Parking Statistics and Trends

36 Parking Statistics and Industry Trends

Urbanization and technological advancements are dramatically reshaping our daily environments, and at the center of this change is the parking industry, which is undergoing a pivotal transformation.

At the heart of this evolution is Towne Park, leading the way in providing bespoke parking solutions to top-tier hotels and healthcare facilities.

Our expertise in navigating these changes positions us not just as participants but as innovators and leaders in the field. We are dedicated to enhancing the guest and patient experience through cutting-edge technology and exceptional service.

The following statistics showcase the expansive growth and potential of the parking sector, reflecting the significant impact and the essential role of forward-thinking companies like Towne Park in this rapidly evolving industry.

Parking Statistics

Global Market Overview

  1. The global parking management market is expected to reach $12.91 billion by 2032, growing at a CAGR of 9.15% from 2023 to 2032.
  2. The global parking garage design market is expected to reach $15.6 billion by 2027, growing at a CAGR of 6.5% from 2022 to 2027.
  3. The global autonomous parking market is expected to reach $12.9 billion by 2030, growing at a CAGR of 25.2% from 2023 to 2030.
  4. The smart parking market is expected to reach $8.1 billion in 2023 and is expected to grow at a CAGR of 13.2% over the forecast period (2023-2030).

Industry Growth

  1. The entire parking industry pulled in about $121 billion in 2022, a significant increase from the $58 billion in 2020 during the COVID-19 pandemic.
  2. The entire parking industry is projected to pull in about $144 billion in 2023, a 10% increase over 2019.

Parking Spaces and Usage

  1. The cost of parking in major cities around the world is rising rapidly. For example, the average cost of parking in Manhattan, New York City, is now $69 per day.
  2. It costs about $28,000 to build a parking spot. Construction costs are highest in New York City, where it’s notoriously difficult to find a spot. A new parking spot in the city runs up to $36,000, not including the cost of buying the land.
  3. The United States has over 2 billion parking spaces for about 250 million cars. This is more than six parking spaces for every registered car.
  4. In residential areas, an average of 35% of land is used for parking lots, while in urban cities and non-residential areas, between 50% and 70% of the land is dedicated to parking.

Parking in Hospitality

  1. In 2019, 17.0% of all hotels in CBRE’s annual Trends in the Hotel Industry database reported parking revenue, which rose to 20.4% in 20222. Despite this growth, parking revenue is still a minor source of revenue for hotels, making up only 3.1% of total revenue for the average hotel in CBRE’s study sample. (25)
  2. When analyzing the sample by property type, parking revenue made up the greatest share of total revenue at extended-stay hotels (5.3%) and all-suite hotels (4.9%) during 2022. Urban (3.7%) and airport (3.5%) hotels enjoyed the greatest contributions from parking revenues when segregated by location category.

Parking Garages

  1. The market size, measured by revenue, of the Parking Lots and Garages industry was $9.0bn in 2022.
  2. The market size of the US Parking Lots and Garages industry has declined 5.9% per year on average between 2017 and 2022.
  3. Modern parking structures are beginning to integrate eco-friendly elements such as green roofs, vertical gardens, and solar panels to enhance energy efficiency, reduce the urban heat island effect, and improve air quality.
  4. Forward-thinking garages are implementing smart charging infrastructure for electric vehicles, optimizing energy distribution, tracking usage, and supporting future advancements in electric mobility.
  5. Parking garages are being designed to be more flexible for various purposes besides parking cars. For example, parking garages can be used for retail, offices, or recreation.

Parking Technology

  1. Global investment in parking technology is expected to reach $11.13 billion by 2027, growing at a CAGR of 23.2% from 2020 to 2027.
  2. The North American parking technology market is expected to be the largest market, accounting for over 40% of the global market share in 2027.
  3. The Asia Pacific parking technology market is expected to be the fastest-growing market, with a CAGR of over 25% from 2020 to 2027.
  4. The need for mobile parking solutions and electronic payment options is on the rise, enhancing customer service and convenience. This trend reflects the shift from cash payments to e-payments, with more parking operators allowing credit card payments and online payments through mobile phones.
  5. Smart parking systems are becoming increasingly popular, with 11% of global public parking spaces now being “smart.”
  6. AI is being used to develop new parking management systems to predict parking demand, optimize traffic flow, and identify vacant parking spots in real-time.
  7. Contactless parking payment systems, such as mobile apps and credit cards, are becoming increasingly popular as they are more convenient and secure than traditional payment methods.

Autonomous Parking

  1. The major factors driving the growth of the autonomous parking market include increasing urbanization, rising traffic congestion, and growing demand for smart parking solutions.
  2. Automakers are increasingly investing in autonomous parking technology. For example, Tesla has already deployed autonomous parking features in its vehicles, and other automakers such as BMW, Audi, and Ford are developing their own autonomous parking systems.
  3. Investors are also taking notice of the autonomous parking market and are investing heavily in autonomous parking startups. In the past three years, parking companies have collectively pulled in over $2.9 billion in equity financing.
  4. AI is being used to improve the performance and reliability of autonomous parking systems. For example, AI-powered parking systems can better detect and avoid obstacles and park vehicles in more challenging spaces.
  5. Cloud-based autonomous parking systems can offer several benefits over on-premises systems, such as scalability, flexibility, and reduced costs. (T14)
  6. Autonomous parking systems are being integrated with other smart city technologies, such as traffic management systems and vehicle-to-everything (V2X) communication systems. This integration will help improve transportation efficiency and safety in cities.

EV Parking

  1. The shift towards electric vehicles is another trend that is having a significant impact on the parking industry. Electric vehicles must be charged regularly, creating a demand for charging stations in parking facilities.
  2. Over 90% of EV drivers are anxious about finding charging locations away from home, and 44% have run out of charge, demonstrating a need for better location technology for EV charge points.
  3. Countries like the UK, France, Norway, and Sweden are setting ambitious targets to reach net-zero emissions by 2030, which will likely drive further innovations and regulatory support for green parking initiatives and technologies.

Other Surprising Stats About Parking

  1. Americans waste $73 billion a year looking for parking spots. The average American commuter spends 17 hours per year looking for parking, costing $345 per driver in wasted time, fuel, and emissions. Those costs jump in major metropolitan areas: Drivers in New York spend 107 hours and $2,243 annually.
  2. The average driver will spend approximately 2,000+ hours of their life trying to find a parking spot.
  3. Approximately 95% of a car’s time is spent parked, highlighting the importance of the parking industry.

Summary

Analyzing these statistics offers us a clear vision of the future trajectory of the parking industry and how we are uniquely positioned for long-term growth and success.

Insight from Current Trends

  • Rapid Growth in Key Segments: The projected growth in various segments of the parking industry, particularly in parking management and smart parking solutions, signifies a shift towards more efficient, technology-driven services. This aligns perfectly with Towne Park’s focus on integrating technology to enhance user experience and operational efficiency.
  • Rising Demand in Hospitality and Healthcare: The increasing need for specialized parking solutions in hospitality and healthcare indicates a market ripe for tailored services. Our deep expertise in these sectors places us in an ideal position to meet these growing demands with innovative solutions.

Future of Parking

  • Smart Technology Integration: The future of parking lies in integrating smart technologies like contactless parking solutions and artificial intelligence. These technologies will enable more efficient management of parking resources, improve traffic flow, and enhance user experiences.
  • Sustainable and Multifunctional Spaces: There’s a growing trend towards creating parking spaces that are not only efficient but also sustainable and multifunctional. This includes green parking solutions and spaces that can adapt to different uses, reflecting the dynamic nature of urban development.
  • Autonomous Vehicles: The rise of autonomous vehicles will dramatically alter parking needs and designs. We are preparing for this future by working with our partners to design spaces accommodating autonomous vehicles.
  • Electric Vehicles (EVs): The shift towards electric vehicles (EVs) is equally transformative. We are working with our partners to incorporate EV charging stations, catering to increasing EVs on the road.

Towne Park’s Positioning for Success

  • Innovation and Adaptability: Our commitment to innovation and adaptability ensures we stay at the forefront of these changes. We are constantly exploring new technologies and methodologies to improve our services and meet the evolving needs of our clients.
  • Strategic Partnerships and Collaborations: We believe in the power of strategic partnerships and collaborations to drive growth and innovation. By working with technology providers, urban planners, and other stakeholders, we can create holistic solutions that address the complexities of modern parking demands.
  • Focus on Customer Experience: At the core of our strategy is an unwavering focus on customer experience. Whether it’s a guest at a hotel or a patient at a healthcare facility, we aim to make their parking experience seamless and stress-free, which drives loyalty and business growth for our clients.

In summary, the future of parking is dynamic and full of opportunities. At Towne Park, we prepare for and actively shape this future. Our strategic positioning and innovative approach ensure that we will continue to lead and thrive in the evolving landscape of parking solutions.


Sources:

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