Singapore Parking Management Market is projected to grow at a CAGR of 6.7% from 2024-2030F

Off-street parking segment by parking site attained the maximum revenue share in Singapore Parking Management Market – 6Wresearch

In 2023, the off-street parking segment led the Singapore Parking Management market in revenue share, driven by factors like limited land availability where off-street solutions such as multi-story car parks and dedicated parking facilities optimize space more effectively than on-street options. As urbanization and vehicle ownership rise, the demand for organized off-street parking has increased, catering to both residential and commercial developments. These facilities often provide enhanced security features, such as surveillance cameras and controlled access, attracting users seeking safer parking options.    

According to 6Wresearch, Singapore Parking Management Market is projected to grow at a CAGR of 6.7% from 2024-2030F. The Singapore parking management market has experienced steady growth, driven by a rise in vehicle ownership, coupled with the limited availability of parking spaces, which has propelled the need for efficient parking solutions across the city-state.  Moreover, the implementation of advanced systems, such as automated parking and real-time monitoring, has gained traction as a response to these challenges. The growth in demand from various sectors, including residential, and commercial, has fueled the expansion of the market. For instance, the addition of 2.9 million square feet of office space in 2024, moreover the expected launch of 19,600 build-to-order flats in 2024 indicates the growing pressure on parking infrastructure. As a result, investments in multi-level parking and automated facilities have seen a rise to cater to the surge in daily commuters.

Additionally, government initiatives like the Land Transport Master Plan 2040 are setting the groundwork for sustainable parking solutions, which are expected to transform the sector by integrating smart technologies and improving overall efficiency. Looking ahead, the Singapore parking management market is poised for robust growth, supported by continuous investment in modernized facilities and regulatory encouragement for digital and sustainable parking systems.

According to Sumit, Senior Research Analyst, 6Wresearch, cloud parking management holds the highest share in the Singapore Parking Management Market due to significant investments in cloud infrastructure. In May 2024, Amazon announced a US$9 billion expansion of its cloud computing infrastructure in Singapore, enhancing the scalability and efficiency of cloud-based parking solutions, thereby boosting market adoption.

Singapore Parking Management Market (2024-2030) report provides an in-depth analysis with 13 figures and 8 tables, covered in 72 pages. The 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 which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.