Singapore Parking Management Market (2024-2030) | Share, Revenue, Forecast, Analysis, Growth, Companies, Industry, Value, Trends & Size

Topics Covered in Singapore Parking Management Market Report

Singapore Parking Management Market Report thoroughly covers the market by offering, parking site and deployment type. Singapore Parking Management Market Outlook report provides an unbiased and detailed analysis of the ongoing Singapore Parking Management Market trends, opportunities/high growth areas, and market drivers. This would help stakeholders devise and align their market strategies according to the current and future market dynamics.

Singapore Parking Management Market Synopsis

The Singapore Parking Management market has recently expanded, fueled by increased vehicle ownership and a heightened focus on smart city initiatives. These factors have accelerated the ongoing growth of parking management in Singapore. Initiatives such as a unified platform that integrates various parking systems and helps collect data from multiple sources, including IoT sensors and cameras, to provide real-time parking information. Furthermore, private sectors are also deploying new AI-based smart parking solutions. These intelligent solutions improve the accuracy of vehicle license plate recognition and enable advanced features like parking spot vacancy detection, lane jam, accident detection etc. These developments address the immediate parking needs in Singapore.

According to 6Wresearch, Singapore Parking Management Market is projected to grow at a CAGR of 6.7% from 2024-2030F. This anticipated growth is driven by burgeoning infrastructure and rising urbanisation and demand for automotives. With the government plans for new hotel rooms, housing units and major projects like the Woodleigh Mall & Changi Terminal upgrades would fuel the demand for parking management systems in Singapore. Furthermore, significant office projects such as the redevelopment of Keppel Tower, Certis Cisco Centre, and Shaw Tower, scheduled for 2024 and 2025, are set to further increase the demand for parking management services. Additionally, the expansion of the residential sector fueled by factors such as rising per-capita GDP and significant government investments in economic development and human capital. Also, government initiatives such as the Smart Nation Programme, Asia’s Infrastructure Exchange and Green Town Programme have played a significant role in the expansion of the residential sector. Collectively, these elements foster an ideal landscape for the adoption of advanced parking management systems in Singapore, positioning the market for sustained growth in the coming years.

Market Segmentation by Parking Site

Off-street parking spaces have the highest share in the Singapore Parking Management Market due to substantial availability and centralized management. In 2022, the Urban Redevelopment Authority (URA) owned and operated 17,026 off-street parking spaces across Singapore, contributing significantly to the organized and well-managed off-street parking infrastructure, thus driving market dominance.

Market Segmentation by Deployment Type

Cloud-based parking management is witnessing the highest growth in Singapore parking management industry due to its scalability, real-time monitoring, and ability to integrate with smart city initiatives. As the city adopts more advanced technology solutions, cloud systems offer enhanced efficiency, lower infrastructure costs, and easier maintenance, making them a preferred choice for both public and private parking facilities.

Market Segmentation by Offering

Parking management solutions have the highest growth rate in the Singapore parking management market due to the increasing urban population, rising vehicle demand, and the push for efficient space utilization.

Key Attractiveness of the Report

• 10 Years Market Numbers.
• Historical Data Starting from 2020 to 2023.
• Base Year: 2023
• Forecast Data until 2030.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report:

• Singapore Parking Management Market Overview
• Singapore Parking Management Market Outlook
• Singapore Parking Management Market Forecast
• Industry Life Cycle
• Porter’s Five Forces Analysis
• Historical Data and Forecast of Singapore Parking Management Market Revenues for the Period 2020-2030F
• Historical Data and Forecast of Singapore Parking Management Market Revenues, By Offering, for the Period 2020-2030F
• Historical Data and Forecast of Singapore Parking Management Market Revenues, By Parking Site, for the Period 2020-2030F
• Historical Data and Forecast of Singapore Parking Management Market Revenues, By Deployment Type, for the Period 2020-2030F
• Market Drivers and Restraints
• Market Trends
• 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

• Solution
• Services

By Parking Site

• Off-Street Parking
• On Street Parking

By Deployment Type

• Cloud
• On-Premises