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.

Global Parking Lots and Garages market size is expected to reach $109.22 billion by 2029 at 3.7%, segmented as by type, airport and rail, hospitals, hotel and restaurants, shopping centers, privately owned, others

Number of Businesses statistics on the Parking Lots & Garages industry in the US

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.

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 ***** million 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 ******* million U.S. Dollars by 2024.

Multi Storey Parking Garage Market Outlook

The global multi-storey parking garage market size was valued at approximately USD 47.3 billion in 2023 and is projected to reach around USD 76.8 billion by 2032, growing at a CAGR of 5.5% from 2024 to 2032. This market is driven by the rapid urbanization and increasing vehicle ownership worldwide, necessitating efficient parking solutions in densely populated urban areas.

One of the primary growth factors for the multi-storey parking garage market is the rising urban population, which has led to increased demand for parking spaces in both residential and commercial areas. As cities continue to grow, the space available for traditional parking solutions becomes increasingly limited, making multi-storey parking garages a viable and necessary alternative. Additionally, governments and municipalities are investing in infrastructure development to accommodate the growing number of vehicles, which further boosts the market.

The technological advancements in parking solutions, such as automated and semi-automated parking systems, are also contributing to market growth. These innovations not only optimize the use of space but also enhance the user experience by reducing the time and effort required to park vehicles. As consumers and businesses increasingly prioritize convenience and efficiency, the adoption of advanced parking technologies is expected to rise, driving market expansion.

As urban centers continue to grapple with the challenges of limited space and increasing vehicle numbers, innovative solutions like Automated Bicycle Parking Facilities are gaining traction. These facilities offer a seamless and efficient way to store bicycles, particularly in densely populated areas where traditional parking options are scarce. By utilizing automated systems, these facilities can maximize space utilization, ensuring that more bicycles can be accommodated in a smaller footprint. This not only alleviates congestion but also encourages the use of bicycles as a sustainable mode of transportation. As cities strive to reduce their carbon footprint and promote eco-friendly commuting options, the integration of such automated solutions becomes increasingly vital.

Environmental concerns and sustainability initiatives are another critical factor propelling the growth of the multi-storey parking garage market. The construction of multi-storey parking garages helps in reducing the land footprint compared to traditional parking lots. Furthermore, the integration of green building materials and energy-efficient systems in these structures aligns with global sustainability goals. This trend is particularly pronounced in regions where stringent environmental regulations are in place, pushing developers to opt for eco-friendly parking solutions.

Regionally, North America and Europe are significant markets for multi-storey parking garages, driven by high vehicle ownership rates and advanced infrastructure. However, the Asia Pacific region is expected to witness the fastest growth during the forecast period, owing to rapid urbanization and increasing investments in infrastructure development. Emerging economies in Latin America and the Middle East & Africa are also showing potential for market growth as they continue to urbanize and modernize their parking infrastructure.

Type Analysis

The multi-storey parking garage market can be segmented by type into above-ground and underground structures. Above-ground parking garages are prevalent due to their lower construction costs and ease of access. These structures are particularly common in urban areas where land is available but limited. Above-ground garages offer the advantage of being relatively quick to construct and can be designed to blend with the urban landscape, making them a popular choice for commercial and residential applications.

Underground parking garages, on the other hand, are often used in densely populated urban centers where land prices are high, and above-ground space is at a premium. These structures require more complex engineering and higher construction costs but offer the benefit of preserving above-ground space for other uses. Underground garages are commonly found in high-end commercial and residential developments, where the cost can be justified by the premium location and convenience offered.

The demand for underground parking solutions is expec

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

Mechanical Parking Garage Market Outlook

The global mechanical parking garage market size is projected to grow from USD 2.5 billion in 2023 to USD 5.4 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.9% during the forecast period. The marketÂ’s growth is largely driven by increasing urbanization, the rise in vehicle ownership, and the need for efficient parking solutions in densely populated cities.

One of the primary growth factors for the mechanical parking garage market is the increasing urban population, which is leading to a higher demand for space-efficient parking solutions. As cities become more crowded, the availability of land for traditional parking spaces is shrinking. This necessitates the adoption of mechanical parking garages, which offer a compact and efficient solution for vehicle storage. Additionally, the rise in disposable income and vehicle ownership among middle-class populations in emerging economies is further propelling the demand for innovative parking solutions.

Technological advancements in the automotive and construction industries are also significantly contributing to the market's growth. The integration of IoT (Internet of Things) and AI (Artificial Intelligence) in parking systems is enhancing the functionality and user experience of mechanical parking garages. These technologies enable real-time monitoring, automated payment systems, and improved security features, making mechanical parking garages an attractive option for both developers and consumers. Furthermore, the development of eco-friendly and energy-efficient parking solutions is gaining traction, aligning with global sustainability goals and regulations.

The rising need for efficient land use in urban areas is another critical growth driver. Mechanical parking garages can store more vehicles in a smaller footprint compared to traditional parking solutions. This is particularly beneficial in high-density urban areas where land is scarce and expensive. By maximizing space utilization, mechanical parking garages help cities manage the increasing number of vehicles without compromising on the availability of land for other essential infrastructure projects.

Regionally, the Asia Pacific region is expected to dominate the mechanical parking garage market during the forecast period. Rapid urbanization, coupled with significant investments in smart city projects and infrastructure development, is driving the demand for mechanical parking solutions in countries like China, India, and Japan. North America and Europe are also witnessing substantial growth, owing to the increasing adoption of advanced parking technologies and the presence of well-established automotive and construction industries.

In the context of urban development, Cabin Parking Solutions are emerging as a transformative approach to address the challenges of space constraints in densely populated areas. These solutions offer a modular and scalable design, allowing for the efficient utilization of vertical space in urban environments. By incorporating advanced technologies such as automated retrieval systems and smart sensors, Cabin Parking Solutions enhance the overall functionality and user experience of parking facilities. This innovation not only maximizes space utilization but also reduces the environmental footprint of parking structures, aligning with the growing emphasis on sustainable urban development. As cities continue to expand, the demand for such adaptable and efficient parking solutions is expected to rise, making Cabin Parking Solutions a key component in the future of urban infrastructure.

Type Analysis

The mechanical parking garage market can be segmented by type into automated and semi-automated systems. Automated parking garages are fully mechanized systems that use advanced technologies such as robotics and AI to park and retrieve vehicles without human intervention. These systems are highly efficient and can significantly reduce the time and space required for parking. The growing demand for smart and efficient parking solutions in urban areas is expected to drive the growth of the automated parking garage segment.

Semi-automated parking garages, on the other hand, require some level of human intervention for vehicle parking and retrieval. These systems are generally less expensive than fully automated systems and are suitable for medium-sized parking facilities. The semi-automated segment is also expe

The Parking Lots & Garages industry in New York is expected to grow an annualized x.x% to $x.x billion over the five years to 2025, while the national industry will likely grow at x.x% during the same period. Industry establishments decreased an annualized -x.x% to x,xxx locations. Industry employment has decreased an annualized -x.x% to x,xxx workers, while industry wages have increased an annualized x.x% to $x.x million.

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

Global parking lots and garages market size is expected at $138,182.13 million in 2033 at a growth rate of 4.08%

Parking garage companies have endured considerable declines. The pandemic triggered a severe drop in revenue as people swapped commutes for home offices and in-person shopping for online alternatives. Also, travel restrictions decimated airport parking services. These companies have been hit hard by lower usage, heightened wage costs and a decreased ability to manage rental expenses. Rising minimum wage requirements have also pushed up wages as a share of revenue, hindering profit growth. Industry revenue has been decreasing at a CAGR of 3.5% over the past five years to total an estimated $372.9 million in 2024, including an estimated drop of 2.8% in 2024. A surge in remote work, the rise of e-commerce, falling disposable income and increased unemployment have reduced expenditures at parking garages. Still, the return to sports stadiums has offered a much-needed reprieve as gameday parking brings in business. Similarly, the steady influx of international tourists post-pandemic has created demand for parking services, particularly around hotels and other tourist hotspots. Parking garage companies are expected to rebound but not recover from the pandemic. As the economic climate improves, so will the profit and the ability to charge higher rates. However, companies could face headwinds from ridesharing services and an eco-conscious society opting for bikes and scooters over cars. Yet, prospects remain positive as the uptick in disposable income and drop in unemployment rates mean more people travelling and dining out, thereby increasing the need for parking services. Industry revenue is forecast to increase at a CAGR of 1.7% to total an estimated $406.2 million through the end of 2029.

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

Number of Businesses statistics on the Parking Lots & Garages industry in Canada

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 ******* million U.S. Dollars by 2024.

The Parking Lots & Garages industry in Utah is expected to grow an annualized x.x% to $x.x million over the five years to 2025, while the national industry will likely grow at x.x% during the same period. Industry establishments decreased an annualized -x.x% to xx locations. Industry employment has decreased an annualized -x% to xxx workers, while industry wages have decreased an annualized -x% to $x.x million.

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Parking Management Market Size 2025-2029

The parking management market size is forecast to increase by USD 9.79 billion, at a CAGR of 18.4% between 2024 and 2029.

The market is driven by the increasing demand for convenient and assured parking solutions, as urbanization and the rise of commercial establishments lead to a surge in the number of vehicles and parking requirements. This trend is further fueled by the growing preference for smart city initiatives, which prioritize efficient and technologically advanced parking management systems. A significant development in this market is the deployment of Low-Power Wide Area Network (LPWAN) technologies, such as LoRa and Sigfox, for parking management applications. These technologies enable real-time monitoring, improved occupancy rates, and enhanced user experience through contactless payments and reservations.
However, the high deployment costs associated with parking management solutions, including infrastructure, technology, and maintenance expenses, pose a challenge for market growth. Companies must carefully weigh the benefits of implementing advanced parking management systems against the investment required to ensure a favorable return on investment. To capitalize on market opportunities and navigate challenges effectively, strategic planning and innovative business models are essential for success in the market.

What will be the Size of the Parking Management Market during the forecast period?

Explore in-depth regional segment analysis with market size data - historical 2019-2023 and forecasts 2025-2029 - in the full report.
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The market continues to evolve, with innovative technologies and applications shaping the industry's landscape. Seamlessly integrated solutions, such as parking permits, parking APIs, boom barriers, reservation systems, and on-street parking, are revolutionizing parking design and management. Traffic flow optimization in parking garages is a significant focus, with parking payment systems, parking monitoring systems, and parking access control systems working in tandem to enhance user experience. Accessibility features, including handicap parking spaces and ultrasonic sensors, are becoming essential components of modern parking infrastructure. Smart parking sensors and parking guidance systems provide real-time data, enabling efficient parking capacity optimization and automated parking systems.

Security cameras and parking analytics dashboards ensure parking lot safety and revenue management. Pre-paid parking and parking space utilization are key areas of growth, with remote parking management and cloud-based parking management gaining popularity. Parking structures, parking enforcement systems, and parking infrastructure continue to evolve, integrating parking ticket validators, parking ticket dispensers, parking rate optimization, parking lot lighting, gate systems, parking signage, and parking revenue management. The integration of parking data analytics and parking enforcement systems further enhances the efficiency and effectiveness of parking management solutions.

How is this Parking Management Industry segmented?

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

Component

  Solutions
  Services


Deployment

  On-premises
  Cloud


Application

  On-street parking
  Off-street parking
  Smart city integration


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    UK


  APAC

    China
    India
    Japan


  South America

    Brazil


  Rest of World (ROW)

By Component Insights

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

The market encompasses a range of technologies and systems designed to optimize parking in various settings. These include parking sensors for real-time space availability, traffic flow optimization in parking garages and lots, parking design, and parking ticket validators and permit systems. Accessibility features, such as handicap parking spaces and ultrasonic sensors, ensure equitable access. Parking meters and parking payment systems facilitate convenient transactions, while parking monitoring and revenue management systems enable efficient operations. Barrier gates, parking lot lighting, and rate optimization systems cater to security and user experience. Pre-paid parking and parking reservation systems offer flexibility and convenience.

Automated parking systems and parking management software streamline parking processes. Parking capacity optimization, parking analytics dashboards, and real-time parking data provide valuable insights. Gate systems, parking security systems, parking sign

Airport Automated Parking Garage Market Outlook

According to our latest research, the global airport automated parking garage market size reached USD 1.42 billion in 2024. The market is expected to grow at a robust CAGR of 12.8% from 2025 to 2033, projecting a value of USD 4.19 billion by 2033. This significant growth is primarily attributed to the increasing adoption of smart airport infrastructure and the urgent need for efficient, space-saving parking solutions in response to the surging air passenger traffic and ongoing airport expansions worldwide.

The primary growth driver for the airport automated parking garage market is the exponential rise in global air travel. As international and domestic air passenger volumes continue to climb, airports are faced with mounting pressure to optimize land usage, reduce congestion, and enhance the overall passenger experience. Automated parking garages offer a compelling solution by maximizing parking capacity within a limited footprint, minimizing vehicle retrieval times, and streamlining the entire parking process through advanced robotics and digital management systems. Furthermore, the integration of IoT, AI, and real-time data analytics into these systems is enabling airports to provide seamless, contactless, and highly secure parking services, aligning perfectly with the post-pandemic emphasis on safety and digital transformation.

Another significant factor propelling market growth is the increasing investment in airport modernization and smart infrastructure projects, particularly in developed regions such as North America and Europe. Governments and airport authorities are prioritizing the deployment of automated parking systems as part of broader initiatives to create smart, sustainable, and passenger-centric airport environments. These projects are also being driven by the need to comply with stringent environmental regulations, as automated parking garages reduce emissions from idling vehicles and promote energy-efficient operations. Additionally, the growing trend of public-private partnerships and the availability of advanced financing models are making it easier for airports to adopt these innovative parking solutions.

Technological advancements in automation, robotics, and software integration are further accelerating the adoption of airport automated parking garages. The latest systems feature sophisticated vehicle detection, automated guidance, and payment solutions that enhance operational efficiency and user convenience. The increasing penetration of electric vehicles (EVs) and the need for integrated EV charging infrastructure within airport parking facilities are also opening new avenues for market expansion. As airports strive to differentiate themselves in a highly competitive landscape, the deployment of state-of-the-art automated parking garages is becoming a key component of their value proposition to both passengers and airlines.

Regionally, the Asia Pacific market is emerging as a major growth engine, driven by rapid urbanization, massive airport construction projects, and rising disposable incomes. Countries such as China, India, and Southeast Asian nations are witnessing a surge in air travel demand, which is prompting significant investments in smart airport infrastructure, including automated parking solutions. Meanwhile, North America and Europe continue to lead in terms of technology adoption and market maturity, while the Middle East & Africa and Latin America are gradually catching up, supported by ambitious airport expansion and modernization programs. This dynamic regional landscape presents a diverse array of opportunities and challenges for market participants.

Component Analysis

The airport automated parking garage market is segmented by component into hardware, software, and services, each playing a critical role in the overall system functionality. Hardware forms the backbone of automated parking garages, encompassing robotic platforms, elevators, conveyors, sensors, cameras, and access control devices. The demand for advanced hardware solutions i