The Business Research Company’s Parking Lots And Garages Global Market Report 2021: COVID-19 Impact And Recovery
LONDON, GREATER LONDON, UK, September 16, 2021 /EINPresswire.com/ — According to the new market research report ‘Parking Lots And Garages Global Market Report 2021: COVID-19 Impact And Recovery’ published by The Business Research Company, the parking lots and garages market is expected to grow from $85.97 billion in 2020 to $94.82 billion in 2021 at a compound annual growth rate (CAGR) of 10.3%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $118.98 billion in 2025 at a CAGR of 5.8%. The lack of sufficient parking due to rising motor vehicles use in developing economies is expected to drive the global parking lots and garages market.
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The parking lots and garages market consists of sales of parking lots and garages services by entities (organizations, sole traders and partnerships) that are engaged in operating parking lots and parking garages. These establishments provide temporary parking services for motor vehicles, usually on an hourly, daily, or monthly basis. Only goods and services traded between entities or sold to end consumers are included.
Trends In The Global Parking Lots and Garages Market
The wireless smart parking sensor for detecting parking space occupancy is an emerging trend in the global parking lots and garages market. The Parking Lot Sensor (PLS) senses and records occupancy of parking space, allowing active parking lots management functionality such as search, navigation, and reservation. The sensors help in the effective management of parking spaces in cities. For instance, BOSCH recently launched a parking lot sensor that utilizes the LoRaWAN protocol for wireless communication. This sensor helps in guided and regulated parking, which removes traffic limitations.
Global Parking Lots and Garages Market Segments:
The global parking lots and garages market is further segmented based on type, site, technology and geography.
By Type: Airport Parking And Garages, Events And Venues (Stadiums For Sporting Events), Healthcare Parking, Hospitality Parking, Municipal Parking, Office Parking, University Parking, Retails Parking, Residential Parking
By Site: Off Street, On Street
By Technology: Smart Parking using IoT, Automation
By Geography: The global parking lots and garages market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
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Parking Lots and Garages Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides parking lots and garages market overviews, analyzes and forecasts market size and growth for the global parking lots and garages market, parking lots and garages market share, parking lots and garages market players, parking lots and garages market segments and geographies, parking lots and garages market’s leading competitors’ revenues, profiles and market shares. The parking lots and garages market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Read Parking Lots and Garages Global Market Report 2021 from The Business Research Company for information on the following:
Data Segmentations: Market Size, Global, By Region And By Country; Historic And Forecast Size, And Growth Rates For The World, 7 Regions And 12 Countries
Parking Lots and Garages Market Organizations Covered: SP Plus Corporation, LAZ Parking Ltd. LLC, ABM Industries Inc, Ace Parking Management Inc, Diamond Parking, Lanier Parking, TPS Parking, Impark, Indigo, Park24, Wilson Parking.
Regions: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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