Parking Management Market: Trends, Growth, and Key Players (2025-2034)

The Parking Management Market Size is witnessing significant growth, driven by increasing urbanisation, rising vehicle ownership, and the growing need for efficient parking solutions. As cities become more densely populated and vehicle numbers continue to rise, traditional parking systems are no longer sufficient to meet the demand. This has created a need for advanced, technology-driven parking management solutions. The global parking management market size was valued at USD 5.04 billion in 2024 and is projected to grow at a compound annual growth rate (CAGR) of 9.60% from 2025 to 2034. This growth trajectory suggests that by 2034, the market will reach a valuation of USD 12.60 billion. Several factors are contributing to this expansion, including the increasing adoption of smart parking technologies, the integration of parking management systems into smart city infrastructure, and the need for better space optimisation in urban environments.