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The lack of sufficient parking due to rising motor vehicles use in developing economies are expected to drive innovation in parking lots and garages manufacturing, thus driving the market during the forecast period.

The global parking lots and garages market is expected to grow from $92.4 billion in 2022 to $94.46 billion in 2023 at a compound annual growth rate (CAGR) of 2.2%. The global parking lots and garages market size is expected to grow to $100.69 billion in 2027 at a CAGR of 1.6%.

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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 is the largest region in the global parking lots and garages market in 2021.

Major Market Players in the parking lots and garages market include SP Plus Corporation, LAZ Parking Ltd. LLC., ABM Industries Inc., Ace Parking Management Inc., Diamond Parking, Lanier Parking.

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 the occupancy of parking spaces, allowing active parking lots management functionality such as search, navigation, and reservation. The sensors help in the effective management of parking spaces in cities. For instance, BOSCH recently launched a parking lot sensor that utilizes the LoRaWAN protocol for wireless communication. This sensor helps in guided and regulated parking, which removes traffic limitations.

The Parking Lots And Garages Global Market Report 2023  provides a parking lots and garages market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The parking lots and garages market forecast analyzes parking lots and garages market size, parking lots and garages market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Parking lots refer to those agencies that provide areas for the temporary parking of automobiles against parking charges for a specified period of time. Parking garages refers to those agencies that run and operate secure establishments where people can park their motor vehicles against fee charged on a time basis.

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