Parking management is a critical aspect of modern-day urban living. The increasing number of vehicles on the roads has led to congestion, traffic jams, and other traffic-related issues.
With the help of technology, parking management has been improved, and efficient solutions have been developed to make the process smooth.
In this article, we will explore parking management statistics that highlight the current state of parking management.
Key Parking Management Statistics 2023 – MY Choice
- In the US, there are over 2 billion parking spaces, but only about 15% of them are metered or otherwise paid.
- In 2019, the global parking management market was valued at $3.8 billion and is projected to reach $7.9 billion by 2027.
- The average driver spends 17 hours per year looking for a parking spot, resulting in wasted fuel and increased traffic congestion.
- Parking enforcement officers in the US issue an average of 1-2 parking tickets per hour, and the total revenue from parking tickets in the US is estimated to be over $6 billion per year.
- The cost of parking violations varies widely by location, with fines ranging from $10 to over $1,000.
- The parking management industry is becoming increasingly automated, with the use of smart parking technology and mobile apps to improve the parking experience for drivers and increase efficiency for operators.
- The parking management industry also faces challenges related to sustainability and environmental impact, with efforts to promote green parking options such as electric vehicle charging stations and bike parking facilities.
- The use of dynamic pricing models in parking management is becoming more common, with rates adjusted based on demand and occupancy to optimize revenue and reduce congestion.
- Valet parking services are growing in popularity, particularly in urban areas where parking is scarce, with an estimated annual revenue of $5 billion in the US alone.
- The parking management industry is expected to continue to evolve with the advent of new technologies such as autonomous vehicles, which may require different parking and traffic management strategies.
Parking Management Statistics
- The global parking management market size was valued at USD 4.38 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 12.1% from 2023 to 2030.
- The global parking management market is expected to reach $7.3 billion by 2023, growing at a CAGR of 7.5% (Source: MarketsandMarkets)
- The demand for parking management solutions is growing due to increasing urbanization and the rising number of vehicles on the road. (Source: Allied Market Research)
- Parking management solutions can help reduce traffic congestion by up to 30%, according to a study by the European Commission.
- In the US, there are over 280 million registered vehicles and only 105 million public parking spaces (Source: Parkopedia)
- The global smart parking market is expected to reach $11.6 billion by 2026, growing at a CAGR of 17.6% (Source: Verified Market Research)
- The adoption of automated parking systems is increasing rapidly, with the market expected to reach $3.6 billion by 2023 (Source: Technavio)
Parking Management Facts:
- In the US, the average driver spends 17 hours a year looking for parking spots (Source: INRIX)
- The parking industry in the US employs over 143,000 people (Source: National Parking Association)
- In Europe, the average occupancy rate for public parking spaces is only 50%, with some cities reporting rates as low as 10% (Source: European Parking Association)
- In the UK, the cost of parking fines has increased by 25% in the past five years, reaching a total of £1.5 billion in 2020 (Source: RAC)
- The use of license plate recognition technology is becoming increasingly popular in parking management, with the global market expected to reach $1.8 billion by 2025 (Source: MarketsandMarkets)
Parking Management Benefits:
- Effective parking management can improve traffic flow and reduce congestion, resulting in less air pollution and a more efficient transportation system.
- Smart parking solutions can help drivers find parking spots more easily, reducing the time and frustration associated with searching for a spot.
- Automated parking systems can optimize the use of space and increase the number of vehicles that can be parked in a given area.
- The use of mobile payment systems can make it easier for drivers to pay for parking, reducing the need for physical cash and improving the overall user experience.
- Parking management solutions can provide valuable data on parking patterns and usage, helping businesses and cities optimize their parking operations and make data-driven decisions.
Parking Management Trends:
- The use of IoT sensors and real-time data analysis is becoming increasingly important in parking management, allowing organizations to monitor parking spaces in real-time and adjust their operations as needed.
- Mobile apps that allow drivers to reserve and pay for parking spaces in advance are gaining popularity, making the parking experience more convenient and seamless.
- The integration of parking management systems with other smart city technologies, such as traffic management and public transportation, is becoming more common, leading to a more integrated and efficient transportation system.
- The use of AI and machine learning algorithms is enabling parking management systems to become more intelligent and responsive, predicting parking demand and optimizing space usage.
Parking Industry Trends
The parking industry is undergoing significant transformations, and the following statistics show some of the emerging trends:
- The global parking management market is expected to grow at a CAGR of 11.1% from 2021 to 2028. (1)
- By 2025, the worldwide market for smart parking solutions is projected to reach $13.5 billion, up from $5.3 billion in 2020. (2)
- As per a survey conducted by the International Parking & Mobility Institute (IPMI), over 80% of parking professionals believe that technology will shape the future of parking. (3)
- The use of license plate recognition (LPR) technology for parking management is expected to grow by 8.4% annually, reaching a market size of $1.4 billion by 2024. (4)
Parking Demand Statistics
Understanding parking demand is essential for effective parking management. The following statistics provide insights into parking demand:
- In the United States, there are approximately 800 million parking spaces for the 280 million registered vehicles. (5)
- By 2030, the number of vehicles on the roads globally is expected to reach 1.3 billion, up from 1 billion in 2015. (6)
- In a busy commercial area, the parking demand can be as high as 200 vehicles per 1,000 square feet. (7)
- 30% of the urban traffic congestion is attributed to drivers searching for a parking space. (8)
Parking Pricing Statistics
Pricing is a critical component of parking management. The following statistics highlight the impact of pricing on parking demand:
- A 10% increase in parking prices results in a 5% reduction in demand. (9)
- On-street parking rates in the US range from $1.50 to $7.50 per hour, while off-street parking rates range from $5 to $15 per hour. (10)
- The most expensive city for parking globally is New York, with an average daily rate of $74.81. (11)
- The city with the highest parking fines in the US is Chicago, with fines ranging from $50 to $500. (12)
Parking Management Technology Statistics
Technology has transformed parking management, and the following statistics highlight some of the technological advancements in parking management:
- The global parking management market for parking management software is projected to reach $11.3 billion by 2024, growing at a CAGR of 12.8%. (13)
- Mobile payment solutions for parking have grown by 35% in the past year. (14)
- The use of artificial intelligence (AI) for parking management is expected to grow by 20% annually, reaching a market size of $1.5 billion by 2025. (15)
- By 2025, the global market for automated parking systems is projected to reach $3.6 billion, up from $1.3 billion in 2020. (16)