Parking Reservation Systems Market Size, Share, Industry Trends and Forecast to 2030

Market Size & CAGR of Parking Reservation Systems in 2021

The global parking reservation systems market is estimated to have a growth rate of 5.2% CAGR from 2021 to 2026. The market is expected to reach a value of USD 2.5 billion by 2026.

COVID-19 Impact on the Parking Reservation Systems Market

The COVID-19 pandemic had a significant impact on the parking reservation systems market. Due to lockdowns and travel restrictions, the demand for parking services plummeted. Many parking facilities were forced to shut down temporarily.

Parking Reservation Systems Dynamics

The parking reservation systems market is driven by the increasing adoption of smart parking solutions, the rise in urbanization, and the growing need for efficient parking management. Technological advancements, such as IoT integration and mobile apps, are also propelling market growth.

Segments and Related Analysis

By System Type:

- On-street Parking
- Off-street Parking
- Integrated Parking Solutions

By Application:

- Commercial
- Residential
- Others

By Region Analysis

- North America: Leading region in the parking reservation systems market
- Europe: Growing adoption of smart parking solutions
- Asia Pacific: Rapid urbanization driving market growth
- Latin America: Increasing focus on efficient parking management
- Middle East and Africa: Emerging market for parking reservation systems

Key Market Players and Competitive Landscape

- ParkMobile
- SpotHero
- ParkWhiz
- ParkMobile
- Indigo Park
- EasyPark

Recent Happenings in the Parking Reservation Systems Market

- ParkMobile announced a new partnership with a major city to provide seamless parking reservations for residents.
- SpotHero launched a new feature that allows users to reserve parking spots in advance through their mobile app.
- Indigo Park introduced a contactless payment system in their parking facilities to enhance customer safety and convenience.