The Future of Parking: Adapting Smarter and Sustainable Property Management Solutions

future of parking

The parking industry is changing, and it’s changing fast. Several new technologies like smart parking and electric vehicle charging stations are making parking easily accessible and more efficient. As more people move to cities, new parking solutions are being developed to meet the growing demand. In the future, parking will likely be more automated, connected, and sustainable. 

The technology used in smart parking has made parking easier and less stressful, from sensors that detect available spaces to mobile apps that guide the driver to the nearest spot. It can reduce drivers’ stress and help alleviate traffic congestion in urban areas.

As more people are switching their vehicles to electric, parking lots need to offer charging stations. New parking spaces offering a combination of parking and charging stations are needed.

This blog will discuss how the latest parking trends can enhance the parking experience and how you can adapt to them.

The Latest Trends That Will Determine the Future of Parking

The parking industry is transforming significantly, driven by various emerging parking trends. The latest trends, like the rise of smart parking and the growth of electric vehicles, offer a promising, more efficient, and user-friendly experience for all. Here is a list of some of the parking trends that will help determine the future of parking:

1. Automated Parking Lots

Automated parking systems are becoming very popular around the world. They are an effective way of improving parking efficiency. These systems use machinery for automatic car parking.

When a vehicle enters an automated parking lot, lasers scan it before a movable platform elevates it and transfers it to a parking space. The automated parking system is similar to an automated storage bracket and can accommodate up to four times as many vehicles as a conventional parking lot. This happens because the drivers exit the car before it is parked, eliminating the space between the vehicles.

Automated parking systems can reduce the size of parking spaces. They take up more vertical spaces than horizontal spaces since the machine is parking the car rather than the driver.

2. The Internet of Things

The Internet of Things (IoT) describes the network of physical objects (‘things’) embedded with sensors, software, and other technologies. Its main purpose is to connect and exchange data with other devices and systems over the internet. IoT is transforming several industries, including parking. These devices can gather and transmit data about parking space availability, helping drivers find parking spaces more quickly and easily. 

IoT parking systems use sensors to detect whether the parking lots are vacant or occupied. This data can be accessed through an app or website. Drivers can use this information to find parking spaces before reaching the parking lot.

IoT parking can reduce drivers’ average time to find a parking space by up to 43%. It will not only save drivers money and time but will also reduce traffic congestion. IoT parking helps reduce vehicle emissions as the drivers find parking more quickly. It can be efficient with reduced left-out spaces for parking.

3. Self-driving vehicles

Self-parking technology is becoming common and affordable, and it could set a standard in the future. This technology increases parking efficiency by optimizing the use of available parking lots. 

Self-parking vehicles can park more closely than human drivers, reducing the need for more parking spaces. Vehicles that don’t have this built-in technology can still take advantage of parking sensors. Parking sensors enable a driver to reverse confidently without hitting objects. 

Developing self-parking and parking sensor technologies is a positive step toward urban development. These technologies can help create more efficient and livable cities.

Impact of Latest Parking Trends

Due to the rapid development of new parking technologies, parking companies must quickly adapt to meet future needs. 

Here are some of the ways in which these trends will impact the parking industry:

1. Pricing

Parking lot managers and companies can improve parking prices for existing capacity instead of building new parking lots. New payment solutions have made parking payment more convenient. Parking managers can customize parking to off-peak & peak times, prime locations, and hours of the day.

People often prefer parking near their destination, so parking managers can charge more for prime parking locations and lower prices for less competitive parking spaces. In this way, drivers can pay more for convenience or pay less and walk a bit further.

2. Reusable Parking Lots

Reusable parking lots are a promising solution to infrastructure issues. Parking lot managers can use these valuable spaces better by transforming them into sports areas, community zones, or any other space during off-peak hours. This approach may require a higher cost but will improve space use. 

3. Increased Collaborations

Private companies are using new technologies to make more money from parking. For example, apps allow people to book parking spaces in advance. It is a good way to increase revenue in private parking lots.

However, most cities are not doing this due to limited resources. If the cities work together with private parking companies, they can use their resources to design, build, finance, and run new parking strategies. 

4. Improved Customer Experience

The new technological trends help parking managers and public agencies to collect data through feedback. Further, this data can be used to improve the customer experience for everyone.

5. Data and Technological Analytics

New IT infrastructures and data analytics give parking companies a complete view of the real-time tracking of their assets. All the important businesses in the parking industry need to adopt the latest technologies, like telematics, mobile payments, IoT applications, etc., to improve their operations and offer their customers increased value.

6. Location Management

Effective parking lot selection is important for predicting and planning traffic arrangements. It is better to use a standardized process for parking site selection instead of customized plans for every location. Parking companies can work with government agencies to have flexible regulations that can change with parking demands. It can help reduce the cost involved in planning. 

7. Good Cost Management

The parking industry requires more capital due to the high infrastructure and real estate costs. New technologies such as automation and robotics can help manage resources more efficiently. It can lead to a faster ROI (return on investment) for parking operators.  

How BFPM Can Shape the ‘Future of Parking’

We at BFPM can help you understand and implement the latest parking technologies like smart meters, mobile apps, and sensor-based systems. These technologies will help streamline the parking process by helping visitors to find the available spots easily.

By embracing modern technology, sustainability, and space optimization, BFPM property managers will assist you in creating a future where parking will be seamless and environment-friendly and enhance the overall parking experience.

Reach us for any queries on parking technologies or property management. We will be happy to assist.

Trevor Henson

Trevor Henson is an experienced entrepreneur (10+ highly-successful start-ups) and property investor with a demonstrated history of building and leading teams in investment property management environments, maximizing returns for property owners, and optimizing properties through construction management and re-positioning. He…
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Frequently Asked Questions(FAQs)

Here are some key trends that are expected in the parking industry:

  • Smart Parking Solutions
  • Electric Vehicle Charging Infrastructure
  • Dynamic Pricing
  • Reduced Parking Footprints
  • Sustainable Parking Solutions
  • Contactless Payments
  • Data Analytics
  • Enhanced User Experience and much more

The parking lots should generally be rectangular, with parking on both sides of access aisles. A parking space perpendicular (90 degrees) to the aisles is the most efficient design to manage the two-way traffic flow. The efficiency decreases when the parking angle decreases.

Some of the key elements of a parking management strategy include:

  • Parking Demand Analysis:. This involves understanding how long people typically use the parking lot.
  • Parking Supply Analysis: This involves understanding the number and type of available parking spaces, location, and accessibility.
  • Parking Pricing: This generates revenue and encourages drivers to use the parking spaces more efficiently.
  • Parking Enforcement: This helps ensure that parking rules are properly followed and the parking spaces are used fairly.
  • Use of Technology: Parking managers can use various technologies and enhance parking efficiency.

Here is the list of most notable new parking technologies:

  • Automated Parking Systems
  • Smart Parking Apps
  • Electric Vehicle Charging Stations
  • Contactless Payment Systems
  • Parking Data Analytics