Global Parking Reservation System Market, By Vertical (Transportation Transits, Retail, Government and Municipalities, Hospitality, Recreation and Others), Solutions (Web-Based Application, Mobile-Based Application and Voice Call-Based Application), Type (Off-Street, Valet Parking, Manual Parking, On-Street and Automated Parking) -- Industry Trends and Forecast to 2029.
Parking Reservation System Market Analysis and Size
The factors such as increased preference and travelling trends are expected to drive the market’s growth. Moreover, these factors are used as an engineer personalized solutions and builds strategies that helps the other end users and retailers to improve their customer satisfaction rates and decrease the customer doubts and disappointment. As a result, the parking reservation system market will further propel over the forecast period.
Global parking reservation system market was valued at USD 837.20 million in 2021 and is expected to reach USD 1357.71 million by 2029, registering a CAGR of 6.23% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Parking Reservation System Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Vertical (Transportation Transits, Retail, Government and Municipalities, Hospitality, Recreation and Others), Solutions (Web-Based Application, Mobile-Based Application and Voice Call-Based Application), Type (Off-Street, Valet Parking, Manual Parking, On-Street and Automated Parking)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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Streetline. (U.S.), APCOA PARKING (Germany), NCP (England), INRIX Inc. (U.S.), ACE Parking (U.S.), Siemens (Germany), 3M (U.S.), Xerox Corporation. (U.S.), SP Plus Corporation (U.S.), LAZ Parking. (U.S.), Conduent, Inc (U.S.), Kapsch TrafficCom AG (Austria), Robert Bosch GmbH (Germany), Continental AG (Germany), VALEO (France), BorgWarner Inc. (U.K), AISIN CORPORATION (Japan), Cubic Corporation (Germany), Amano Corporation. (Japan)
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Market Opportunities
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Market Definition
The parking reservation system is the developed space where the individual can book a car space (parking purpose) and apply for various other additional services provided by the apps or websites related to the parking reservation systems. People are able to reserve spaces for parking of the vehicle from their comfort places or on the go. Furthermore, the smart parking systems has attained increased productivity reduced operating costs added facility value and others. All these parameters are projected to generate lucrative growth opportunities for the market.
Global Parking Reservation System Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- Accelerating digitalization
The increase in the use of smart phone and internet has led to the launch of various digital projects by the governments and the organizations across the globe. Many industries are adopting technologies that are interested in collecting online information about the customers. It has become natural for the organizations to grow their income through mobile-based parking alternatives. This factor is driving the growth of the market.
- Increased disposable income
The growing economies in various developing nations have increased population disposable money which has raised car purchases. This has resulted in the significant increase in the automobiles on the road during the last several years. Therefore, the rising disposable income of the population will further positively impact the market's growth rate during the forecast period.
Opportunities
- Integrated automated solutions
The increased adoption of various advanced automated solutions is further estimated to generate lucrative opportunities for the market, which will further expand the market’s growth rate in the future across the globe. Advanced technologies such as machine to machine (M2M) communication, data analytics, advanced parking sensors, smart parking meters and advanced mobile applications for reserve spaces and online payments. The use of these technologies worldwide is rising due to their expanding use across the globe. This factor will generate growth opportunities for the market.
Restraints/Challenges
- Traffic congestion
The traffic congestion is one of the biggest challenges faced worldwide due to limited parking spaces. Global growth in the population and the resultant increase in the number of the vehicles on the road are among the key factors responsible for the traffic congestion across the globe. Therefore, the rising traffic congestion is further expected to obstruct market growth over the forecast period.
- High installation costs
The most pressing issue is the delicate one of high installation costs, which most corporations are dealing with. As the small enterprises are using these concepts, these enterprises suffer with the high installation costs which further, contains the employee training and various other internal advancements. As a result, these high installation and deployment costs will further create various challenges for the market.
This parking reservation system market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the parking reservation system market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Parking Reservation System Market
The parking reservation system market was negatively affected by the outbreak of COVID-19 as the governments and local authorities have enacted strict lockdowns, movement restrictions, and the closure of neighborhood brick and mortar stores. The lockout had an impact on financial flow for the businesses, which had an impact on sales of automobiles across the globe. Also, the shortage of workers has impacted the supply chains in the various end-user industries. However, several organizations have started focusing on the supply chains and manufacturing units of the industries in order to address the issues caused by the pandemic. All these factors are expected to show positive outcomes for the market during the post-covid era.
Global Parking Reservation System Market Scope
The parking reservation system market is segmented on the basis of vertical, solutions and type. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Vertical
- Transportation Transits
- Retail
- Government and Municipalities
- Hospitality
- Recreation
- Others
Solutions
- Web-Based Application
- Mobile-Based Application
- Voice Call-Based Application
Type
- Off-Street
- Valet Parking
- Manual Parking
- On-Street
- Automated Parking
Parking Reservation System Market Regional Analysis/Insights
The parking reservation system market is analyzed and market size insights and trends are provided by vertical, solutions and type as referenced above.
The countries covered in the parking reservation system market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia-Pacific dominates the parking reservation system market because of the growing adoption of smart parking reservation systems within the region.
North America is expected to grow within the forecasted period of 2022-2029 due to stringent government regulations and high demands for the parking reservation systems within the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Parking Reservation System Market Share Analysis
The parking reservation system market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to parking reservation system market.
Some of the major players operating in the parking reservation system market are
- Streetline. (U.S.)
- APCOA PARKING (Germany)
- NCP (England)
- INRIX Inc. (U.S.)
- ACE Parking. (U.S.)
- Siemens (Germany)
- 3M (U.S.)
- Xerox Corporation. (U.S.)
- SP Plus Corporation (U.S.)
- LAZ Parking. (U.S.)
- Conduent, Inc (U.S.)
- Kapsch TrafficCom AG (Austria)
- Robert Bosch GmbH (Germany)
- Continental AG (Germany)
- VALEO (France)
- BorgWarner Inc. (U.K)
- AISIN CORPORATION (Japan)
- Cubic Corporation (Germany)
- Amano Corporation. (Japan)
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