The Global Parking Management Market Report Forecast 2021 – 2025 offers a clear understanding of the subject matter. The report has been gathered using principal and subordinate research methodologies. Both these methods are directed towards cooperating accurate and meticulous data concerning the market dynamics, historical events, and the current market landscape. Additionally, the report also includes a SWOT analysis that concludes the strengths, weaknesses, opportunities, and threats impacting the segments of the overall market. The report also takes into account the impact of the COVID-19 and also forecasts its recovery post-COVID-19.
The global parking management market was valued at USD 3682.1 million in 2019, and it is projected to be worth USD 5762.8 million by 2025, registering a CAGR of 10.3% during the period 2020-2025.
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Top Key Players in the Global Parking Management Market: DEPLOT, Bond Traffic Solutions, FlashParking, Inc., TIBA Parking, Infocomm Group LLC, Passport Inc., Nex Valet LLC, Amano McGann_, SAP SE, Q-Free ASA, Parkmobile USA Inc., Siemens AG
Industry News and Updates:
– May 2020 – FlashParking announced a national service partnership with Burroughs Inc. This announcement will help Flash parking to provide a unique maintenance service to its users and reduce the risk of hardware downtime._
– March 2020 – Q-Free Deployed a comprehensive parking guidance system at the Victorian Square parking garage in Sparks, Nevada. This system will provide real-time information on available spaces, making it easier for drivers to find parking. This contract will help Q-Free to mark its strong presence in the US market.
Key Market Trends
On-Street Parking Accounts for Significant Market Share
– On-street parking sites are those where the vehicles are parked on the sides of the street itself. On-street parking management is anticipated to reach goals using a variety of tools which includes the spaces where parking is allowed and prohibited by designing parking spaces and facilities and signs, limiting access to certain groups, setting a time limit, charging fees enforcing compliance with all the arrangements, and monitoring success.
– The majority of the on-street parking sites are usually controlled by government agencies. Given its convenient and inexpensive nature, most commuters prefer on-street parking. Despite being an organized and safe parking alternative, off-street parking has lagged behind due to the exorbitant parking fees, resulting in low occupancy levels. _
– Nonetheless, authorities and parking owners are deploying smart parking solutions for efficient management of on-street parking, which is further driving the market for on-street parking management solutions._ For instance, INRIX Inc., a provider of connected car services and transportation analytics, offers On-Street Parking service in the BMW 5 Series Sedan. INRIX delivers real-time on-street parking service in a connected vehicle, which further uses historical and up-to-the-minute parking data to predict the availability of different parking spaces.
– Further, according to Accident Exchange, the number of crashes and scratches while on-road parking costs the UK insurers around GBP 1.4 billion per year. Parking-related incidents account for more than 30% of all the accidents in the UK. More than 675,000 parking collisions are now registered every year, according to the Accident Exchange. This factor increases the adoption of an on-street parking management system.
The report offers an in-depth assessment of the growth and other aspects of the Parking Management market in important countries (regions), including:
North America (United States, Canada and Mexico)
Europe (Germany, France, UK, Russia and Italy)
Asia-Pacific (China, Japan, Korea, India, Southeast Asia and Australia)
South America (Brazil, Argentina, Colombia)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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Asia-Pacific to Witness Significant Market Growth
– Asia-Pacific is witnessing a significant market growth. The increasing population and the rising migration of people to urban cities of China have been rapidly driving the utilization of vehicles in the Chinese market. According to OICA, in 2019, the number of passenger car sales in China amounted to 21.44 million, and commercial vehicle sales amounted to 4.32 million._
– The rapid growth of the vehicle market in the country and the increasing population, coupled with limited parking space, have been driving the parking management market in China. According to the Ministry of Public Security, China, there were 258 millions of car in 2019 that was on the road. _
– Moreover, with only an estimated 800,000 parking lots and 30 million of-street parking spaces, on an average, first and second-tier cities have 0.8 parking spaces available per car, with the availability in the small and medium-sized city dropping as low as 0.5 parking spaces per car, according to the Tsinghua University, which has been making China face parking crisis. _
This Parking Management Market report addresses:
– The Market size from 2015-2020
– Expected market growth until 2025
– Forecast of how market drivers, restraints, and future opportunities will affect
– Segment and regions that will drive or lead market growth and why
– Comprehensive mapping of the competitive landscape
– In-depth analysis of key sustainability strategies adopted by market place
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– The market estimate (ME) sheet in Excel format
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Covid-19 Impact Analysis:
All the reports that we list have been tracking the impact of COVID-19 on the market. Both upstream and downstream of the entire supply chain have been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check with the sales team.
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