Parking Management Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
. With the COVID-19 pandemic, cloud-native parking management solutions are anticipated to propel demand. With parking operators running their entire infrastructure on a public hyper-scale cloud, it gives them the capabilities to scale up as and when required, besides access to advanced technologies with an increased level of agility in a complete pay-as-you-go model.​
Also, the Parking Index and Parking turnover as a result of off-street parking is high and increasing with optimistic growth rates. Further, due to the COVID-19 pandemic, several authorities are reinstating parking charges for off-street parking. For instance, in May 2020, Lancaster City Council reintroduced parking charges in some of its off-street car parks.​
- Parking is a critical component of the current transportation system. According to the Victoria Transport Policy Institute, a typical automobile remains parked for 23 hours each day and uses several parking spaces each week. Parking convenience affects and impacts the ease of reaching destinations and affects the overall accessibility.​
- The scenario for parking has changed in urban areas due to the rising prices of parking resources and the decreasing real estate space, which are expected to drive the growth of the market. According to INRIX, parking searching time costed USD 4.3 billion to the vehicle drivers in New York in 2019.
- Moreover, technology enhancement in connectivity and communication is also expected to make it more affordable and a sought-after solution. App support for parking solutions is expected to grow with high mobile penetration. The vendors offering solutions that integrate their client’s customers, in addition to the parking management solution, are expected to gain more traction and are likely to be strategically more competitive.
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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.
- While most of the parkers, save in terms of parking fees, the presence of cars on the road incurs costs. On average, Americans nearly lost 99 hours a year due to congestion, costing them nearly USD 88 billion in 2019, an average of USD 1,377 per year. From the year 2017 to 2019, the average time lost by American drivers increased by two hours as economic and urban growth continues nationally.
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. ​
- Further, in Japan, on-street parking spaces with parking meters do exist, but they are really only a tiny part of Japan's parking management. On-street parking is considered a temporary expedient and not a long-term fixture of any street; in line with this, parking-meter spaces are sometimes added when construction reduces local off-street parking supply.
Competitive Landscape
The parking management system is fragmented owing to the presence of a large number of players. The market caters to an intense rivalry due to partnerships along with new innovations in parking management. Some of the key players in the market include DELOPT​, Bond Traffic Solutions​, etc. Recent developments in the market are -
- May 2020 - FlashParking formed a national service partnership with Burroughs Inc. The partnership will help Flash parking to provide a unique maintenance service to its users and reduce the risk of hardware downtime.​
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