GITNUX MARKETDATA REPORT 2024
Parking Management Industry Statistics
The parking management industry is expected to grow at a steady pace due to increasing urbanization and the rising demand for efficient parking solutions.
In this post, we explore key statistics shaping the parking management industry, shedding light on market values, trends, and projections. From the global market size and regional contributions to the rise of smart parking systems and the impact of digital solutions, these statistics offer valuable insights into the evolving landscape of parking management.
Statistic 1
"Global parking management market was valued at approximately $4,432.7 million in 2019. It's projected to reach $11,183.4 million by 2027, growing at CAGR of 14.1% from 2020 to 2027."
Statistic 2
"In 2020, parking management solutions for valet facilities captured the highest market share and will maintain the trend throughout 2027."
Statistic 3
"Market for off-street parking management is expected to grow at a higher CAGR of 13.5% during the period 2020-2027."
Statistic 4
"Automated parking management systems are projected to exhibit the highest CAGR of 14.3% during the forecast period."
Statistic 5
"North America contributed to the largest market share in 2019, holding nearly two-fifths of the total share of the global parking management market."
Statistic 6
"Asia-Pacific is anticipated to portray the fastest CAGR of 16.3% during the forecast period."
Statistic 7
"In 2021, Smart Parking became the official parking company of Miami, providing integrated parking services to the entire city."
Statistic 8
"The global market for smart parking systems is expected to reach $368.7 billion by 2025."
Statistic 9
"There is a shift towards cloud-based smart parking services in the parking management industry, with 56% of parking professionals planning to transition to cloud-based solutions by 2024."
Statistic 10
"The global parking reservation systems market is projected to reach $1,665.3 million by 2025."
Statistic 11
"On average, 30% of all city traffic is generated by drivers actively looking for parking."
Statistic 12
"Over 90% of Americans drive to work, highlighting the importance of efficient parking management systems in the US."
Statistic 13
"The digital payment solutions in the parking management market is expected to boom, with a projected CAGR of 10.5% from 2021 to 2026."
Statistic 14
"The average motorist spends over 90 hours each year looking for a parking space, demonstrating the need for more efficient parking management solutions."
Statistic 15
"Green Parking, a key trend in the parking management industry, is projected to grow at a significant rate in the next five years."
Statistic 16
"Revenue for the U.S. parking lots and garages industry is expected to grow at an annualized rate of 1.9% through 2025."
Statistic 17
"In 2019, it was estimated that the total number of parking spaces in the U.S. ranges between 105 million and 2 billion."
Statistic 18
"Fewer than 10% of commercial parking lots are utilizing technology for parking management, indicating significant room for growth."
Jannik Lindner
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