Overview and Scope
Parking lots refer to those agencies that provide areas for the temporary parking of automobiles against parking charges for a specified period of time. Parking garages refers to those agencies that run and operate secure establishments where people can park their motor vehicles against fee charged on a time basis.
Sizing and Forecast
The parking lots and garages market size has grown steadily in recent years. It will grow from $98.45 billion in 2023 to $102.35 billion in 2024 at a compound annual growth rate (CAGR) of 4.0%. The growth in the historic period can be attributed to lack of sufficient parking due to rising motor vehicles, rapid urbanization, growth in world population and strong economic growth in emerging markets.
The parking lots and garages market size is expected to see steady growth in the next few years. It will grow to $119.91 billion in 2028 at a compound annual growth rate (CAGR) of 4.0%. The growth in the forecast period can be attributed to rising number of vehicles across the world and increasing investment in the parking lot and garages company. Major trends in the forecast period include mergers and acquisitions, partnerships and collaborations and focus on wireless smart parking sensors.
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Segmentation & Regional Insights
The parking lots and garages market covered in this report is segmented –
1) By Type: Airport & Rail, Hospitals, Hotel And Restaurants, Shopping Centers, Privately Owned, Others
2) By Site: On Street, Off Street
3) By Technology: Smart Parking Using IOT, Automation, Unautomated
North America was the largest region in the parking lots and garages market in 2023. Asia-Pacific was the second largest region in the global parking lots and garages market share. The regions covered in the parking lots and garages market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The lack of sufficient parking due to rising motor vehicles use in developing economies is expected to drive the global parking lots and garages market. Market liberalization has caused a severe increase in transport, one of the important economic sectors, and its operational efficiency, which in turn has led to increased stagnant traffic in cities. For instance, in India, the average volume of traffic related to parking during peak times can reach 30%-50% of total traffic according to a research study published by the Journal of Traffic and Transportation Engineering. Commuters in Indian cities spend over 80 hours a year looking for parking spaces due to the lack of parking spaces in Indian cities amid a growing population of vehicles. The imbalance between parking supply and parking demand due to the increasing use of vehicles in developing economies is driving the growth of the parking lots and garages market.
Key Industry Players
Major companies operating in the parking lots and garages market report are Impark Parking Corporation, LAZ Parking Ltd. LLC, Park24, Lanier Parking, Abm Industries Inc., Indigo Group SAS, Ace Parking Management Inc., Tokyo Tatemono, Sp Plus Corporation, NIPPON PARKING DEVELOPMENT Co.,Ltd., Yi Po International, Wilson Parking, Diamond Parking, TPS Parking, Sika Group, Park’N Fly, Spot Hero, The Toronto Parking Authority (TPA), EL GARAGE BELGRANO S.A, ALSE PARKING S.A, PARKING SAN TELMO S.A., Rose Concrete, Highway Department Garage, Osage Township Garage, COPEMSA, Mawarid Company, Earadat Transport, Makani Parking, Saudi Premier Parking, HUB Parking Technology South Africa, Ortym Agencies, Kenya Airport Parking Service, Junction Mall Parking Hall
The parking lots and garages market report table of contents includes:
1. Executive Summary
2. Parking Lots and Garages Market Characteristics
3. Parking Lots and Garages Market Trends And Strategies
4. Parking Lots and Garages Market – Macro Economic Scenario
5. Global Parking Lots and Garages Market Size and Growth
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31. Parking Lots and Garages Market Other Major And Innovative Companies
32. Global Parking Lots and Garages Market Competitive Benchmarking
33. Global Parking Lots and Garages Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Parking Lots and Garages Market
35. Parking Lots and Garages Market Future Outlook and Potential Analysis
36.Appendix
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