Parking Management Market Size

Parking Management Market size was over USD 7.3 billion in 2024 and is projected to cross USD 26.08 billion by the end of 2037, witnessing more than 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 growth of this market can be attributed to the increasing transformation of urban areas into smart cities around the globe. With the help of innovative data and communication technologies, smart cities adopt housing, mobility, and economic functions. The smart city initiatives offered by the government are expected to offer lucrative growth opportunities for smart parking management systems that can be adopted by smart city solutions.

Besides, increasing vehicle production and escalating the number of vehicles moving roads is also expected to drive the growth of the parking management market in the projected period. As increasing production of vehicles and increasing use of these vehicles would lead to more traffic and congestion on roads as well as in parking spaces, thus it is significant to have a proper parking management solution for them to avoid any kind of traffic or congestion. In 2022, 85.4 million motor vehicles were produced all across the globe.