Parking Management Market Size

Parking Management Market Size

The global parking management market size was valued at USD 3.8 billion in 2024 and is projected to grow at a CAGR of 11.7% between 2025 and 2034. As urbanization accelerates globally, cities are experiencing unprecedented growth in population density, which poses significant challenges for urban mobility and infrastructure. One of the critical issues is the availability of parking spaces in densely populated areas, where demand often exceeds supply. To address these challenges, parking management systems have emerged as a solution, enabling better utilization of limited parking spaces.

Municipalities and private operators are prioritizing parking innovations to improve the quality of life in cities while supporting economic activities. For instance, in November 2024, the Chennai Unified Metropolitan Transport Authority (CUMTA) in India announced plans to implement a Smart Parking Management System (SPMS) across the Chennai Metropolitan Area, to regulate parking through designated zones, no-parking areas, and an implementation framework for on-street and off-street parking. This project focuses on improving urban mobility, reducing the environmental impact of unregulated parking, and supporting local businesses through efficient parking facilities.

The rapid growth in electric vehicle adoption has introduced new requirements for parking facilities, making EV infrastructure integration a top priority. Parking management systems are now evolving to include EV charging stations, offering drivers the ability to park and charge their vehicles simultaneously. This dual-purpose functionality not only supports the increasing number of EVs on the road but also makes parking facilities more attractive to environmentally conscious users.