Market Size of Parking Reservation Systems Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 11.15 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Parking Reservation Market Analysis
The Parking Reservation Systems Market size is expected to grow from USD 1.45 billion in 2023 to USD 2.46 billion by 2028, at a CAGR of 11.15% during the forecast period (2023-2028).
The growing demand for real-time car parking data, new smart city projects, and the rising number of cars are a few factors contributing to the market's growth.
- The market for parking reservation systems is being driven by the advancement of AI solutions in the automotive sector, such as linked automobiles and the migration to electric vehicles. To keep EV fleet drivers charged, JustPark and FleetCharge developed an innovative initiative to offer incentives for installing EV charging stations in homes in October 2022. JustPark will set up an EV charging station, provide a guaranteed monthly payment, and pay for any electricity costs.
- The market for parking reservation systems will benefit from the growing popularity of smartphones. Due to rising disposable incomes, people are using the newest technology for comfort and hassle-free living. Examples include selecting connected cars and high-end smartphones with cutting-edge capabilities. So, consumers are willing to pay more to park these luxury vehicles easily. These mobile-based parking reservation solutions are more effective at locating and offering parking reservation options and retrieving current parking availability and associated packages.
- The COVID-19 pandemic squeezed the world economy by affecting the manufacturing industry, production, disruption, and financial systems. Post-epidemic, the industries returned to regular operations, and travel and tourism-most adversely affected-got an excellent opportunity to expand. People used their vehicles to commute to preserve social distancing, which required advanced and managed Parking Reservation Systems.
- Cost can be the biggest challenge because more money would be needed to maintain the system when it is run using software-based technologies. Customers will have to cover peak access fees and software maintenance costs. The cost of parking will increase due to the deployment of reporting and ticketing technology.
