How Has The Parking Lots and Garages Market Size Evolved In Recent Years?
The parking lots and garages market has seen considerable growth due to a variety of factors.
• The market size of parking lots and garages has seen a consistent rise in the past few years. It is predicted to increase from $91.1 billion in 2024 to $94.38 billion in 2025, with a compound annual growth rate (CAGR) of 3.6%.
The observed growth in the historical period is the result of inadequate parking caused by increasing number of motor vehicles, swift urbanization, world population growth and a robust economic upswing in budding markets.
What Are The Estimated Market Size And Expected Annual Growth Rates For Globa Parking Lots and Garages Market?
The parking lots and garages market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of parking lots and garages is anticipated to experience consistent expansion in the approaching years, reaching a worth of $109.22 billion in 2029, with a compound annual growth rate (CAGR) of 3.7%.
The projected growth in this period can be credited to the escalating number of vehicles globally and the growing investment in parking lots and garage businesses. Key trends expected during this forecast period are mergers and acquisitions, alliances and collaborations, and a concentration on wireless smart parking sensors.
What Are The Primary Growth Drivers In The Parking Lots and Garages Market?
The surge in the use of motor vehicles in developing economies leading to insufficient parking, is anticipated to fuel the global parking lots and garages market. The liberalization of the market has resulted in a substantial rise in the transportation sector, which is key to the economy, thereby boosting its operational effectiveness. Consequently, this has led to a buildup of immobile traffic in urban locales. For example, in India, parking-specific traffic during rush hours can constitute 30%-50% of total traffic, as per the research findings reported by the Journal of Traffic and Transportation Engineering. City commuters in India spend upwards of 80 hours annually in their quest for parking due to a shortage of parking spaces, amplified by the burgeoning vehicle population. This discrepancy between the supply and demand for parking due to the escalating use of vehicles in developing economies, acts as a catapult for the expansion of the parking lots and garages market.
What Are The Key Segments Within The Global Parking Lots and Garages Market?
The parking lots and garages market covered in this report is segmented –
1) By Type: Airport And 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
Subsegments:
1) By Airport And Rail: Airport Parking Garages, Railway Station Parking Lots
2) By Hospitals: Hospital Parking Garages, Medical Center Parking Lots
3) By Hotel and Restaurants: Hotel Parking Garages, Restaurant Parking Lots
4) By Shopping Centers: Mall Parking Garages, Retail Store Parking Lots
5) By Privately Owned: Commercial Parking Garages, Residential Parking Lots
6) By Others: Event Venue Parking, University Parking, Public Parks Parking
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How Are New Trends Impacting The Size Of The Parking Lots and Garages Market?
Emerging trends in the global parking lots and garages market are shaped by the rise of wireless smart parking sensors that detect parking space occupancy. These Parking Lot Sensors (PLS) actively monitor and record parking occupancy, which allows for effective management functions such as navigation, search, and reservation of parking spaces. This significantly enhances city parking management. Recently, BOSCH released a new parking lot sensor that employs the LoRaWAN protocol for wireless communication, aiding in directed and controlled parking and consequently eliminating traffic constraints.
Who Are the Key Players in the Parking Lots and Garages Market?
Major companies operating in the parking lots and garages market include:
• 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
• Park'N Fly
• Spot Hero
• The Toronto Parking Authority (TPA)
• EL GARAGE BELGRANO S.A
• ALSE PARKING S.A
• PARKING SAN TELMO S.A.
• Highway Department Garage
• Osage Township Garage
• COPEMSA
• Mawarid Company
• Earadat Transport
• Makani Parking
• Saudi Premier Parking
• HUB Parking Technology South Africa
• Kenya Airport Parking Service
• Junction Mall Parking Hall
What are the Regional Insights into the Parking Lots and Garages Market?
North America was the largest region in the parking lots and garages market in 2024. 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
