How Global Parking Lots and Garages Market Players Should Strategize For 2022-2031
22 Feb, 2022
The global parking lots and garages market size is expected to grow from $85.90 billion in 2021 to $92.32 billion in 2022 at a compound annual growth rate (CAGR) of 7.5%. The growth in the market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The parking lots and garages market is expected to reach $104.35 billion in 2026 at a CAGR of 3.1%.
What is 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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What drives the Global Parking Lots and Garages Market?
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 time can reach 30%–50% of total traffic according to a research study published by the Journal of Traffic and Transportation Engineering. The commuters in Indian cities spend over 80 hours a year to look for parking space 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 market.
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https://www.thebusinessresearchcompany.com/report/parking-lots-and-garages-global-market-reportGlobal Parking Lots and Garages Market Segments
The global parking lots and garages market is segmented:
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 Technology: Smart Parking using IoT, Automation
By Geography: The regions covered in the parking lots and garages market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Parking Lots and Garages Global Market Report 2022provides market size and growth forecasts for the global parking lots and garages market, global parking lots and garages market share, parking lots and garages market segments and geographies, parking lots and garages market competitive landscape including 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.
Global Parking Lots and Garages Industry Playersinclude SP Plus Corporation, LAZ Parking Ltd. LLC, ABM Industries Inc, Ace Parking Management Inc, Diamond Parking, Lanier Parking, TPS Parking, Impark, Indigo, Park24, and Wilson Parking. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.