting emissions.
• Sustainable Practices: Adoption of green parking solutions supports environmental sustainability.

Parking Management Market Share - Global Industry Landscape

The Parking Management market is characterized by the presence of several key players competing for market share. Some of the leading companies in the Parking Management industry include:

• Amano (Japan)
• Bosch Group (Germany)
• Atos (France)
• SWARCO (Austria)
• Chetu (US)

These companies are influential in the Parking Management market, offering diverse solutions that enhance efficiency, security, and user experience in parking management.

Amano (Japan)

Market Share: Amano is a significant player in the Parking Management market, known for its comprehensive parking systems.

Key Offerings:

• Amano Parking Systems: Integrated solutions for parking management including hardware and software.
• PARCS (Parking Access and Revenue Control Systems): Solutions for controlling parking access and managing revenue.

Bosch Group (Germany)

Market Share: Bosch Group holds a strong position in the Parking Management market, leveraging its expertise in technology and innovation.

Key Offerings:

• Bosch Parking Solutions: Advanced systems for managing parking spaces and enhancing security.
• Automated Valet Parking: A fully automated parking solution improving user convenience.

Atos (France)

Market Share: Atos is a major player in the Parking Management market, recognized for its digital transformation solutions.

Key Offerings:

• Atos Smart Parking: A solution that integrates IoT and AI to manage parking spaces effectively.
• Urban Mobility Solutions: Comprehensive solutions for urban mobility including parking management.

SWARCO (Austria)

Market Share: SWARCO has a robust presence in the Parking Management market with its innovative traffic management solutions.

Key Offerings:

• SWARCO Parking Management: Solutions for efficient management of parking facilities and spaces.
• SWARCO Traffic Management: Integrated traffic and parking management systems for smart cities.

Chetu (US)

Market Share: Chetu is a leading provider in the Parking Management market, known for its customized software solutions.

Key Offerings:

• Chetu Parking Software: Custom software development for parking management systems.
• IoT and AI Integration: Solutions that incorporate IoT and AI for advanced parking management.

Related Reports:

Parking Management Market by Offering (Solutions (Parking Guidance, Parking Reservation Management) and Services (Professional Services and Managed Services)), Parking Site (Off-Street and On-Street), Application and Region - Global Forecast to 2028