Global Parking Management Market Size, Forecast, and Trend Highlights Over 2025-2037
Parking Management Market size was valued at USD 7.3 billion in 2024 and is set to exceed USD 25.8 billion by 2037, expanding at over 10.2% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of parking management is estimated at USD 7.9 billion.
The market growth is attributed to the cumulative transformation of urban zones into smart cities, globally. Increasing vehicle production and escalating the number of vehicles is also expected to drive the growth of the market in the projected period. According to ACEA, in May 2023, every year, 85.4 million motor vehicles are manufactured globally. Thus, it is significant to have a proper parking management solution to avoid traffic congestion. Furthermore, in American Trucking Association received USD 30 million in funding, invested by the U.S. Department of Transportation, to construct 260 new truck parking spaces.
Smart city initiatives are fuelling the adoption of intelligent parking solutions further. Parking management supports reserving and tailoring parking spaces in accordance with staff requirements and company guidelines. At present, parking solutions that are office-centric, also known as employee parking software, are observing noteworthy progress owing to the capacity improvement they offer without the need to increase the concrete space.
Parking Management Sector: Growth Drivers and Challenges
Growth Drivers
- Air travel surge accelerating demand for airport parking solutions: The rise in air passenger traffic across the world is driving the demand for efficient airport parking management solutions. As airports face increasing pressure to handle high vehicle volumes, smart parking solutions, offer streamlined operations, reduced congestion, and enhanced traveller convenience. Governments are hence putting efforts and funds into managing the parking crisis through quality management. For instance, in September 2024, the U.S. Department of Commerce granted USD 3.2 million for parking infrastructure improvements to the Benedum Airport Authority in Bridgeport, West Virginia.
- New entrants driving competitive growth: The market is witnessing growth due to the entry of new players and tech-driven startups offering innovative, cost-effective solutions. The new entrants are introducing advanced technologies such as AI-powered parking guidance, app-based reservations, and data analytics, intensifying competition and fostering innovation. For instance, in February 2023, a new parking management ecosystem, In-Parking, entered the U.S. market, intending to enhance business with real data and performance visibility with embedded KPIs and integrations with phone-based Apps, GIS systems, and more.
Challenges
- Investment and maintenance expenses: High implementation and maintenance costs are significant barriers in the market. Advanced systems such as automated parking solutions, smart sensors, and integrated payment platforms require substantial upfront investment, making it difficult for small businesses and municipalities with limited budgets to adopt them. Ongoing expenses for system updates, staff training, and infrastructure upgrades further add to the financial burden, slowing widespread deployment.
- Adoption challenges and system incorporation hurdles: Integration with existing infrastructure, ensuring compatibility with various technologies, and managing data security require specialized expertise. Resistance to change from traditional methods, along with regulatory hurdles and inconsistent standards across regions, also complicate implementation, delaying adoption and affecting market expansion.
Parking Management Market: Key Insights
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
10.2% |
|
Base Year Market Size (2024) |
USD 7.3 billion |
|
Forecast Year Market Size (2037) |
USD 25.8 billion |
|
Regional Scope |
|
Parking Management Segmentation
Deployment Type (On-premise, Cloud)
The on-premises segment is anticipated to witness the largest market share of 60% by the end of 2037. The growth is attributed to enhanced security, convenience, and less downtime risk. Additionally, they provide benefits in terms of compliance issues. The segment is exceedingly preferable among consumers as it is more stable and people can get access to data even if the server is down or internet connectivity is slow. The segment is hence projected to witness a significant expansion in the upcoming years.
Parking Site (On-Street, Off-Street)
The off-street parking segment in the parking management market is predicted to hold the largest revenue share by 2037 on the account of increasing number of vehicles moving on the road. This is mainly used as it is easier, more reliable, and aids in traffic control. Low installation and maintenance costs, pre-built infrastructure, cutting-edge software, enhanced communication rules, and the spread of smart city projects all contribute to the market's growth. The introduction of mobile devices and digital methods of payment has furthermore boosted the market growth.
Our in-depth analysis of the global market includes the following segments:
|
Solution |
|
|
Service |
|
|
Deployment Type |
|
|
Parking Site |
|
Want to customize this research report as per your requirements? Our research team will cover the information you require to help you take effective business decisions.
Customize this ReportParking Management Industry - Regional Synopsis
North America Market Forecasts
The parking management market in North America is estimated to experience the largest revenue share of 34% during the forecast period. High vehicle possession rates and urbanization are boosting the industry size. The market is growing steadily, with a focus on implementing innovative technologies and creative parking solutions. According to IEA, Global EV Outlook 2024, electric cars' total sales shares increased from 4% in 2020 to 18% in 2023, with more than 3 million electric cars sold in the first quarter of 2024. The increasing efforts made towards offering better user experience to customers and increasing commercialization are driving the expansion of the sector.
The U.S. market is experiencing steady growth, driven by increasing urbanization, rising vehicle ownership, and the demand for efficient parking solutions in congested cities. Technological advancements such as smart parking systems, mobile app-based payments, and real-time space tracking are major factors enhancing market efficiency. For instance, in February 2023, Parqour launched an all-in-one parking management solution that makes the process of parking contactless and seamless for customers, through license plate recognition technology with 99.6% accuracy.
APAC Market Statistics
The Asia Pacific parking management market growth is poised to grow significantly by the end of the projected period. Rapid urbanization and digitalization in the region are predicted to further boost the expansion of the market in the APAC region. In November 2024, UrbanChain Group Co., Ltd. unveiled the next-generation parking experience for customers with a new AI-driven cashless parking lot in Tokyo. Furthermore, governments across the region are investing in intelligent transportation systems, boosting the need for efficient parking solutions.
India market is anticipated to witness considerable expansion during the projected period. challenges such as land scarcity and traffic congestion are pushing both public and private stakeholders to seek efficient and scalable parking solutions. The Metropolitan Transportation Commission (MTC), a subsidiary of Tamil Nadu State Transport Corporation Ltd. launched the Local Parking Management Grant Program in July 2022 in the state to implement local parking management programs, in alignment with Plan Bay Area 2050.
Companies Dominating the Parking Management Landscape
- Passport Inc.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- BondTraffic Solutions
- APCOA Parking Deutschland
- TIBA Parking
- DELOPT
- YourParkingSpace
- FlashParking Inc.
- International Business Machines Corporation
- Infocomm Group LLC.
Companies in the parking management market are collaborating with municipal bodies and real estate developers to secure long-term contracts. In February 2025, Huachen AI Parking Management Technology, a developer of automated parking garages in China accumulated USD 6 million by offering 1.5 million shares at USD 4, the low end of the range of USD 4 to USD 6. Some players are expanding regionally through franchise models or local tie-ups to increase their footprint and market share efficiently.
In the News
- In August 2024, a France-based parking management startup, Cocoparks, announced its innovative smart parking technology deployment in the city of Shimla, India, completed by the end of 2024.
- In September 2022, YourParkingSpace which is one of the fastest-growing providers of parking technology in the UK, was acquired by a leading urban mobility company, Flowbird, intending to expand the company’s digital and terrain offerings rapidly.
- In June 2022, APCOA Parking Deutschland announced the launch of a new partnership with GreenMobility, a Danish car-sharing provider, in Cologne.
Author Credits: Abhishek Verma
- Report ID: 5144
- Published Date: Mar 28, 2025
- Report Format: PDF, PPT
