Parking Management Market Projected to Reach $12.41 Billion by 2030 Driven by Urbanization
Growth of the Parking Management Market
The Parking Management Market is set to experience substantial growth in the coming years, projecting a leap from $7.22 billion in 2025 to $12.41 billion by 2030. This anticipated growth reflects a CAGR of 11.4% from 2025 to 2030, as revealed by MarketsandMarkets™. The surge is primarily fueled by rapid urbanization, increasing vehicle ownership, and the pressing need to optimize parking spaces in densely populated cities. With technological advancements leading the charge, solutions that integrate real-time data, mobile payment systems, and EV charging capabilities are becoming essential in urban parking strategies.
Key Factors Driving Growth
Technological Advancements
Innovations such as license plate recognition systems, real-time occupancy tracking, and mobile payment platforms are not only improving user convenience but also transforming parking operations. Cities are increasingly recognizing the importance of adopting smart technologies that enhance revenue collection and compliance management. Furthermore, government mandates for EV infrastructure and smart city initiatives are pushing cities to rethink their parking strategies, thus driving demand for sophisticated parking management solutions.
On-Street Parking Growth
The on-street parking segment is predicted to register the highest growth rate during this period. Cities like Barcelona and London have begun to embrace smart solutions to manage curbside spaces effectively. For instance, Barcelona implemented the **
Topics Consumer Technology）
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