Dublin, April 03, 2024 (GLOBE NEWSWIRE) -- The "UK Parking Management Market 2023-2029 Trends, COVID-19 IMPACT, Revenue, Size, Industry, Companies, Growth, Forecast, Share, Analysis & Value" report has been added to ResearchAndMarkets.com's offering.
The UK Parking Management Market witnessed growth during past years owing to a rise in urban population from 83.4% in 2019 to 84.2% in 2022 supported by affordable housing initiatives such as the Help to Buy scheme, Affordable Homes Programme, and new First Homes scheme. As a result, there has been a rise in the number of urban residents in 2022, thus resulting in increased spending to improve their lifestyle resulting in an increased number of cars in the country. For Instance, In 2021, there were 32.88 million cars in the UK which increased to 33.18 million within a span of a year. Additionally, the need for parking management has expanded from residential apartments, airports to office buildings, agency headquarters, hotels, shopping centres and schools etc. bolstering the reach of parking management in the country.
The UK Parking Management Market revenue is projected to grow at a CAGR of 5.5% from 2023-2029. The UK government's efforts to enhance housing affordability, targeting a rise in households from 23.2 million in 2018 to 26.9 million in 2043 at an annual average increase of approximately 150,000 households, are anticipated to contribute to an increased demand for parking management systems in the nation.
Moreover, it has been recorded that Central London is proving to be a highly attractive location for the construction of commercial buildings like offices and shopping complexes. Presently, the region holds a significant share, encompassing around 83% of the ongoing projects in the commercial sector and office construction. These measures and developments are expected to support Parking Management applications across various residential, commercial and industrial projects in the country, thus bolstering the market for green construction materials in the country. These factors are stimulating the UK Parking Management Market Growth.
Market Segmentation by Offering
Parking management solutions have garnered the highest revenue share in the overall parking management market in the UK. This dominance is attributed to the efficacy of technological solutions, including smart meters, mobile apps, and sensors, streamlining operations and enhancing user experience. The increasing adoption of advanced parking technologies underscores the pivotal role of solutions in optimizing revenue generation within the UK's parking management landscape.
Market Segmentation by Parking Site
On-street parking site revenues in the overall UK parking management industry are expected to grow in the coming years driven by increasing urbanization, rising demand for convenient parking solutions, and ongoing city infrastructure developments.
Market Segmentation by Deployment Type
Cloud-based parking management solutions acquired the major revenue share in the UK's overall parking management market. Leveraging the flexibility, scalability, and accessibility provided by cloud technology, these solutions optimize operational efficiency, and thus, have been implemented in real-estate projects. The shift towards cloud-based platforms reflects the industry's commitment to innovative and technologically advanced parking management systems.
Key Attractiveness of the Report
- COVID-19 Impact on the Market
- 11 Years of Market Numbers
- Historical Data Starting from 2019 to 2022
- Base Year: 2022
- Forecast Data until 2029
- Key Performance Indicators Impacting the Market
- Major Upcoming Developments and Projects
Key Highlights of the Report
- UK Parking Management Market Overview
- UK Parking Management Market Outlook
- UK Parking Management Market Forecast
- UK Parking Management Market Porter's Five forces Analysis
- UK Parking Management Market Industry Life Cycle Analysis
- Historical Data and Forecast of UK Parking Management Market Revenues, for the Period 2019-2029F
- Market Drivers and Restraints
- Historical Data and Forecast of UK Parking Management Market Revenues, By Offering, for the Period 2019-2029F
- Historical Data and Forecast of UK Parking Management Market Revenues, By Parking Site, for the Period 2019-2029F
- Historical Data and Forecast of UK Parking Management Market Revenues, By Deployment Type, for the Period 2019-2029F
- Key Performance Indicators
- Market Opportunity Assessment
- Competitive Benchmarking
- Company Profiles
- Key Strategic Recommendations
Market Scope and Segmentation
The report provides a detailed analysis of the following market segments:
By Offering
- Solutions
- Services
By Parking Site
- On-street parking (Shopping Centres, Parks, Gym etc.)
- Off-street parking (Residential, Offices, Hotels, Malls, Airport etc.)
By Deployment Type
- Cloud
- On-Premises
Companies Featured
- National Car Park Limited
- JustPark Parking Limited
- APCOA PARKING Holdings GmbH
- Q-Park B.V.
- SKIDATA GmbH.
- Robert Bosch Ltd.
- Euro Car Parks Ltd.
- Smart Parking Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/7j4gny
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