PUBLISHER: The Business Research Company | PRODUCT CODE: 1599004
PUBLISHER: The Business Research Company | PRODUCT CODE: 1599004
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.
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.