Romania Parking Management Market revenue is projected to grow at a CAGR of 5.8% from 2023-2029

On the basis of offering, a solution parking management segment acquired the largest revenue share in Romania Parking Management Market – 6Wresearch

Parking management solutions garnered the highest revenue share in the overall parking management market in Romania, owing to the growing embrace of advanced parking technologies in office buildings, shopping malls, and hotels. This emphasizes the crucial contribution of the solutions in optimizing revenue generation across Romania's parking management sector.

According to 6Wresearch, Romania Parking Management Market revenue is projected to grow at a CAGR of 5.8% from 2023-2029. Romania, aligning with the EU’s Urban Agenda, implements urban policies, exemplified by HILS Republica, a major mixed-use urban regeneration project in Bucharest, reflecting a nationwide trend of transforming old buildings into diverse properties at the city outskirts, amidst projections of the urban population growing from 10.33 million in 2022 to 10.65 million by 2030. Such factors would be fuelling the demand for on-street and off-street parking sites in the years ahead. Romania's automotive sector is on a continuous growth trajectory, fuelled by a surge in new vehicle registrations and a notable adoption of green vehicles, with car sales increasing by 13.8% in Q2 2023. Anticipated 7% growth in car sales in 2023, alongside a projected total of 9.2 million vehicles on the roads by 2025, is expected to drive demand for on-street and off-street parking solutions, boosting the overall parking management market.

The Romanian parking management faces challenges due to a lack of robust regulations, potentially causing inconsistencies in zoning, permits, and technology integration. Insufficient urban infrastructure and informal parking practices further compound issues, posing congestion problems and hindering the formal parking industry.

According to Shivankar, Research Manager, 6Wresearch, as cities evolve infrastructurally and become more densely populated, the demand for off-street parking solutions is expected to surge in the coming years, driven by the preferences of drivers seeking convenient and designated parking areas rather than circling busy streets in search of on-street parking spaces. Moreover, Off-street parking areas are often designed with security features such as lighting, surveillance, and controlled access which ensures the safety of the vehicle.

The Romania Parking Management Market (2023-2029) report provides an in-depth analysis with 12 figures and 3 tables, covered 63 pages. The report comprehensively covers the market by offering, parking site, and deployment type. The report provides a detailed as well as unbiased analysis of the ongoing drivers, opportunities/high growth areas, and trends of the sector which are projected to support the stakeholders to align as well as devise their market strategies as per the latest and future market dynamics.