2024 Parking Lots and Garages Market Summary: 5 Key Findings
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What Growth Projections are in Place for the Parking Lots and Garages Market Between 2024-2033?
The market size for parking lots and garages has experienced consistent growth recently. It’s expected to increase from $98.45 billion in 2023 to $102.35 billion in 2024, reflecting a compound annual growth rate (CAGR) of 4.0%. This growth observed in the previous period can be credited to the inadequate parking arising from an upsurge in motor vehicles, swift urbanization, rising global population, and robust economic expansion in burgeoning markets.
In the coming years, the market for parking lots and garages is predicted to enjoy a consistent growth trajectory, expanding to a value of $119.91 billion in 2028, with a compound annual growth rate (CAGR) of 4.0%. This growth for the forecast period is a result of the increasing number of vehicles worldwide as well as a surge in investment in companies specializing in parking lots and garages. Key trends projected for this forecast period encompass mergers and acquisitions, as well as partnerships and collaborations, with a heightened interest in wireless smart parking sensors.
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What Are the Major Factors Contributing to the parking lots and garages Market Expansion?
The dearth of ample parking availability because of the escalating utilization of motor vehicles in burgeoning economies is anticipated to boost the global parking lots and garages market. The transport sector, a significant economic component, has seen a steep rise due to deregulation, resulting in heightened stationary traffic in metropolises. For instance, a study by the Journal of Traffic and Transportation Engineering demonstrated that parking-related traffic in India could account for roughly 30%–50% of total traffic during busy moments. Due to the limited parking infrastructure, city-dwellers in India expend more than 80 hours a year seeking parking owing to the rising vehicle population. The disparity between the provision and need for parking, catalyzed by the increasing adoption of vehicles in developing economies, is encouraging the expansion of the parking lots and garages market.
Which Key Segments Shape the Parking Lots and Garages Market?
1) By Type: Airport & Rail, Hospitals, Hotel And Restaurants, Shopping Centers, Privately Owned, Others
2) By Site: On Street, Off Street
3) By Technology: Smart Parking Using IOT, Automation, Unautomated
What Are the Transformative Trends Influencing the Parking Lots and Garages Market?
An upward trend in the international parking lots and garages market is the utilization of wireless smart parking sensors to detect the occupancy of parking spaces. The Parking Lot Sensor (PLS) observes and tracks the use of parking spots, enabling functions like searching, navigation, and reservation for efficient parking lot management. These sensors are instrumental in the effective administration of city parking spaces. For instance, BOSCH has recently introduced a parking lot sensor that leverages the LoRaWAN protocol for wireless communication. This sensor facilitates controlled and guided parking, thus eliminating traffic restrictions.
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What Regions Are Leading the Growth Trajectory of the Parking Lots and Garages Market?
North America was the largest region in the parking lots and garages market in 2023. Asia-Pacific was the second largest region in the global parking lots and garages market share. The regions covered in the parking lots and garages market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Parking Lots and Garages Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the parking lots and garages market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Parking Lots and Garages Market Include
1. Parking Lots and Garages Market Executive Summary
2. Parking Lots and Garages Market Segments
3. Parking Lots and Garages Market Size And Template Market Growth Rate
4. Key Parking Lots and Garages Market Trends
5. Major Parking Lots and Garages Market Drivers
……
25. Key Mergers And Acquisitions In The Parking Lots and Garages Market
26. Top Parking Lots and Garages Companies
27. Parking Lots and Garages Market Opportunities And Strategies
28. Parking Lots and Garages Market, Conclusions And Recommendations
29. Appendix
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