Parking Management Market Size

Global Parking Management Market size was valued at USD 4.07 Billion in 2023 and is poised to grow from USD 4.37 Billion in 2024 to USD 7.74 Billion by 2032, growing at a CAGR of 7.4% in the forecast period (2025-2032).

Market players are observed to invest resources in research & development activities to support growth and enhance their internal business operations. Companies can be seen engaging in mergers & acquisitions and partnerships to further upgrade their products and gain a competitive advantage in the market. Moreover, governments are taking various initiatives to solve the problem of traffic congestion across the cities, and many private players are expanding their geographical presence to gain more market share. The prominent companies drive forward the global parking management market, each bringing unique strengths that cater to the evolving demands of modern urban environments. Their innovations and strategies not only fuel their growth but also enable more sustainable and efficient urban mobility solutions worldwide. 'Amano Corporation', 'Siemens AG', 'Robert Bosch GmbH', 'SAP SE', 'International Business Machines Corporation', 'Q-Free ASA', 'SWARCO AG', 'Cubic Corporation', 'SKIDATA AG', 'Nedap Identification Systems', 'Precise ParkLink', 'Flash Parking Inc.'

As developers end up constructing extra spots to comply with requirements governing the size and the number of parking spaces, a proportion of parking spaces stay vacant. By alerting consumers when and where a parking spot is available, continuous parking management solutions, such as enhanced signs and real-time parking signals, reduce the wastage of parking spaces. Through better revenue management, which combats overcharging and undercharging for parking spaces, parking management also leads to more effective use of parking resources. 

Increasing Investment in Automation: In recent years, sectors such as automation, automotive, IT, and telecom are witnessing high investments for the development of smart parking solutions to cater the rising demand for new, innovative solutions for parking issues. Many automotive original equipment manufacturers (OEMs) are converging their portfolio in order to become an enabler of mobility ecosystem instead of a single provider of mobility. This is increasing the demand for EV charging, car sharing, parking, and payment solutions. This parking management market trend will continue to increase during the forecast period.

North America is dominating with the largest parking management market share. To lessen traffic congestion, the rising car population in nations like Canada and the U.S. calls for a smart parking solution. Additionally, people are quickly acclimating to contemporary parking solutions due to the convenience offered by the surge in smartphone adoption and the release of mobile apps for finding parking spaces. The region's growing commercialization and the need to provide users with a tailored experience are driving up demand for parking management. For instance, The U.S. Department of Transportation (DOT) and the Environmental Protection Agency (EPA) is developing parking master plans for non-attainment areas for smog and particulate matter under the Clean Air Act as part of State Implementation Plans (SIPs).