The Europe Parking Management Market would witness market growth of 10.2% CAGR during the forecast period (2022-2028).
Smart parking information systems, automatic parking, smart parking payment systems, and parking reservation systems are some of the smart technologies that are rapidly expanding in the current parking management system. In addition to these technologies, drivers and vehicle owners are demanding more protection and safety for their parked cars, which is driving up the cost of parking surveillance systems and opening up a sizable market for parking management businesses to expand into overtime.
Parking Management uses mechanical parking, a smart parking system, rules, policies, and initiatives to create more space to accommodate extra automobiles. Parking management contributes to the creation of more walkable regions by offering more integrated construction and buildings situated near sidewalks and roadways. Incorporating design elements like landscaping and shade that lower stormwater flow, water contamination, and solar gain can help with parking management by reducing the total roadway space. Management decisions can also expand non-drivers' travel options, reduce the need for parking subsidies, give low-income households financial savings, and make housing more affordable.
Germany is well-known and esteemed throughout for its impressive engineering capabilities and motor industry. German cars stand for highly coveted qualities like creativity, reliability, safety, and elegance throughout from Asia to the Americas. By far the biggest manufacturing and distribution market in Europe is Germany. Due to its world-class research and development centers, substantial value chain integration, and highly qualified workforce, the nation stands at the forefront of the automotive industry. As a result, Germany is the unofficial and European center for the automobile industry.
The growth of Europe's economy depends on the automotive sector. 13.8 million Europeans are directly and indirectly employed by the automotive sector, which accounts for 6.1 percent of all employment in the EU. 2.6 million people work directly in the automotive industry, making up 8.5% of all jobs in manufacturing in the EU. The EU is one of the leading manufacturers of automobiles, as well as the automotive sector, is the largest private investor in R&D. To enhance the viability of the EU automotive sector and keep it at the forefront of technology, the European Commission promotes technical concord and funds R&D.
The Germany market dominated the Europe Parking Management Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $497.9 million by 2028. The UK market is estimated to grow at a CAGR of 9.2% during (2022 - 2028). Additionally, The France market would witness a CAGR of 11% during (2022 - 2028).
Based on Offering, the market is segmented into Solution (Revenue Management, Parking Reservation Management, Access Control, Security & Surveillance, and Valet Parking Management & Others) and Services. Based on Application, the market is segmented into Government, Commercial, and Transport Transit. Based on Deployment Mode, the market is segmented into On-premise and Cloud. Based on Parking Site, the market is segmented into Off-Street and On-Street. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Parking Management Market will Hit $7.8 Billion by 2028, at a CAGR of 10.9%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include 3M Company, IBM Corporation, Cubic Corporation, Siemens AG, Kapsch TrafficCom AG, Robert Bosch GmbH, Conduent, Incorporated, T2 Systems, Inc., SWARCO AG, and Amano Corporation.
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