The parking industry is undergoing transformative changes driven by technological advancements and shifts in urban mobility. Current trends highlight an ongoing emphasis on automation and intelligent system integration, reshaping how parking facilities operate and serve customers. Over recent years, the prevalence of smart technologies such as IoT devices and data-driven solutions has expanded, optimizing parking space utilization. This technological adoption and a steady recovery in nonresidential construction support revenue generation by enabling efficient parking management. However, challenges persist as urban drivers often favor more affordable alternatives like free street parking over paid facilities, prompting operators to rethink service offerings to attract customers. Revenue has grown at a CAGR of 8.1% over the past five years, with projections totaling $13.1 billion. However, the industry is expected to experience a single-year dip of 0.8% by 2025, as the projected growth is largely attributed to the sharp drop in 2020. Automation's growth has redefined wage structures, reducing labor expenses while increasing operational efficiency. Such cost savings present opportunities for enhanced profitability, especially for larger businesses adopting advanced technologies like automated payment systems. Geographic location heavily impacts revenue streams; high-traffic urban centers allow for premium pricing strategies, strengthening financial outcomes. As facilities emphasize management contracts over property ownership, depreciation costs drop, improving profit. These trends illustrate an industry striving for streamlined operations and financial sustainability. The industry anticipates growing demand in the coming five years as the economy regains momentum, supported by rising consumer confidence and urbanization. Parking requirements at airports, transit hubs and commercial centers are projected to climb, necessitating capacity reassessments and strategic partnerships to accommodate growing needs. Expanding nonresidential construction offers lucrative opportunities for businesses integrating parking facilities into new developments. Emerging technologies like mobile platforms will transform access and pricing strategies, fostering more informed consumer decisions and innovative pricing models. On the contrary, the evolution of urban mobility, including electric vehicle adoption and ridesharing, challenges parking lot operators, encouraging facilities to diversify offerings and invest in sustainable solutions. An emphasis on technology and adaptability will define success in this rapidly evolving landscape. Revenue is expected to rise at a CAGR of 1.6% over the next five years, reaching $14.2 billion in 2030.

Explore the Parking Lots and Garages Market trends! Covers key players, growth rate 3.7% CAGR, market size $109.22 Billion, and forecasts to 2034. Get insights now!

This statistic shows the revenue of the industry “parking lots and garages“ in the U.S. from 2012 to 2017, with a forecast to 2024. It is projected that the revenue of parking lots and garages in the U.S. will amount to approximately 11,3 billion U.S. Dollars by 2024.

This statistic shows the revenue of the industry “parking lots and garages“ in California from 2012 to 2017, with a forecast to 2024. It is projected that the revenue of parking lots and garages in California will amount to approximately 2.360,7 million U.S. Dollars by 2024.

This statistic shows the revenue of the industry “parking lots and garages“ in Georgia from 2012 to 2017, with a forecast to 2024. It is projected that the revenue of parking lots and garages in Georgia will amount to approximately 441,6 million U.S. Dollars by 2024.

This statistic shows the revenue of the industry “parking lots and garages“ in New York from 2012 to 2017, with a forecast to 2024. It is projected that the revenue of parking lots and garages in New York will amount to approximately 1.372,5 million U.S. Dollars by 2024.

The size of the North America Commercial Facility Parking Lot Maintenance Market was valued at USD 16.78 billion in 2023 and is projected to reach USD 21.20 billion by 2032, with an expected CAGR of 3.4 % during the forecast period. North America commercial facility parking lot maintenance is the management of a parking lot to make it safe, functional, and aesthetically appealing. Regular maintenance is composed of pavement cleaning, crack sealing, resurfacing, line striping, and pothole repair, among others. These services are important in ensuring that the lifespan of parking lots is extended from further deterioration by weather conditions, traffic, and general wear and tear. Well-maintained parking lots improve safety and appearance and provide an enhanced overall customer experience. It positively speaks about the business or facility. Parking lot maintenance services have been on the rise in North America with the increased growth of commercial developments, including retail centers, office buildings, and industrial complexes. As parking lots are prone to heavy usage and weather changes, routine maintenance will help avoid costly repairs, reduce liability risks, and comply with local regulations. Recent developments include: In February 2024, Carl Walker Construction Inc. was hired by the Wheeling City Council of West Virginia, U.S. to perform five-year repair and preventive maintenance of the parking garages on the 10th Street Garage and for the Robert C. Byrd Intermodal Parking Garage. , In August 2023, ABM INDUSTRIES INCORPORATED entered a three year agreement to oversee parking operationsat Oracle Park in San Francisco, California, the home of Major League Baseball’s San Francisco Giants.As part of this agreement, ABM became the sole entity responsible for overseeing the over 2,000 parking stalls distributed across Lot A on 3rd Street, Pier 48, and the King-Townsend Garage at 153 Townsend Street. , In November 2022, Restocon Corporation announced business expansion with new division in maintenance, Line Striping and Parking Lot Maintenance division. The services offered through this new division includes parking lots and garages, sidewalks and walkways, bike paths, outdoor sports courts, and playgrounds. .

The size and share of the market is categorized based on Type (Axial Fan, Jet Fan) and Application (Office Building, Shopping Mall, Residential, Others) and geographical regions (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa).

United States Tourism Related Employment: Parking Lots & Garages data was reported at 31.000 Person th in 2017. This stayed constant from the previous number of 31.000 Person th for 2016. United States Tourism Related Employment: Parking Lots & Garages data is updated yearly, averaging 24.000 Person th from Dec 1998 (Median) to 2017, with 20 observations. The data reached an all-time high of 32.000 Person th in 2015 and a record low of 17.000 Person th in 1998. United States Tourism Related Employment: Parking Lots & Garages data remains active status in CEIC and is reported by Bureau of Economic Analysis. The data is categorized under Global Database’s USA – Table US.G055: Tourism Industries Employment.

This statistic shows the total number of car parking spaces managed by car parking companies in Spain and Portugal in 2016 and 2017. In 2017, Spanish car parking enterprises managed approximately 1.5 million of parking spaces, including parking garages and parking lots.

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Smart Parking Market Size 2025-2029

The smart parking market size is forecast to increase by USD 15.19 billion at a CAGR of 20.7% between 2024 and 2029.

The market is experiencing significant growth due to several key trends. Urbanization and population growth are driving the need for efficient and convenient parking solutions. The adoption of mobile and app-based parking systems is increasing, providing users with the ability to reserve and pay for parking spaces remotely. However, privacy and data security concerns remain a challenge, requiring strong security measures to protect user information. Overall, the market is expected to continue growing as technology advances and meets the demand for smarter, more connected parking solutions. The Internet of Things (IoT) and machine-to-machine (M2M) technologies play a crucial role in the integration and communication between these hardware components and transport systems. Urbanization and population growth are major growth factors for the market, leading to a higher need for efficient and convenient parking solutions.
The adoption of mobile and app-based parking systems is increasing, offering users the convenience of reserving and paying for parking spaces remotely. However, privacy and data security concerns are a challenge that must be addressed through strong security measures to protect user information. The market is expected to continue growing as technology advances and meets the demand for smarter, more connected parking solutions.

What will be the Size of the Smart Parking Market During the Forecast Period?

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The market is experiencing significant growth due to the increasing demand for accessible and efficient parking solutions. Universities and businesses are adopting smart parking technologies to optimize garage management and enhance the parking experience for their clients. These solutions include smart apps, LPR cameras, wireless payment technologies, and lot automation. Infrastructure development and M2M communication are key drivers in the market, enabling real-time space management, availability, and utilization. Smart parking systems offer advanced features such as demand forecasting, reservation systems, and enforcement, ensuring optimal space utilization and revenue generation. The integration of guidance systems, security, and data analytics further enhances the value proposition.



The adoption of these technologies is not limited to commercial applications but is also gaining traction in public transportation, hospitals, airports, and other sectors. Autonomous vehicles and electric vehicles are emerging trends in the market, necessitating the development of new components and integration with existing systems. Innovation in management software, app development, and infrastructure development continues to drive the market forward, providing businesses with the tools they need to improve parking efficiency and enhance the customer experience.

How is this Smart Parking Industry segmented and which is the largest segment?

The industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Component

  Hardware
  Software
  Services


Solution

  Security and surveillance
  Parking reservation management
  Valet parking management
  License plate recognition


Type

  Off-street
  On-street


End-user

  Commercial space
  Government


Geography

  North America

    Canada
    US


  Europe

    Germany
    UK
    France
    Spain


  APAC

    China
    India
    Japan
    South Korea


  Middle East and Africa



  South America

By Component Insights

The hardware segment is estimated to witness significant growth during the forecast period.

The market encompasses hardware components that facilitate real-time data transmission and user experience enhancement in parking systems. Key hardware elements include parking sensors, smart meters, cameras, gate control systems, and EV charging stations. Parking sensors, installed in individual spaces, transmit occupancy data to central systems, guiding drivers to available spots and optimizing parking space utilization. By reducing time spent searching for parking and alleviating traffic congestion, these sensors contribute significantly to urban mobility.

Online payment systems, including contactless and automated, ensure seamless revenue management and compliance with parking regulations. Urbanization and population growth necessitate advanced parking technologies to address traffic congestion and space utilization challenges.

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The hardware segment was valued at USD 2.77 billion in 2019 and s

The global lane stacking parking equipment market is experiencing robust growth, driven by increasing urbanization, limited parking space in densely populated areas, and the rising demand for efficient and automated parking solutions. The market's expansion is fueled by technological advancements in automated parking systems, offering increased capacity and improved security compared to traditional parking methods. Key applications include business centers, office buildings, stations, and parking lots, with a significant portion of the market currently dominated by 2-6 storey systems. However, the demand for taller systems (6-10 storeys and above) is rapidly increasing, reflecting a shift towards maximizing vertical space utilization in high-value real estate locations. Companies like Parkmatic, Gosin Industrial, and Tianchen Intelligent Parking are key players, constantly innovating to meet the evolving needs of a growing market. While initial investment costs can be a restraint, the long-term return on investment, coupled with improved operational efficiency and increased revenue generation from maximized parking space, is driving market adoption. Further growth is expected to be propelled by government initiatives promoting smart city development and sustainable transportation solutions. The Asia-Pacific region, particularly China and India, is expected to lead the market due to rapid urbanization and significant infrastructure development projects. The market is segmented geographically, with North America, Europe, and Asia-Pacific representing major market segments. The forecast period from 2025 to 2033 suggests consistent growth, with the Compound Annual Growth Rate (CAGR) expected to remain significant due to the continuous increase in demand for efficient parking solutions in metropolitan areas worldwide. Competition among manufacturers is intense, fostering innovation and driving down prices, making lane stacking systems increasingly accessible and attractive to a wider range of clients. Future market trends are likely to include increased integration with smart city technologies, the development of even more automated and efficient systems, and a growing focus on sustainable manufacturing practices. The ongoing advancements in AI and IoT will also play a critical role in enhancing the functionalities and efficiency of these systems, further driving market expansion.

The Connected Vehicle and Parking Space market is experiencing robust growth, projected to reach a substantial size by 2033. A compound annual growth rate (CAGR) of 17.34% from 2025 to 2033 indicates significant market expansion driven by several key factors. The increasing adoption of smart city initiatives, coupled with the rising penetration of connected vehicles equipped with advanced driver-assistance systems (ADAS) and in-vehicle infotainment systems, fuels demand for seamless parking solutions. Consumers increasingly value convenience and efficiency, leading to a preference for pre-booking parking spaces through mobile apps and integrated navigation systems. Technological advancements, such as real-time parking availability information, automated parking guidance systems, and payment integration, further contribute to market expansion. The market segmentation reflects diverse needs, with passenger cars leading the vehicle type segment due to higher vehicle ownership rates, while off-street parking dominates the parking category driven by its security and convenience features. The regulatory landscape, particularly in developed nations, is playing a crucial role in shaping the market's trajectory by promoting smart parking solutions to alleviate urban congestion and optimize space utilization. Furthermore, ongoing investments in infrastructure development across various regions, particularly in rapidly urbanizing economies, are expected to provide further impetus to growth. Growth is not uniform across all segments. The residential and work private property parking segment is expected to witness moderate growth, due to limited adoption of smart parking technologies in this space. However, the non-regulated public access and off-street regulated parking spaces are anticipated to experience higher growth, driven by increasing urbanization and the need for efficient parking management in public areas. Competition in the market is intense, with established players like Swarco AG, Q-Free ASA, and Wohr Parking Systems alongside automotive giants such as Volkswagen, BMW, and Tesla actively shaping market dynamics through technological innovation and strategic partnerships. Geographic variations exist, with North America and Europe currently leading market share due to higher levels of technological adoption and investment, while Asia-Pacific is expected to experience significant growth in the coming years, driven by the rapid expansion of its urban centers. The ongoing development and integration of 5G networks and improved mobile infrastructure will further accelerate market growth, making real-time data exchange and improved connected services possible. Comprehensive Coverage Connected Vehicle and Parking Space Industry Report (2019-2033) This insightful report provides a comprehensive analysis of the rapidly evolving Connected Vehicle and Parking Space Industry, projecting a market valuation exceeding $XXX million by 2033. Leveraging data from the historical period (2019-2024), base year (2025), and forecast period (2025-2033), this study offers critical insights for stakeholders seeking to navigate this dynamic sector. Key search terms like smart parking, automated parking systems, connected car technology, and autonomous vehicle parking are integrated throughout to maximize search engine visibility. Recent developments include: August 2023: Mercedes-Benz introduced highly automated and driverless parking (SAE Level 4) in EQE Saloon with the Remote Parking Package and the Mercedes Me connect to service Intelligent Park Pilot., May 2023: Continental AG announced to integration of Imagry's technology with part of its technology in the Autonomous Driving (AD) platform to support automated parking for passenger vehicles. The technology will assist in both covered parking garages and uncovered parking lots. It will also allow the vehicle to explore a parking lot, detect a suitable parking space, and park the vehicle without the driver touching the steering wheel.. Key drivers for this market are: Rise in demand for Advanced Comfort Systems In Vehicles. Potential restraints include: High Cost Assoicated with Advanced Features. Notable trends are: Connected Passenger Car Vehicle Market is Expected to Grow Significantly.

United States Direct Tourism Output: Parking Lots & Garages data was reported at 4.523 USD bn in 2023. This records an increase from the previous number of 2.804 USD bn for 2022. United States Direct Tourism Output: Parking Lots & Garages data is updated yearly, averaging 2.728 USD bn from Dec 2017 (Median) to 2023, with 7 observations. The data reached an all-time high of 4.523 USD bn in 2023 and a record low of 1.459 USD bn in 2020. United States Direct Tourism Output: Parking Lots & Garages data remains active status in CEIC and is reported by Bureau of Economic Analysis. The data is categorized under Global Database’s United States – Table US.Q011: Direct Output of Tourism Industries: NIPA 2023.

The global robotic parking solutions market is experiencing robust growth, driven by increasing urbanization, limited parking space in densely populated areas, and the rising demand for efficient and automated parking systems. The market, estimated at $2.5 billion in 2025, is projected to exhibit a Compound Annual Growth Rate (CAGR) of 15% from 2025 to 2033, reaching an estimated market value of $8.2 billion by 2033. This significant expansion is fueled by several key factors. Technological advancements leading to more sophisticated and reliable robotic parking systems are a major contributor. Furthermore, the increasing adoption of smart city initiatives and the integration of robotic parking into broader urban mobility solutions are further boosting market growth. The fully automated segment currently holds the largest market share due to its superior efficiency and convenience, although the semi-automated segment is expected to witness significant growth in the coming years driven by cost-effectiveness. Geographically, North America and Europe are currently the leading markets, however, rapid urbanization and infrastructure development in Asia-Pacific are expected to propel substantial growth in this region over the forecast period. Challenges remain, including high initial investment costs, concerns regarding system reliability and maintenance, and the need for integration with existing parking infrastructure. Nevertheless, ongoing technological advancements and government support for smart city projects are poised to overcome these obstacles, ensuring continued market expansion. The competitive landscape is characterized by a mix of established players and emerging technology companies. Key players like Lödige Industries, Boomerang Systems, and Parkplus are leveraging their experience and technological capabilities to secure a strong market position. However, the market is also witnessing the emergence of innovative startups offering advanced solutions and disruptive technologies. The ongoing competition is expected to drive innovation and further enhance the efficiency and affordability of robotic parking systems. The market segmentation by application (commercial and residential) further reveals that the commercial sector is currently dominating due to higher adoption rates in shopping malls, airports, and office complexes. However, the residential segment is expected to witness significant growth, particularly in high-density urban areas, driven by the growing need for convenient and secure parking solutions for residents. The market's future trajectory hinges on continued technological advancements, favorable government policies, and the increasing acceptance of automated systems by consumers and businesses alike.

The size and share of the market is categorized based on Type (Indoor, Outdoor) and Application (Commercial, Residential, Public) and geographical regions (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa).

The Intelligent Three-dimensional Parking Garage Charging Station market is rapidly evolving, driven by the increasing demand for efficient urban space utilization and sustainable transportation solutions. As cities around the world grapple with space constraints and a rising number of electric vehicles (EVs), these

The global automotive automated parking system market is experiencing robust growth, driven by increasing urbanization leading to space constraints and escalating parking costs in major cities worldwide. The market's Compound Annual Growth Rate (CAGR) of 16.96% from 2019 to 2024 suggests a significant expansion, projected to continue into the forecast period (2025-2033). This growth is fueled by several key factors, including the rising adoption of smart city initiatives, advancements in automation technology (e.g., robotics, AI), and a growing demand for efficient and secure parking solutions. The market segmentation reveals a strong preference for automated systems in both residential and commercial sectors, with hardware components accounting for a larger market share initially, followed by a projected rise in software solutions as integration and management become more sophisticated. Key players such as Skyline Parking, Unitronics Corporation, and others are actively driving innovation and expanding their market presence through strategic partnerships and technological advancements. Geographic distribution shows a high concentration of market activity in North America and Europe initially, with Asia-Pacific showing substantial potential for growth in the coming years due to rapid infrastructure development and urbanization in regions like India and China. The market's restraints include high initial investment costs associated with installing automated parking systems, the need for skilled workforce for installation and maintenance, and potential concerns regarding system reliability and cybersecurity. However, ongoing technological improvements are addressing these challenges. For example, modular designs and cloud-based management systems are helping reduce installation costs and improve accessibility. The increasing adoption of autonomous vehicles is expected to further boost market demand in the long term, creating synergy between automated parking and driverless technology. As the market matures, it is likely that we'll see greater emphasis on sustainability, with energy-efficient systems becoming more prevalent. The combination of these factors suggests a continued, albeit potentially moderated, growth trajectory for the automated parking system market over the next decade. This comprehensive report provides a detailed analysis of the global Automotive Automated Parking System Market, offering invaluable insights for businesses, investors, and researchers. Covering the period from 2019 to 2033, with 2025 as the base year, this study forecasts market growth and identifies key trends impacting this rapidly evolving sector. The report utilizes rigorous research methodologies and data analysis to deliver accurate and actionable intelligence on market size (in millions of units), segmentation, and key players. Search terms like "automated parking systems," "self-parking cars," "robotic parking," and "smart parking solutions" are strategically incorporated to enhance search engine visibility. Recent developments include: In February 2022, Nvidia and Jaguar Land Rover announced a partnership to develop software-defined features to improve automated driving in their vehicle from 2025. The emphasis is on AI-based features, including advanced visualization and driver and occupant monitoring through the Drive IX software., In January 2022, Fauceria announced the acquisition of 79.5% stakes in Hella Electronics to expand their product portfolio in automobile technology, including ADAS convergence, radar, electronic power steering, and automated parking system.. Key drivers for this market are: Rise in Tourism Across Activities the Country. Potential restraints include: Hike In Fuel Prices To Restrict The Market Growth. Notable trends are: Increasing Demand for Autonomous Vehicles.

United States Employment: NF: sa: PW: OS: Parking Lot & Garage data was reported at 130.100 Person th in May 2018. This records a decrease from the previous number of 131.200 Person th for Apr 2018. United States Employment: NF: sa: PW: OS: Parking Lot & Garage data is updated monthly, averaging 90.200 Person th from Jan 1990 (Median) to May 2018, with 341 observations. The data reached an all-time high of 131.200 Person th in Apr 2018 and a record low of 59.800 Person th in Jan 1990. United States Employment: NF: sa: PW: OS: Parking Lot & Garage data remains active status in CEIC and is reported by Bureau of Labor Statistics. The data is categorized under Global Database’s USA – Table US.G031: Current Employment Statistics Survey: Employment: Production Worker: Non FarmSeasonally Adjusted.

The global fully automatic parking system market is experiencing robust growth, projected to reach a market size of $599 million in 2025, exhibiting a Compound Annual Growth Rate (CAGR) of 5.8%. This expansion is driven by several key factors. Increasing urbanization and population density in major cities worldwide are leading to critical parking shortages, creating a strong demand for efficient and space-saving solutions like fully automated parking systems. Furthermore, advancements in technology, particularly in robotics, sensor technology, and software integration, are enhancing the functionality, safety, and reliability of these systems, making them more attractive to both residential and commercial customers. The rising adoption of smart city initiatives globally further fuels market growth, as automated parking aligns well with broader smart infrastructure development plans. Finally, growing environmental concerns are prompting a shift towards more efficient parking solutions that minimize the environmental footprint associated with traditional parking garages. Segmentation analysis reveals significant opportunities across various application areas. The residential segment is witnessing steady growth as individual homeowners and apartment complexes seek convenient and secure parking solutions. The public and business segments, however, represent larger growth potentials, driven by the need to optimize parking space in crowded urban areas and large commercial facilities. Within the types of systems, Vertical Moving Type, Flat-Plane Moving System (PPY), Aisle Stacking Type (PXD), and Vertical Lift System (PCS) each cater to diverse needs and present unique market dynamics. While the Vertical Moving Type might currently dominate, the other types are expected to gain traction due to their specific advantages in different situations. Competition is intense, with numerous players globally including IHI Parking System, XIZI Parking System, and others, indicating a dynamic market environment. This competition fuels innovation and ultimately benefits consumers with a wider range of choices and improved system capabilities. The Asia-Pacific region is likely to be a key growth driver, given its high population density and rapid urbanization.