New York, Feb. 16, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Parking Lots and Garages Global Market Report 2022" - https://www.reportlinker.com/p06229727/?utm_source=GNW
The global parking lots and garages market is expected to grow from $85.90 billion in 2021 to $92.32 billion in 2022 at a compound annual growth rate (CAGR) of 7.5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $104.35 billion in 2026 at a CAGR of 3.1%.
The parking lots and garages market consists of sales of parking lots and garages services by entities (organizations, sole traders and partnerships) that are engaged in operating parking lots and parking garages.These establishments provide temporary parking services for motor vehicles, usually on an hourly, daily, or monthly basis.
Only goods and services traded between entities or sold to end consumers are included.
The main types of parking lots and garages are airport parking and garages, events and venues (stadiums for sporting events), healthcare parking, hospitality parking, municipal parking, office parking, university parking, retails parking and residential parking.A parking garage at an airport is a structure where individuals can leave their cars.
The different technologies include smart parking using IoT, automation and includes various sites such as off street, on street.
The lack of sufficient parking due to rising motor vehicles use in developing economies is expected to drive the global parking lots and garages market.Market liberalization has caused a severe increase in transport, one of the important economic sectors, and its operational efficiency, which in turn has led to increased stagnant traffic in cities.
For instance, in India, the average volume of traffic related to parking during peak time can reach 30%–50% of total traffic according to a research study published by the Journal of Traffic and Transportation Engineering.The commuters in Indian cities spend over 80 hours a year to look for parking space due to the lack of parking spaces in Indian cities amid a growing population of vehicles.
The imbalance between parking supply and parking demand due to the increasing use of vehicles in developing economies is driving the market.
Expensive parking spaces are expected to hinder the global parking lots and garages market. For instance, according to Parkopedia’s global parking index 2019, the average regular parking cost for 2-hour off-street parking in New York is $34.94 per day, $14.61 in Amsterdam, and $17.33 in Hong Kong. In Australia, daily parking costs around $54 and $24 for 2-hour parking. Motorists often get frustrated due to the expensive parking cost as most of the time they end up paying for the time they do not use. Also, the small parking spaces and poor parking services add to their irritation. To cut the parking prices and other issues associated with it, people try to avoid using personal vehicles, windup their works in a short time that hampers their daily work targets, or decide to park elsewhere risking the safety of their vehicle.
The wireless smart parking sensor for detecting parking space occupancy is an emerging trend in the global parking lots and garages market.The Parking Lot Sensor (PLS) senses and records occupancy of parking space, allowing active parking lots management functionality such as search, navigation, and reservation.
The sensors help in the effective management of parking spaces in cities.For instance, BOSCH recently launched a parking lot sensor that utilizes the LoRaWAN protocol for wireless communication.
This sensor helps in guided and regulated parking, which removes traffic limitations.
In April 2019, Laz Parking acquired Professional Parking, a California shuttle company for an undisclosed amount.Professional Parking with over 50 shuttles in its fleet, provides services to universities, municipal accounts, and seasonal deals.
Laz Parking is the fastest-growing and second-largest parking and mobility company headquartered in the United States.
North America was the largest region in the parking lots and garages market in 2021.Asia Pacific was the second largest region in the parking lots and garages market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the parking lots and garages market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report: https://www.reportlinker.com/p06229727/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
