Parking lots and garages are facilities that provide spaces for vehicles to be parked for a temporary period, catering to a range of users including commuters, shoppers, travelers and residential tenants. These facilities are an integral part of urban infrastructure, supporting transportation systems by offering designated areas for vehicle storage and facilitating the flow of traffic within densely populated regions.
The parking lots and garages market consists of sales, by entities (organizations, sole traders and partnerships), of parking lots and garages services that are used to park cars and other vehicles like motorcycles and cycles. Parking lots use various technologies to enable motorists to pay parking fees and help them find unoccupied spaces and retrieve their vehicles.
The global parking lots and garages market was valued at $68,050.18 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 5.00%.
Increasing Government Support
During the historic period, increasing government support contributed to the growth of the parking lots and garages market. Governments frequently allocate funds for the development of urban infrastructure, which includes the construction of parking facilities. These investments enhance access to essential services and improve overall urban mobility. For instance, in September 2023, the US Department of Transportation's Federal Motor Carrier Safety Administration (FMCSA), a US-based government agency, announced the allocation of over $80 million in grants under President Biden's Bipartisan Infrastructure Law. This funding is designed to enhance highway safety by reducing commercial motor vehicle crashes and providing improved support for truck drivers through expanded parking access, critical technology investments and safety enhancements in work zones and high-crash areas. The grants will benefit various recipients, including state and local governments, non-profit organizations and academic institutions, demonstrating a significant commitment to safety and infrastructure improvements nationwide. Therefore, increasing government support drove to the growth of the parking lots and garages market.
Innovative Online Platforms For Parking Rentals
Major companies operating in the parking lots and garages market are developing innovative online platforms for parking rentals. These platforms can result in reduced traffic congestion, thereby facilitating smoother traffic flow in urban areas. For instance, in June 2024, Parking Cupid, an Australia-based company specializing in parking lot and garage rentals, officially launched its services in Singapore. The company aims to revolutionize the private car parking and garage rental landscape with its innovative online platform. This platform connects drivers with available private parking spaces, such as driveways and garages, simplifying the process of finding convenient parking options. Simultaneously, it enables property owners to generate income from their unused spaces. By tackling the prevalent parking challenges in Singapore's densely populated areas, Parking Cupid seeks to alleviate traffic congestion and enhance the overall parking experience for both users and property owners.
The global parking lots and garages market is fairly fragmented, with a large number of players operating in the market. The top ten competitors in the market made up 10.2% of the total market in 2023.
Parking Lots And Garages Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global parking lots and garages market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for parking lots and garages? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The parking lots and garages market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider parking lots and garages market; and compares it with other markets.
The report covers the following chapters
Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by type, by site and by technology.
Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
Macro-Economic Scenario- The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the parking lots and garages market.
Global Market Size And Growth- Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
Regional And Country Analysis- Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
Market Segmentation- Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by type, by site and by technology in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
Regional Market Size and Growth- Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
Other Major And Innovative Companies Details on the company profiles of other major and innovative companies.
Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
Competitive Dashboard- Briefs on competitive dashboard of major players.
Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
Conclusions And Recommendations- This section includes recommendations for parking lots and garages providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
1) By Type: Airports And Rail; Hospitals; Hotel And Restaurants; Shopping Centers; Privately Owned; Other Types
2) By Site: On Street; Off Street
3) By Technology: Unautomated; Smart Parking Using Iot; Automation