The Parking Services Market is expected to generate US$ 211.5 billion by 2033, according to Fact.MR Analysis

Fact.MR has released a new report on the market for parking services. These reports included analysis of the most recent trends, forecasts, as well as the competitive landscape.

Rockville, Jan. 17, 20,23 (GLOBE NEWSWIRE), — According to the Fact.MR’s new report, the global market for parking services is estimated to be worth US$ 114.8 Billion in 2023. valuation of US$ 211.5 billion by 2033. In the next 10 year, the market will see a 6.3% increase.

Parking services are expected to experience rapid growth because of the rising rate of car ownership, particularly in developing countries. Despite being the 2nd largest market, it is still experiencing significant growth.^nd 5^Th China and India were the largest economies in the world, respectively. In India, car ownership reached a new record.

There will be a greater demand for parking spaces as a result of the increasing number of cars and other vehicles that are on the roads. As urbanization is home to a much higher percentage of vehicle owners than in rural and semi-urban areas. This will increase the demand for parking spaces. The land parcels in urban areas are decreasing day-to-day due to infrastructural improvements, which is causing a shortage in parking spaces.

Get a free sample copy of this report https://www.factmr.com/connectus/sample?flag=S&rep_id=8256

Parking space problems can be solved if there is proper planning and execution. This will result in better utilization of parking spaces and higher revenue for service providers.

Market Study Key Takeaways

• By 2033, the global parking services market is expected reach US$ 211.5 trillion.

• 66% of global parking spaces are located off-street.

• In the forecast period, the market for parking services will see a 6.3% compound annual growth rate.

• The CAGR for East Asia is 7.5% in the 2023-2033 timeframe.

• Parking spaces that are commercially owned will see the most growth. They will hold 41% of total parking spaces.

“Integration of smart technology into the parking service industry will improve the overall efficiency, ultimately leading to improved top-line numbers for the service providers,” According to a Fact.MR analyst.

Segmentation of Parking Services Market

• By Type:

  • On-Street Parking

  • Parking off-street

• By Ownership

  • Commercially Owned

  • Privately owned

• By Location:

• By Region:

  • North America

  • Latin America

  • Europe

  • East Asia

  • South Asia & Oceania

  • Middle East & Africa

This Report can be customizedr Specific Research Solutions – https://www.factmr.com/connectus/sample?flag=RC&rep_id=8256

Market Development

In terms of service offerings, the industry has seen a lot of innovation. Technology such as check-in/out and real-time parking status, check-in/out, and automatic check in/out have allowed the industry to slowly see full utilization. Traditional market leaders are now partnering with technology companies, or acquiring innovative start-ups to enhance their service offerings.

• Verra Mobility was established in November 2021 to buy T2 System from Thoma Bravo. It cost a staggering US$347 million. T2 System, a world-leading technology platform, offers a comprehensive suite of parking software as well as hardware solutions.

• Flash Parking, Inc., one of the most prominent technology companies in the parking sector, announced its merger to Arrive, a leader provider of smart parking solutions, in January 2021. This will create an untouchable digital mobility platform.

• Cloudastructure, a leader in cloud-controlled video surveillance systems, acquired Visionful in January 2022.

Key Companies Profiled

Explore Our Safe & Secure Payment Options for Quick Buy – https://www.factmr.com/checkout/8256

More valuable insights on offer

Fact.MR’s new offering presents an objective analysis of the parking services industry. It includes historical data from 2018-2022 and forecast statistics for 2023-2033.

The study reveals essential insights on the basis of type (On-Street Parking, Off-Street Parking), ownership (Commercially Owned, privately owned), location (Government/Municipal, Airport, Retail, Corporate, Educational Institute, Hospital/Healthcare, Others (Not Mentioned Elsewhere) across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).

You can also find other related studies from Fact.MR Research. 

Cleaning Services Market: Many automated cleaning devices have contributed to the rise of the cleaning service market. Power tools, such as vacuum cleaners and floor cleaners that emit low noise, can improve the quality of cleaning services. There are many cleaning services in the market. These include cleaning services for hotels, hospitals and schools as well as cleaning services for shopping centers.

Online Grocery Delivery Services Market: The industry is expected to grow at a rate of over 20% CAGR through 2031. This will open up new opportunities for market players. Online grocery delivery services will be more popular as people increasingly prefer to shop from their own homes. COVID-19 had a significant impact on online grocery delivery services. It increased industry value through adoption of new social norms, and shifted buying patterns.

Language Services Market: The global market for language services is estimated to be worth US$ 60.68 trillion in 2022. By 2032, it is projected that it will reach US$ 96.2 billion. This growth rate of 5.94% is expected. For large companies, the average translation budget is between 0.25% and 2.5% of their annual revenue. The U.S. federal Government is one of the biggest spenders in language services annually, spending approximately US$ 700 to 800 million.

Advertising Services Market: The market for advertising services worldwide is valued at US$ 665 million in 2022. This market is expected to grow at a 7.2% annual rate to become a trillion-dollar industry by 2032. In 2021, ad services made up 30% of all global marketing spending by all companies. It is also expected that ad spend will rise to 45% within the next ten-years.

Engineering Services Market: Global engineering services are valued at US$ 707 Billion at the moment and will grow at a 5.9% CAGR between 2022-2032. This fast-growing industry offers a wide range of engineering services that span a variety of industries. It accounted for approximately 5% of all enterprise professional services.

About us:

We are a trusted partner in research for 80% Fortune 1000 companies worldwide. Our market research team is constantly expanding with over 1000 reports published each year. The dedicated team of 400-plus analysts and consultants is committed to achieving the utmost level of our client’s satisfaction.

Specialties: Customized Research. Competition Tracking. Investment Research. Social Media Research. Business Intelligence. Industry Analysis. Thought Leadership.

Contact:
US Sales Office:
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Email: [email protected]
Tel: +1 (628) 251-1583