Global Parking Services Market Is Expected To Reach A Valuation Of US$ 211.5 Billion By The Year 2033

According to a newly published analysis by Fact.MR, a market research and competitive intelligence company, the worldwide parking services market is predicted to be worth US$ 114.8 billion in 2023 and US$ 211.5 billion by 2033. For the next ten years, the market will increase at a 6.3% annual pace.

Because of the increasing rate of car ownership, particularly in developing nations, the parking services industry is predicted to increase at an exponential rate. Despite having the world’s second and fifth largest economies, respectively, China and India had record levels of car ownership.

The increasing number of cars and other vehicles on the road will eventually result in a greater demand for parking spots. The majority of this demand for parking spaces will come from urban areas, where vehicle ownership is higher than in rural and semi-urban areas. Simultaneously, land parcels in metropolitan areas are shrinking day by day as a result of ongoing infrastructure construction, resulting in a scarcity of parking places.

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It is expected that, with proper planning and execution, along with the integration of technology into the system, the problem of parking spaces can be solved. This will lead to proper utilization of existing parking spaces, resulting in higher revenue for the service providers.

Key Takeaways from Market Study

• The global parking services market is expected to reach a valuation of US$ 211.5 billion by the year 2033.
• Off-street parking spaces account for 66% of the total parking spaces globally.
• Demand for the parking services market is expected to witness a CAGR of 6.3% during the forecast period.
• East Asia is expected to grow at a CAGR of 7.5% during the 2023-2033 period.
• Commercially owned parking spaces will witness most of the growth and are expected to hold 41% of the total parking spaces.

Segmentation of the Parking Services Market

• By Type :
  • On-Street Parking
  • Off-Street Parking
• By Ownership :
  • Commercially Owned
  • Privately owned
• By Location :
  • Government/Municipal
  • Airport
  • Retail
  • Corporate
  • Educational Institute
  • Hospital/Healthcare
  • Others (Not Mentioned Elsewhere)
• By Region :
  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • Middle East & Africa

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Market Development

The industry has been witnessing a sea of innovation in terms of service offerings. With the help of technology such as real-time status of the parking lot to automatic check-in and check-outs, the industry is slowly witnessing full utilization of parking spaces. The conventional market leaders are entering into a partnership with a technology company or are acquiring new-edge start-ups to improve their service offerings.

• In November 2021, Verra Mobility, a leader in smart mobility technology solutions, signed an agreement to acquire T2 System from Thoma Bravo for a staggering US$ 347 million. T2 System is a leading technology platform that provides an integrated suite of parking software and hardware solutions.
• In January 2021, Flash Parking, Inc. one of the leading technology companies in the parking industry, announced its merger with Arrive, a leading provider of smart parking solutions to create a touchless digital mobility platform.
• In January 2022, Cloudastructure, a leading service provider of cloud-controlled video surveillance systems, completed the acquisition of Visionful.

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Key Companies Profiled

• ABM Industries Inc
• Ace Parking Management Inc
• Diamond Parking
• Get My Parking
• Impark
• Indigo
• Lanier Parking
• LAZ Parking Ltd. LLC
• Park+
• Park24
• Parkwel Parking Services Llp
• SP Plus Corporation
• TPS Parking
• Wilson Parking
• Your Parking Space
• Zenpark

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