Parking Lots And Garages Global Market To Reach Value Of About $109.87 Billion In 2023
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The global parking lots and garages market is expected to decline from $97 billion in 2019 to $95.57 billion in 2020 at a compound annual growth rate (CAGR) of -1.47%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities resulting in operational challenges. The market is then expected to recover and reach $109.87 billion in 2023 at a CAGR of 4.76%. 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.
The parking lots and garages market consists of sales of parking lots and garages services by entities (organizations, sole traders and partnerships) that are engaged in operating parking lots and parking garages. These establishments provide temporary parking services for motor vehicles, usually on an hourly, daily, or monthly basis. Only goods and services traded between entities or sold to end consumers are included.
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The global parking lots and garages market is further segmented based on type and geography.
By Type: Airport Parking And Garages, Events And Venues (Stadiums For Sporting Events), Healthcare Parking, Hospitality Parking, Municipal Parking, Office Parking, University Parking, Retails Parking, Residential Parking.
By Site: Off Street, On Street.
By Geography: The global parking lots and garages market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
Among these regions, North America was the largest region in the global parking lots and garages market in 2019.
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Trends In The Parking Lots And Garages Market
The wireless smart parking sensor for detecting parking space occupancy is an emerging trend in the global parking lots and garages market. The Parking Lot Sensor (PLS) senses and records occupancy of parking space, allowing active parking lots management functionality such as search, navigation, and reservation. The sensors help in the effective management of parking spaces in cities.
Parking Lots And Garages Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides parking lots and garages market overviews, analyzes and forecasts market size and growth for the global parking lots and garages market, parking lots and garages market share, parking lots and garages market players, parking lots and garages market segments and geographies, parking lots and garages market’s leading competitors’ revenues, profiles and market shares. The parking lots and garages market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.