As the world continues to adapt and evolve, staying up-to-date on the latest trends and developments in the parking industry is important. From new technologies to shifting consumer habits, here’s what to expect in the coming year.
With the car parking market expected to grow at an annual rate of 10.05% from 2022 to 2027, the need for efficient and sustainable parking solutions becomes increasingly important. Understanding the future state of the parking industry is crucial for cities, parking operators, businesses and drivers to make informed decisions and stay ahead of the curve in this constantly evolving field. Whether you're a space provider, or a driver who wants to find parking spaces in 2023 easily, this is for you.
What Might the Parking Industry Look Like in 2023?
Some of the key changes that are expected to shape the parking industry in 2023 include the integration of smart technology, the shift towards sustainable solutions, the trend towards shared mobility, and the changing nature of urban development. The road ahead for the parking industry is exciting and innovative. We round up some of the most interesting changes that could affect the parking industry this year.
Electric Vehicles (EVs)
One of the biggest trends we're likely to see in 2023 is the continued rise of electric vehicles (EVs). This presents both challenges and opportunities for the parking industry. While parking spaces in the UK are getting smaller, they will be able to accommodate the smaller EVs and the charging stations, taking up less space to fit more cars in the same space.
The use of mobile apps such as YourParkingSpace to search, book and pay for parking spaces will continue to improve the efficiency of parking. They will allow drivers to conveniently book and pay for parking on an hourly, daily or monthly basis.
This digital transformation is visible in payments too, as around 1/3rd of the population in the UK use smartphones to complete their transactions, and they would likely prefer the same payment method for their parking spaces. As cashless payments will continue to grow, parking providers need to adopt the tools that enable seamless payment methods whilst keeping an eye out for low processing fees.
Automated Parking Systems
With top automobile manufacturers like Tesla, BMW, and Lexus investing more in their auto-pilot capabilities, automated parking systems will become more prevalent. Parking spaces will have to upgrade their infrastructure to keep up with these innovations. Ticketless parking services make parking seamless and can act as an incentive for repeat customers.
The use of green infrastructure and rise in carpooling is set to continue, with car parks investing more into ANPR systems and virtual permit systems to reduce the number of paper transactions to reduce waste. We may see an increase in shared parking spaces between buildings and communities, which could reduce occupied space by 40%-50%, freeing up more space for other drivers to park their vehicles.
The days of offline systems look to be behind us, and data analytics will be used to optimise parking operations and improve decision-making. Both industry leaders and smaller parking providers will implement leading data analytics solutions to gain access to rich customer and performance insights from their car park data.
With the rise of data-driven decisions, cities might look to implement dynamic pricing models for parking. A running hypothesis is that dynamic pricing will be implemented in high traffic areas. Dynamic pricing can be highly beneficial to drivers as modern technology helps adjust the cost of parking based on demand and other factors in real-time, helping them pay less than usual for the same parking space at different times. The widespread availability of data through the implementation of modern systems and dynamic pricing pilots will aid urban planners in optimising the areas to let the traffic flow without pauses.
About YourParkingSpace Solutions
YourParkingSpace is the UK’s fastest-growing parking operator transforming isolated parking assets into connected mobility hubs, whilst also operating the UK’s leading on-demand consumer parking marketplace. The business processes thousands of advance and on-demand parking reservations daily across the UK, generating £48.5 million for its clients to date. Its 85,000 space providers range from individual driveway owners through to household names such as Premier Inn, Tesco, and Morrisons. YourParkingSpace has been placed 86th in the Tech Track 100, the UK’s fastest-growing technology companies, and 546th in the FT1000 annual list of Europe’s fastest-growing companies. The business has also recently been acquired by the global leader in urban mobility, Flowbird.