Market Size of Europe Car Parking Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 10.05 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Car Parking Market Analysis
The car parking market in Europe is expected to reach a CAGR of 10.05% during the forecast period (2022-2027). Due to the appeal for services, labor, leisure, commerce, and culture, urban areas are constantly developing, posing issues for towns and individuals. Smart cities are seeking improved sustainable mobility solutions to reduce pollution, reduce traffic congestion by assigning public and private spaces, reduce time spent circling vehicles looking for parking spaces, and increase overall accessibility and city centre appeal.
- It is expected to see significant growth in prices/parking charges across all European countries. The willingness of car users to pay for parking is increasing significantly - while the average duration of use is decreasing. In the past, parking charges have increased at a rate well above the inflation rate. For example, in Germany, parking charges for short-stay car parks increased by an average of 2.9 % in five years. In the UK, they increased by 3.6 %, and in Norway by 4.6%.
- The market also benefits from technological improvements and collaborations between local governments and technology suppliers. For example, in September 2019, Car & Away, the peer-to-peer car rental company and pioneer of the airport-based car-sharing economy, revealed that it had raised GBP 3.5 million in capital from private investors in the United Kingdom. This investment is expected to help the company expand in the United Kingdom and, further, it's objective to build the world's smartest peer-to-peer (P2P) car-sharing community.
- The European car parking business has been harmed as a result of the lockdown imposed due to the spread of the coronavirus. Reduced demand is due to a sharp reduction in traffic congestion and a decrease in car sales, among other factors. However, after the lockdown is lifted, demand is projected to rise, and vehicle sales are expected to increase due to concerns about public transportation safety. Post-pandemic car parking management will likely grow, focusing more on physical safety, information security, and people's perceived well-being.
Europe Car Parking Industry Segmentation
The Europe Car Parking Market is segmented by Application Area (Parking Operators/Parking Management Companies, Infrastructure Providers (Hardware & Software), P2P Parking Apps providers) and by Country (UK, Germany, France, Italy, and Rest of Europe).
| By Application Area | |
| Parking Operators/Parking Management Companies | |
| Infrastructure Providers (Hardware & Software) | |
| P2P Parking Apps Provider |
| By Country | |
| UK | |
| Germany | |
| France | |
| Italy | |
| Rest of Europe |
Europe Car Parking Market Size Summary
The European car parking market is experiencing dynamic growth, driven by the increasing demand for efficient urban mobility solutions. As cities evolve to accommodate growing populations and economic activities, the need for smart parking solutions becomes paramount. These solutions aim to alleviate issues such as traffic congestion and pollution by optimizing the use of public and private parking spaces. The market is witnessing a shift towards higher parking charges, reflecting the growing willingness of users to pay for convenient and accessible parking options. Technological advancements, including IoT, parking sensors, and electronic payment systems, are enhancing the customer experience and streamlining parking management processes. These innovations are crucial for cities striving to become smart and sustainable, offering real-time data and analytics to improve space allocation and reduce operational costs.
Despite challenges posed by the COVID-19 pandemic, such as reduced traffic and car sales, the market is poised for recovery as demand for parking solutions is expected to rise post-lockdown. The integration of smart technologies with vehicles and infrastructure is enhancing mobility and safety, making parking management systems more appealing. The market is moderately fragmented, with key players like JustPark, Parkeon S.A, and Urbiotica leading the charge in innovation and expansion. Strategic partnerships and acquisitions, such as those by Indigo Group and Urbiotica, are further strengthening market positions and opening new opportunities. As electric vehicles gain traction, initiatives like the collaboration between JustPark and Octopus Energy aim to address charging infrastructure challenges, supporting the transition to greener transportation solutions.
Europe Car Parking Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Market Overview
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1.2 Industry Stakeholder Analysis
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1.3 Industry Attractiveness-Porter's Five Forces Analysis
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1.3.1 Bargaining Power of Suppliers
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Threat of New Entrants
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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1.4 Evolution of the payments landscape in the country
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1.5 Key market trends pertaining to the growth of cashless transaction in the country
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1.6 Impact of COVID-19 on the payments market in the country
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2. Market Segmentation
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2.1 By Application Area
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2.1.1 Parking Operators/Parking Management Companies
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2.1.2 Infrastructure Providers (Hardware & Software)
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2.1.3 P2P Parking Apps Provider
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2.2 By Country
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2.2.1 UK
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2.2.2 Germany
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2.2.3 France
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2.2.4 Italy
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2.2.5 Rest of Europe
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Europe Car Parking Market Size FAQs
What is the current Europe Car Parking Market size?
The Europe Car Parking Market is projected to register a CAGR of 10.05% during the forecast period (2024-2029)
Who are the key players in Europe Car Parking Market?
JustPark, Euro Car Parks Limited, National Car Parks Limited , NSL Limited, ParkingEye Ltd, Parkeon S.A, Indigo Group, Paris France Parking , Park Rite, RFC, IPairc, Munster Car Park Services Ltd, Nationwide Controlled Parking Systems, Tazbell and Urbiotica are the major companies operating in the Europe Car Parking Market.
