Parking 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.
