Europe Parking Management Market
The strong presence of European Parking Association (EPA) and European Automotive Manufacturer’s Association (ACEA) has facilitated the early adoption of effective parking management solution across its different European countries. Moreover, the availability of strong economic background of European nations, especially in the western region, along with high disposable income, has attributed resulted in a large number of registered vehicles per household capita among European countries. Thus, the increase in the number of registered vehicles, coupled with the limited availability of parking space, has resulted in the adoption of effective parking management policies across the European Union and other European countries. Moreover, the continuous surge in the number of the registered vehicles has boosted the demand for efficient parking management practices, especially among urban and metro cities among in Germany, Russia, France, the UK, Spain, Italy, and Netherlands, among other European countries. Currently, the leading end- users of parking management solutions are airports, bus stations, commercial complexes, residential buildings, malls, governments & and municipal corporations, universities, and restaurants, and hospitals, among other locations. The European parking management market is heavily dominated by the developed economies in the western region such as the UK, Germany, Netherlands, France, Spain, Sweden, and Norway among other countries. Moreover, the countries present in the western region consists of major players in each country with substantial market share as well as experience in the industry providing significant market competition to the other market players. Increase in adoption of smart technologies in parking management is the major factor driving the growth of the Europe parking management market.
The impact of COVID-19 differed from country to country across the European region as selected countries witnessed an increase in the number of recorded cases and subsequently attracted strict as well as more extended lockdown periods or social isolation. However, Western European countries such as Germany, France, Russia, and the UK have seen a comparatively modest decrease in their growth activities because of the robust healthcare system. To protect its citizens from the COVID-19 virus, the European government has made tremendous investments in incorporating technologies in its healthcare systems to help identify signs of the virus. For instance, during the COVID pandemic, The Belgian Parking Federation (FBS), which collaborated with companies that are operating on- and off-street parking lots in Belgium, is very concerned about the crisis caused by the coronavirus in the country. It fully supports the measures taken at the various levels of power to decrease the spread of the coronavirus. Therefore, the overcrowding of public transport (PT) stations and vehicles signifies a high-level risk of contamination; hence governments and local authorities employed restriction measures to limit the use of parking spaces. The main priority has been to guarantee the safety and protection of staff and infrastructures.
Strategic insights for the Europe Parking Management provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 12,289.94 Million |
| Market Size by 2028 | US$ 15,997.10 Million |
| Global CAGR (2021 - 2028) | 3.8% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Parking Site
|
| Regions and Countries Covered | Europe
|
| Market leaders and key company profiles |
The geographic scope of the Europe Parking Management refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The parking management market in Europe is expected to grow from US$ 12,289.94 million in 2021 to US$ 15,997.10 million by 2028; it is estimated to grow at a CAGR of 3.8% from 2021 to 2028. Smart parking systems require the congruence among its core hardware devices and software applications. Currently, there are hundreds of companies providing equipment or services to the intelligent parking industry, making it uncertain to the extent at which software and hardware standards are shared across distinct equipment vendors coupled with the blends of equipment years that makes the existing facility unpredictable quite often. All hardware devices need to be compatible with all software services. Thus, the organizations working on smart parking systems need to combine and develop a standard, thereby eliminating compatibility issues and in turn eliminating a barrier in the development of the smart parking systems market to a great extent.
The Europe parking management market is segmented on basis of various parameters such as parking sites, solutions, services, deployment type, and country. The different types of parking sites include on-street parking and off-street parking. The off-street segment dominated the market in 2020 and is expected to be the fastest growing during the forecast period. On basis of solutions, the Europe parking management market is categorized as parking guidance solutions, parking reservation solution, parking security & surveillance solutions and others. The others segment dominated the market in 2020 and parking guidance solutions segment is expected to be the fastest growing during the forecast period. The services segment in parking management market is bifurcated as professional service and managed service. The managed services segment dominated the market in 2020 and professional service segment is expected to be the fastest growing during the forecast period. On-premises deployment and cloud-based deployment are the two types of deployment type segments. The on-premises deployment segment dominated the market in 2020 and cloud based deployment segment is expected to be the fastest growing during the forecast period.
A few major primary and secondary sources referred to for preparing this report on the parking management market in Europe are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Amano Corporation.; Flowbird Group; GROUP Indigo; PASSPORT LABS, INC.; Robert Bosch GmbH; and Siemens AG are among others.
The Europe Parking Management Market is valued at US$ 12,289.94 Million in 2021, it is projected to reach US$ 15,997.10 Million by 2028.
As per our report Europe Parking Management Market, the market size is valued at US$ 12,289.94 Million in 2021, projecting it to reach US$ 15,997.10 Million by 2028. This translates to a CAGR of approximately 3.8% during the forecast period.
The Europe Parking Management Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Europe Parking Management Market report:
The Europe Parking Management Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Europe Parking Management Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Europe Parking Management Market value chain can benefit from the information contained in a comprehensive market report.
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