$138.18 Bn Parking Lots and Garages Market Trends, Opportunities and Strategies, 2018-2023, 2028F, 2033F

Dublin, Feb. 19, 2025 (GLOBE NEWSWIRE) -- The "Parking Lots and Garages Market Opportunities and Strategies to 2033" report has been added to ResearchAndMarkets.com's offering.



The global parking lots and garages market reached a value of nearly $87.2 billion in 2023, having grown at a compound annual growth rate (CAGR) of 5.07% since 2018. The market is expected to grow from $87.2 billion in 2023 to $113.1 billion in 2028 at a rate of 5.35%. The market is then expected to grow at a CAGR of 4.08% from 2028 and reach $138.2 billion in 2033.

The global parking lots and garages market is fairly fragmented, with a large number of players operating in the market. The top ten competitors in the market made up 10.2% of the total market in 2023. LAZ Parking Ltd. LLC was the largest competitor with a 3.4% share of the market, followed by PARK24 CO.,LTD. (Puke 24 Co., Ltd.) with 2%, Reimagined Parking Inc. with 1.8%, Abm Industries Inc. with 0.9%, Indigo Group SAS with 0.7%, Amano Corporation with 0.6%, Tokyo Tatemono Co., Ltd. with 0.2%, Ace Parking Management Inc. with 0.2%, Sp Plus Corporation with 0.2% and Nippon Parking Development Co., Ltd. with 0.1%.

Growth in the historic period resulted from the rising number of vehicles globally, expansion of smart city projects and increasing government support Factors that negatively affected growth in the historic period include expensive parking spaces. Going forward, strong economic growth in emerging markets, rise in public-private partnerships (PPP) in infrastructure development and rising urbanization will drive the market. Factors that could hinder the growth of the parking lots and garages market in the future include shift towards public transportation.

The parking lots and garages market is segmented by type into airports and rail, hospitals, hotels and restaurants, shopping centers, privately owned and other types. The privately owned market was the largest segment of the parking lots and garages market segmented by type, accounting for 33.2% or $29 billion of the total in 2023. Going forward, the shopping centers segment is expected to be the fastest-growing segment in the parking lots and garages market segmented by type, at a CAGR of 6.70% during 2023-2028.

The parking lots and garages market is segmented by site into on-street and off-street. The off-street market was the largest segment of the parking lots and garages market segmented by site, accounting for 65.4% or $57 billion of the total in 2023. Going forward, the off-street segment is expected to be the fastest-growing segment in the parking lots and garages market segmented by site, at a CAGR of 5.56% during 2023-2028.

The parking lots and garages market is segmented by technology into smart parking using IoT, automation and unautomated. The smart parking using IoT market was the largest segment of the parking lots and garages market segmented by technology, accounting for 48.7% or $42.5 billion of the total in 2023. Going forward, the smart parking using IoT segment is expected to be the fastest-growing segment in the parking lots and garages market segmented by technology, at a CAGR of 6.17% during 2023-2028.

North America was the largest region in the parking lots and garages market, accounting for 43.6% or $38 billion of the total in 2023. It was followed by Asia-Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the parking lots and garages market will be the Middle East and Africa, where growth will be at CAGRs of 7.43% and 6.75% respectively. These will be followed by Asia-Pacific and South America, where the markets are expected to grow at CAGRs of 6.11% and 5.95% respectively.

The top opportunities in the parking lots and garages market segmented by type will arise in the privately owned segment, which will gain $7.7 billion of global annual sales by 2028. The top opportunities in the parking lots and garages market segmented by site will arise in the off-street segment, which will gain $17.7 billion of global annual sales by 2028. The top opportunities in the parking lots and garages market segmented by technology will arise in the smart parking using IoT segment, which will gain $14.8 billion of global annual sales by 2028. The parking lots and garages market size will gain the most in the USA at $9.9 billion.

To take advantage of the opportunities, the analyst recommends the parking lots and garages companies to focus on innovative online platforms for parking rentals, focus on urban parking infrastructure investments, focus on cloud technology for parking management, focus on shopping centers for growth opportunities, focus on off-street parking segment, focus on smart parking using IOT for market growth, expand in emerging markets, focus on strategic partnerships for business expansion, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions and focus on urban population.

Key Attributes:

Key Topics Covered:

1 Executive Summary
1.1 Parking Lots and Garages - Market Attractiveness and Macro economic Landscape

2 Table of Contents

3 List of Tables

4 List of Figures

5 Report Structure

6 Market Characteristics
6.1 General Market Definition
6.2 Summary
6.3 Parking Lots and Garages Market Definition and Segmentations
6.4 Market Segmentation by Type
6.4.1 Airports and Rail
6.4.2 Hospitals
6.4.3 Hotel and Restaurants
6.4.4 Shopping Centers
6.4.5 Privately Owned
6.4.6 Other Types
6.5 Market Segmentation by Site
6.5.1 on Street
6.5.2 Off Street
6.6 Market Segmentation by Technology
6.6.1 Unautomated
6.6.2 Smart Parking Using IoT
6.6.3 Automation

7 Major Market Trends
7.1 Innovative Online Platforms For Parking Rentals
7.2 New Investment in Urban Parking Infrastructure
7.3 Strategic Partnerships and Collaborations Among Market Players
7.4 Revolutionizing Parking Management With Cloud Technology

8 Parking Lots and Garages Market - Macro Economic Scenario
8.1 COVID-19 Impact on the Parking Lots and Garages Market
8.2 Impact of the War in Ukraine on the Parking Lots and Garages Market
8.3 Impact of High Inflation on the Parking Lots and Garages Market

9 Global Market Size and Growth
9.1 Market Size
9.2 Historic Market Growth, 2018-2023, Value ($ Million)
9.2.1 Market Drivers 2018-2023
9.2.2 Market Restraints 2018-2023
9.3 Forecast Market Growth, 2023-2028, 2033F Value ($ Million)
9.3.1 Market Drivers 2023-2028
9.3.2 Market Restraints 2023-2028

10 Global Parking Lots and Garages Market Segmentation
10.1 Global Parking Lots and Garages Market, Segmentation by Type, Historic and Forecast, 2018-2023, 2028F, 2033F, Value ($ Million)
10.2 Global Parking Lots and Garages Market, Segmentation by Site, Historic and Forecast, 2018-2023, 2028F, 2033F, Value ($ Million)
10.3 Global Parking Lots and Garages Market, Segmentation by Technology, Historic and Forecast, 2018-2023, 2028F, 2033F, Value ($ Million)

11 Parking Lots and Garages Market, Regional and Country Analysis
11.1 Global Parking Lots and Garages Market, by Region, Historic and Forecast, 2018-2023, 2028F, 2033F, Value ($ Million)
11.2 Global Parking Lots and Garages Market, by Country, Historic and Forecast, 2018-2023, 2028F, 2033F, Value ($ Million)

Companies Featured

• LAZ Parking Ltd. LLC
• PARK24 CO., LTD. (Puke 24 Co., Ltd.)
• Reimagined Parking Inc.
• Abm Industries Inc.
• Indigo Group SAS
• Amano Corporation
• Tokyo Tatemono Co., Ltd.
• Ace Parking Management Inc.
• Sp Plus Corporation
• Nippon Parking Development Co., Ltd.
• Altiux Innovations Pvt. Ltd
• RR Parkon
• ParkSmart
• Soul Parking
• Amano Korea
• Fixcraft
• Hyundai Motor Company
• Sika Group
• Yi Po International
• Wilson Parking
• TPS Traffic & Parking Systems
• Diamond Parking
• Amco S.A.
• Catella Real Estate AG
• AG Real Estate France
• Bayerische Motoren Werke AG
• Flowbird
• Kapsch TrafficCom AG
• Libelium Comunicaciones Distribuidas S.L.
• Nedap
• Park assist
• Robert Bosch GmbH
• Siemens AG
• APCOA Parking AG
• SKIDATA GmbH
• Smart Parking Limited
• SWARCO Holding AG
• Urbiotica
• TagMaster
• EasyPark Group
• Green Center s.r.o.
• Parkey Sp. z o.o
• MR.PARKIT
• Interparking.pl
• EuroPark
• City Parking Group
• Parking Management Company
• TPS Parking
• WPS Parking Solutions
• Ticketech
• Parking Logix
• Penn Parking & Computer Services
• Jones Lang LaSalle Incorporated
• U.S. Navy
• New York City Mayor Eric Adams and the Department of Consumer and Worker Protection
• Verra Mobility Corporation
• The Parking Company of America (PCA)
• Metropolis Technologies
• Nepos Sistemas
• Columbia Metropolitan Airport
• Estapar
• ALSE PARKING S. A
• Quercus Technologies
• Robotic Parking Systems
• Designa
• Hub Parking Technology
• Scheidt & Bachmann
• Parkomax
• Cass Parking
• Al Falak Middle East
• Mawarid Company
• Earadat Transport
• Makani Parking
• Saudi Premier Parking
• Mawaqif Qatar
• TVC Parking Management
• Junction Mall Parking Hall
• Ortym Agencies
• Kenya Airport Parking Service

For more information about this report visit https://www.researchandmarkets.com/r/5g2o5c

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