Parking Reservation System Market Revenue Forecast to Reach $2.13 Billion by 2026

(EMAILWIRE.COM, February 25, 2022 ) Parking Reservation System Market revenue is forecast to reach $2.13 billion by 2026, at a CAGR of 23.6% during 2021-2026. A parking reservation system is developed in such a way that users book their parking spots through short message services (SMS). The SMS sent will be processed by a wireless communication instrumentation device called micro-RTU (Remote Terminal Unit). The system is fully automated with the use of the Peripheral Interface Controller (PIC). In addition to this, Parking reservation systems comprises of software and equipment such as parking meters, cameras, sensors, and automated gates which help maintain the smooth flow of traffic and improve security. Further rise in demand for real-time car parking data, new smart city projects, and the increasing number of cars are some of the many significant factors contributing to the growth of Parking Reservation System revenue. In 2020, The Chinese government has committed to rise smart city projects investment to around $181.7 billion in 2021. Moreover, the growing demand for optimum utilization of parking spaces and government investment for smart city development are some of the Parking Reservation System market trends which will drive the market outlook in the forecast period 2021-2026.

Parking Reservation System Market Segment Analysis – By Type

In Parking Reservation System market research, Mobile-based solutions segment is analysed to grow with the highest CAGR of 25.6% in the global Parking Reservation System market outlook during the forecast period 2021-2026. This mobile-based solutions provide greater efficiency when compared to other modes of parking reservation solutions, in terms of retrieving real-time parking availability and related packages. Moreover, with the rise in penetration of smartphones and the internet, the governments and the organizations are introducing many digital initiatives. Since many organizations are opting for technology and are interested in gathering online information about customers, it has become elementary for the solution providers to increase their revenues through mobile-based parking reservation solutions. Furthermore, the increasing investments in IoT and smart city projects have enabled the companies in the market to increasingly concentrate on mobile-based solutions and increase the footprint of their app-based solutions across various countries. For instance, ParkMe provides data, availability, and payment information for on and off-street parking in more than 1,800 cities and 32 countries. Hence these factors are analysed to drive the Parking Reservation System industry growth in the forecast period 2021-2026.

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Parking Reservation System Market Segment Analysis – By Industry

In Parking Reservation System market analysis, Transportation segment is analyzed to witness the fastest growth, with a CAGR of 25.5% during 2021-2026, due to rise in travel by several ways (air ways, road ways and other) post Covid-19 pandemic. Adding to this, airport authoritys worldwide has initiated the facility to book or reserve parking spaces through its website and mobile apps. For instance, owing to shortage of parking spaces, online airport ticket vendors such as Ryanair offer the facility to reserve parking spaces at the airport while booking airline tickets. Further with the rapid development of intelligent in-vehicle terminals, drivers can receive real-time information and even reserve a parking space in advance. This, in turn, is expected to propel the transport transit segment growth over the forecast period.

Parking Reservation System Market Segment Analysis – By Geography

North America had dominated the global Parking Reservation System market share in 2020 with a share of around 38% and is analyzed to maintain a significant growth during 2021-2026, owing to the increasing number of vehicles in the region. In addition, civic authorities of Canada and the U.S. are making several efforts and regulations to reduce traffic congestions due to the growing adoption of vehicles. One of the efforts of civic authorities include, increased adoption of smart parking systems, which helps to provide safe and legal parking for commercial and private vehicles. Further the increasing adoption of the smart cities concept and related technologies such as autonomous vehicles are further expected to drive the market in the region. In 2020, according to report given by Smart America, U.S city governments will invest approximately $41 trillion over the next 20 years to upgrade their infrastructure to benefit from the IoT. With these huge investments, and growth of IoT will positively impact Parking Reservation System market outlook in the forecast period 2021-2026.

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Parking Reservation System Market Drivers

Advancement and investments in Parking Management.

The increased vehicle production and traffic congestion has generated the demand for smart solutions for parking reservations. The advent of location services and the development of interactive apps have positively influenced the growth of the parking reservation system market during the forecast period. Parking reservation system assists people to find parking spots quickly, thereby enhancing the visitors experience. Similarly, several companies have been investing and raising funds. In 2021, Passport, a transportation tech startup focused on parking, has raised $90 million investment to enable cities to replace capital-intensive physical installations with effective, easy-to-use mobile technology solutions in parking system. In 2019, Parking Reservation Software Company, has launched a new website for efficient navigation, and quick & easy access to information on its robust parking management software technology and marketing services. This kind of investments will create the demand for parking reservation system industry.

Increased parking concern across the globe

With increased urbanization and rapid explosion in car density, resolution of the car-parking problem is critical. The problem linked to this is solved by using improved features such as notification of available free space by SMS & live updates of space reservation using the parking reservation system. This technology decreases the amount of time spend by the user for finding out the vacant parking slot and automate the process of searching the optimal parking floor and spot. Therefore, it creates a huge demand for the Parking Reservation System market growth in the forecast period 2021-2026.

Parking Reservation System Market Challenges

High investment and in improving infrastructure:

High investment in improving the infrastructures of existing transportation industry is obstructing the growth of parking reservation system market size. For instance, China is investing approximately $551 million per year in Intelligent Transport System (ITS). Improvement of existing roads or rail projects requires long time period which further increases the resource and cost of the project. Similarly, complexities in advanced transportation pricing systems, infrastructure development and lack of internet penetration in under developed countries further need heavy investment for to improve supporting infrastructure for parking reservation system.

Parking Reservation System Market Landscape

Technology launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Parking Reservation System market. Parking Reservation System top 10 companies include TCS International Inc, Complus Data Innovations Inc., Energy Development Corporation, Group Techna Inc., Siemens AG, Passport Parking, 3M Company, Amano Corporation, LLC, Affiliated Computer Services, HCL Technologies Ltd. Among others.

Acquisitions/Product Launches

In April 2021, Parking Services Provider Parkopedia has collaborated with Volkswagen America to provide parking reservation services to rivers using the Car-Net service and the associated smartphone app in the US. The service is now live for drivers and will cover both legacy and new vehicles produced by Volkswagen that support Car-Net services.

In April 2019, Michigan has announced its 5-year Extreme Makeover plan to the citys parking services in partnership with Flowbird. In mid-October, the City went live with 80 new solar powered Strada Pay Stations, replacing older coin operated meters. The digital upgrade will allow motorists to conveniently pay for parking using a credit card, cash, coin, or via mobile app.

Key Takeaways

North America had dominated the global Parking Reservation System market in 2020 with a share of around 38% and is analyzed to maintain a significant growth during 2021-2026, owing to the increasing number of vehicles in the region.

Mobile-based solutions segment is analyzed to grow with the highest CAGR of 25.6% in the global Parking Reservation System market during the forecast period 2021-2026. This mobile based solutions provide greater efficiency when compared to other modes of parking reservation solutions.

The increased vehicle production and traffic congestion has generated the demand for smart solutions for parking reservations. The advent of location services and the development of interactive apps have positively influenced the growth of the parking reservation system market during the forecast period.

Parking Reservation System companies are strengthening their position through mergers & acquisitions and continuously investing in research and development (R&D) activities to come up with solutions to cater to the changing requirements of customers.

B. Smart Parking Systems Market

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