The Latin America, Middle East and Africa Parking Management Market would witness market growth of 16.2% CAGR during the forecast period (2022-2028).
Parking planning is experiencing a paradigm shift, which involves a significant adjustment in how a problem is understood and how potential solutions are assessed. According to the outdated paradigm, parking ought to be easy to find and cost nothing at most locations. The goal is to increase supply while lowering the cost. According to the previous paradigm, parking lots should virtually never be full, the cost of parking facilities should be included in the price of buildings or supported by government, and each destination should have a parking capacity adequate for its needs. The new paradigm is aimed at offering the best possible parking availability and cost.
The new paradigm aims to make effective use of parking lots. It accepts full parking lots as long as there is nearby access to extra parking and any spillover issues are resolved. It places a focus on sharing parking spaces among various destinations. It supports directly taxing parking facility users for those costs and rewarding those who cut back on their need for parking with money.
The Middle East and Africa are anticipated to become a significant regional market in parking management in the future due to the rising investor interest in electric vehicles in the UAE. More than 29% of UAE citizens are likely to explore purchasing an electric vehicle to cut pollution, according to an Audi Abu Dhabi survey. The need for automotive adhesives in the region will also be fueled by Saudi Arabia, which accounts for over 40% of all automobiles sold in the GCC (Gulf Cooperation Council).
As concerns about car safety and security increase, LAMEA is anticipated to experience a robust expansion in the parking management industry. Intelligent mobility, IoT, driverless vehicles, intelligent parking systems, and big data are recent advancements in the parking and transportation business in the United Arab Emirates that offer substantial prospects in this area.
The Brazil market dominated the LAMEA Parking Management Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $200.3 million by 2028. The Argentina market is experiencing a CAGR of 16.8% during (2022 - 2028). Additionally, The UAE market would exhibit a CAGR of 15.9% during (2022 - 2028).
Based on Offering, the market is segmented into Solution (Revenue Management, Parking Reservation Management, Access Control, Security & Surveillance, and Valet Parking Management & Others) and Services. Based on Application, the market is segmented into Government, Commercial, and Transport Transit. Based on Deployment Mode, the market is segmented into On-premise and Cloud. Based on Parking Site, the market is segmented into Off-Street and On-Street. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Parking Management Market is Predict to reach $7.8 Billion by 2028, at a CAGR of 10.9%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include 3M Company, IBM Corporation, Cubic Corporation, Siemens AG, Kapsch TrafficCom AG, Robert Bosch GmbH, Conduent, Incorporated, T2 Systems, Inc., SWARCO AG, and Amano Corporation.
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