Parking Lots And Garages Global Market Report 2020-30: COVID-19 Growth And Change

Parking Lots And Garages Global Market Report 2020-30: COVID-19 Growth And Change

  • December 2020 •
  • 200 pages •
  • Report ID: 6001444 •
  • Format: PDF
Major players in the parking lots and garages market are SP Plus Corporation, LAZ Parking Ltd. LLC, ABM Industries Inc, Ace Parking Management Inc, Diamond Parking, Lanier Parking, TPS Parking, Impark, Indigo and Park24.

The global parking lots and garages market is expected to decline from $97 billion in 2019 to $95.57 billion in 2020 at a compound annual growth rate (CAGR) of -1.47%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities resulting in operational challenges. The market is then expected to recover and reach $109.87 billion in 2023 at a CAGR of 4.76%.

The parking lots and garages market consists of sales of parking lots and garages services by entities (organizations, sole traders and partnerships) that are engaged in operating parking lots and parking garages. These establishments provide temporary parking services for motor vehicles, usually on an hourly, daily, or monthly basis. Only goods and services traded between entities or sold to end consumers are included.

North America was the largest region in the parking lots and garages market in 2019. Asia-Pacific is expected to be the fastest-growing region in the forecast period.

In April 2019, Laz Parking acquired Professional Parking, a California shuttle company for an undisclosed amount. Professional Parking with over 50 shuttles in its fleet, provides services to universities, municipal accounts, and seasonal deals. Laz Parking is the fastest-growing and second-largest parking and mobility company headquartered in the United States.

The parking lots and garages market covered in this report is segmented by type into 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. It is also segmented by site into off street; on street.

Expensive parking spaces are expected to hinder the global parking lots and garages market. For instance, according to Parkopedia’s global parking index 2019, the average regular parking cost for 2-hour off-street parking in New York is $34.94 per day, $14.61 in Amsterdam, and $17.33 in Hong Kong. In Australia, daily parking costs around $54 and $24 for 2-hour parking. Motorists often get frustrated due to the expensive parking cost as most of the time they end up paying for the time they do not use. Also, the small parking spaces and poor parking services add to their irritation. To cut the parking prices and other issues associated with it, people try to avoid using personal vehicles, windup their works in a short time that hampers their daily work targets, or decide to park elsewhere risking the safety of their vehicle.

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 occupancy of parking space, 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 lack of sufficient parking due to rising motor vehicles use in developing economies is expected to drive the global parking lots and garages market. Market liberalization has caused a severe increase in transport, one of the important economic sectors, and its operational efficiency, which in turn has led to increased stagnant traffic in cities. For instance, in India, the average volume of traffic related to parking during peak time can reach 30%–50% of total traffic according to a research study published by the Journal of Traffic and Transportation Engineering. The commuters in Indian cities spend over 80 hours a year to look for parking space due to the lack of parking spaces in Indian cities amid a growing population of vehicles. The imbalance between parking supply and parking demand due to the increasing use of vehicles in developing economies is driving the market.