Global Parking Management Market is likely to grow at CAGR of around 8 % and will exceed over
USD XX billion by 2026.
The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders,
followers, and disrupters. Since lock down was implemented differently in different regions and
countries, impact of same is also different by regions and segments. The report has covered the
current short term and long term impact on the market, same will help decision makers to prepare
the outline for short term and long term strategies for companies by region.
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Global Parking Management Market growth is primarily driven by increasing vehicles and traffic
flow, decreased fuel consumption. Rising demand for safety of pedestrians, concerns on reducing
pollution, and increasing demand of smooth traffic movement also drive the Parking Management
market through the forecast period. Further, increasing demand for off-street parking spaces
including indoor and outdoor, managed by private organisations also drive the market.
Global Parking Management Market Overview, By Region
North America expected to have larger market due to the high investment for the infrastructure
facilities, rising need for better driver and commuter convenience. Increasing population, rising
vehicle sales, and changing parking regulations also drive the market for parking management
through the forecast period. Acceptance of the smart cities in the countries such as U.S. and Canada
also drive the market for parking management. Asia-Pacific is expected to have higher growth rate
through 2026 due to increasing number of municipalities in developing economies such as India,
China, Brazil, and South Korea.
Global Parking Management Market Overview, By Type
Solutions type segment had highest market share in 2016. The solution helps parking operators to
manage in and out of vehicles in parking facilities and empowers them to take full co