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.

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."

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Statistic 2

"In 2020, parking management solutions for valet facilities captured the highest market share and will maintain the trend throughout 2027."

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Statistic 3

"Market for off-street parking management is expected to grow at a higher CAGR of 13.5% during the period 2020-2027."

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Statistic 4

"Automated parking management systems are projected to exhibit the highest CAGR of 14.3% during the forecast period."

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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."

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Statistic 6

"Asia-Pacific is anticipated to portray the fastest CAGR of 16.3% during the forecast period."

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Statistic 7

"In 2021, Smart Parking became the official parking company of Miami, providing integrated parking services to the entire city."

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Statistic 8

"The global market for smart parking systems is expected to reach $368.7 billion by 2025."

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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."

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Statistic 10

"The global parking reservation systems market is projected to reach $1,665.3 million by 2025."

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Statistic 11

"On average, 30% of all city traffic is generated by drivers actively looking for parking."

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Statistic 12

"Over 90% of Americans drive to work, highlighting the importance of efficient parking management systems in the US."

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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."

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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."

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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."

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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."

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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."

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Statistic 18

"Fewer than 10% of commercial parking lots are utilizing technology for parking management, indicating significant room for growth."

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