This report focuses on Parking Management Services and includes information on the state of the sector, notable players and the factors that influence the sector. There are profiles of 12 companies, including dominant companies such as Excellerate, Servest, Karabo and Afripark. Other profiled companies include Fidelity Security, Instatrans and Parkpoint.
Parking Management Services
The market for parking management has been shrinking as major property developments are put on hold because of weak economic prospects. The parking management sector has been severely affected by the coronavirus pandemic and subsequent lockdown as associated sectors like real estate, transport and retail have declined. Parking management service providers are struggling to collect payments from shopping centres, commercial properties and residential estates and are losing income while free access to parking areas has been allowed during the lockdown
The market segment that provides advisory services, revenue collection and management of parking operations is highly concentrated, and five local companies dominate the market. The parking systems segment, which includes monitoring, automated revenue systems and smart solutions for parking areas is fragmented with smaller players and large international companies competing for market share. A major force for change in the parking management sector is new technologies which have enabled new participants to enter the sector.
Commercial, retail and industrial property development is slowing down because of weak economic growth prospects, and the market for parking management will shrink until these developments take off again. Changes in mobility patterns driven by ride-hailing services could reduce demand for parking, especially at entertainment venues. Green certification of real estate developments includes accessibility to public transport, which may reduce the demand for parking. The development of electric and autonomous cars may also change demand.