Dublin, Nov. 21, 2024 (GLOBE NEWSWIRE) -- The "Parking Lots and Garages Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The most recent insights into the global parking lots and garages market indicate a robust compound annual growth rate (CAGR) of 4.0%, with projections set for the market to expand from $98.45 billion in 2023 to $102.35 billion in 2024. This growth trajectory is sustained by persistent challenges of urban vehicle congestion and urbanization, driving the need for efficient parking solutions globally.
An analysis of historical trends credits the consistent market growth to an array of factors, including an ever-expanding global vehicle fleet, urban population increases, and significant economic progress in burgeoning markets. Insufficient parking availability remains a core concern that necessitates considerable market response and innovation within the sector.
Urbanization and Adoption of Smart Technologies
Companies within the parking lots and garages sector are continually forging strategic partnerships and engaging in mergers and acquisitions to elevate their service offerings, increase operational territories, and tap into new markets. Such dynamic entrepreneurial initiatives are seen as vital to the sector's adaptability and sustained growth amidst changing global transportation landscapes.
Innovation in Parking Solutions
The market sees a significant trend in product innovation, with key industry players introducing adaptable and fast-track parking solutions like pre-designed and pre-engineered products that cater to client-specific demands. An increase in investments in such innovative offerings is anticipated to propel market growth and reinforce the sector's position in meeting the escalating demand for efficient parking solutions.
Global Market Perspectives
North America leads the charge as the largest regional entity in the parking lots and garages market, with Asia-Pacific following as a significant contributor. Strategic reports highlight various market segments, including airport parking, event and venue parking, healthcare parking, and more, all of which underscore the diverse applications and opportunities that lie within the market spectrum.
The market is defined by the revenue generated by entities providing temporary parking services across multiple customer-bases and locations, including the sphere of value-added services and associated goods connected to primary parking services.
Looking Ahead
Market analysts anticipate that with ongoing urbanization and technological advancements, coupled with heightened global vehicular usage, the market for parking lots and garages will continue to flourish. This projection aligns with the industry's strategic moves and investment in innovation, forecasting an auspicious period for the sector into the year 2024 and beyond.
Companies Featured
- Impark Parking Corporation
- LAZ Parking Ltd. LLC
- Park24
- Lanier Parking
- ABM Industries Inc.
- Indigo Group SAS
- Ace Parking Management Inc.
- Tokyo Tatemono
- Sp Plus Corporation
- NIPPON PARKING DEVELOPMENT Co.,Ltd.
- Yi Po International
- Wilson Parking
- Diamond Parking
- TPS Parking
- Sika Group
- Park'N Fly
- Spot Hero
- The Toronto Parking Authority (TPA)
- EL GARAGE BELGRANO S.A
- ALSE PARKING S.A
- PARKING SAN TELMO S.A.
- Rose Concrete
- Highway Department Garage
- Osage Township Garage
- COPEMSA
- Mawarid Company
- Earadat Transport
- Makani Parking
- Saudi Premier Parking
- HUB Parking Technology South Africa
- Ortym Agencies
- Kenya Airport Parking Service
- Junction Mall Parking Hall
For more information about this report visit https://www.researchandmarkets.com/r/k6727t
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