UK Parking Management Market Outlook to 2028

UK Parking Management Market Outlook to 2028

Market Overview

The parking management industry is undergoing strong expansion due to a combination of factors. The rise in urban living and population growth leads to greater requirements for parking in homes and businesses. Furthermore, the increasing vehicle numbers and investments in parking infrastructure and smart solutions also drive the demand for better parking management services.

Evolving population dynamics, including the increase in city residents and the necessity for creative parking solutions in crowded regions, influence the requirement for parking management services. Additionally, governmental regulations, like parking rules, permits, and efforts toward smart urban development, significantly contribute to shaping the expansion of the parking management sector in the UK.

UK parking management industry is catered by the domestic and international players. Parking Control Management, Northwest Parking Management, Parking and Property Management, Capital Car Park Control, Local Car Park Management, UK Car Park Management and Countrywide Parking Management are the top players of the UK Parking Management industry.

UK Parking Management Market Analysis

Parking management is a cost-effective and reliable solution that reduces the time spent by drivers in finding available carpark space and traffic congestion. Furthermore, the increased adoption of electric vehicles compels city authorities to implement charging stations to push the demand for parking management higher. Parking management helps businesses in reaching their maximum potential by offering them space optimization. Features such as hassle-free booking, simple navigation, seamless customer experience, live reports, and parking enforcement options are anticipated to fuel the demand for parking management.
Parking management helps in customizing and reserving parking spaces as per company guidelines and staff requirements. The focus is rapidly shifting from hardware to digital solutions as hardware solutions had multiple concerns relating to security, obstructive parking, and unallocated spots.
The government segment accounted for over 55% of the market share in 2022. This is due to the need for developing safe, clean, and efficient public carpark facilities across the city. 

Key Trends by Market Segment:

By Deployment Type: The cloud-based platform ensures intelligent usage of parking spaces. It maintains social distancing by providing vital information, such as information about nearby free parking so that drivers can park safely. Besides distance, a driver can select other filters such as price, parking time, and rating. Such benefits are expected to aid in the growth in the adoption of parking management solutions, especially during the pandemic. Moreover, the evolution from on-premise to cloud-based solutions has been critical in making the solutions more robust and easily deployable. These factors have positively impacted the demand for the solution and services offered in this market.

By Parking Site: Based on parking site, the off-street parking segment is estimated to command the largest share of the overall parking management market in 2020. This is primarily attributed to the rising requirement of parking spaces in CBDs and efforts to reduce congestion levels on street, making parking safe and convenient for both driver and vehicle.

Competitive Landscape:

The parking management market in UK comprises international and local players, such as Parking Control Management, Northwest Parking Management, Parking and Property Management, Capital Car Park Control, Local Car Park Management, UK Car Park Management and Countrywide Parking Management. Growth is driven by the expanding real estate market, adoption of new technologies, sustainability efforts, and integration with Mobility as a Service (MaaS) solutions. Smart parking tech, EV charging, and seamless mobility options play vital roles in meeting evolving customer needs.

Recent Developments:

The parking market in UK has likely seen further adoption of contactless payment methods and mobile apps. Many parking facilities now offer cashless payment options, making it more convenient for drivers to pay for parking using their smartphones or credit cards.
The implementation of smart parking technologies, such as parking sensors, real-time data analytics, and mobile apps, has likely continued to expand. These technologies help drivers find available parking spaces easily and allow parking operators to optimize parking space utilization

Future Outlook:

The future of parking management in the UK is set to undergo a transformation with the rise of autonomous vehicles. As self-driving cars become more prevalent, parking dynamics will change.

With the ability of these vehicles to drop off passengers and park themselves efficiently, traditional parking spaces may need to be reimagined. Designing parking areas that cater to the unique needs of autonomous vehicles, such as charging stations and safe maneuvering zones, will become crucial. Additionally, the integration of AI and data analytics will enable predictive parking availability, making it easier for both human-driven and autonomous vehicles to locate parking spaces in advance, further optimizing urban mobility.

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