Global Parking Lots and Garages Market Overview And Prospects
Learn about the global parking lots and garages market through The Business Research Company, which provides information on parking lots and garages market size, parking lots and garages market drivers and restraints, parking lots and garages market players, the COVID-19 impact on the parking lots and garages market, and more.
The global parking lots and garages market size is expected to grow from $85.90 billion in 2021 to $92.32 billion in 2022 at a compound annual growth rate (CAGR) of 7.5%. The growth in the market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The parking lots and garages market is expected to reach $104.35 billion in 2026 at a CAGR of 3.1%.
The lack of sufficient parking due to rising motor vehicles use in developing economies is expected to drive the global parking lots and garages market.
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The parking lots and garages market consists of sales of parking lots and garages services by entities (organizations, sole traders and partnerships) that are engaged in operating parking lots and parking garages. These establishments provide temporary parking services for motor vehicles, usually on an hourly, daily, or monthly basis. Only goods and services traded between entities or sold to end consumers are included.
Global Parking Lots And Garages Market Segments Include:
By Type: Airport Parking and Garages, Events and Venues (Stadiums for Sporting Events), Healthcare Parking, Hospitality Parking, Municipal Parking, Office Parking, University Parking, Retails Parking, Residential Parking
By Site: Off Street, On Street
By Technology: Smart Parking using IoT, Automation
By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America was the largest region in the parking lots and garages market in 2021.
The wireless smart parking sensor for detecting parking space occupancy is an emerging trend in the global parking lots and garages market. The Parking Lot Sensor (PLS) senses and records occupancy of parking space, allowing active parking lots management functionality such as search, navigation, and reservation. The sensors help in the effective management of parking spaces in cities.
TBRC’s parking lots and garages market report covers:
Major Market Players: SP Plus Corporation, LAZ Parking Ltd. LLC, ABM Industries Inc, Ace Parking Management Inc, Diamond Parking, Lanier Parking, TPS Parking, Impark, Indigo, Park24, and Wilson Parking.
Regions: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Time Series: Five years historic (2016-21) and ten years forecast (2022-2026-2031)
The Parking Lots And Garages Global Market Report 2022 –Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provides parking lots and garages market overviews, analyses and forecasts market size, share, parking lots and garages market players, parking lots and garages market segments and geographies, leading competitor revenues, profiles and market shares.
TBRC’s parking lots and garages market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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