Street Parking or Garage: Price Implications For Parking Globally

USA - English

• USA - Français

MALAGA, Spain, Sept. 18, 2019 /PRNewswire/ --

• The 2019 Global Parking Index report is based on Parkopedia's own dataset, the most comprehensive and accurate parking database in the world, covering more than 70 million parking spaces across 15,000 cities in 89 countries.
• The most expensive city for 2-hour off-street parking is New York, at an average of $34.94;
• At an average cost of $14.61, Amsterdam is the most expensive city for 2-hour on-street parking, and is one of the few cities where 2-hour off-street parking is cheaper than 2-hour on-street parking;
• Londoners pay the most for both daily and monthly off-street parking;
• Australia is the most expensive country for daily parking in absolute terms; when adjusted for purchasing power, Hong Kong is the most expensive.

Parkopedia released its 2019 Global Parking Index at the European Parking Association's Congress today, with the aim of providing an accurate overview of the parking market globally. The 2019 report provides an update on parking at both a city and country level, data which was first analysed in Parkopedia's 2017 report, and also includes street pricing for the first time. The report also looks at 25 key cities across the globe to understand the distribution of pricing, parking density and estimated yield within a city. Report highlights include:

Cost of 2 Hour Parking

Motorists will find cheaper parking on-street as opposed to off-street (e.g. parking garage) in most cities around the world. One of the few exceptions to this rule is Amsterdam, where off-street pricing is on average 24% cheaper, reflective of the city's stated policy of making the center increasingly car-free.

New York retains its position as the world's most expensive city for short-term off-street parking, with Sydney following in second place, and the two cities maintain a clear price separation above other cities. London and Tokyo are the only non-US and non-Australian cities to make the top 10 list for off-street parking. Adjusting the prices for purchasing power parity results in a much greater proportion of the top 50 average off-street prices coming from cities outside of the USA and Australia.

Germany continues to have relatively cheap parking - as in 2017, the most expensive German city is Munich, ranked 88th globally.

Cost of Daily and Monthly Parking

The top 3 cities for daily parking in 2019 are London, New York and Sydney. Adjusting for purchasing power parity, Hong Kong, Moscow and Osaka break into the top 15 for daily prices.

London, New York and Zurich retain their accolades for having the world's most expensive monthly parking. After purchasing power adjustment, 11 out of the top 15 cities come from Europe or Asia, including Amsterdam, Barcelona, Hong Kong, Paris, Seoul and Tokyo.

Commenting on the report, Parkopedia CEO Eugene Tsyrklevich said, "Parkopedia has revolutionised the way drivers search for and find available parking, delivering a seamless and unified experience via the web, mobile apps and in-car. Parkopedia provides the most comprehensive and accurate parking database in the world, which enables us to supply the parking industry, planners and the general public with deep insights and detailed analysis, captured in this report."

To access the full report, please visit https://business.parkopedia.com/2019-global-parking-index

Notes to editors:

Parkopedia is the world's leading parking services provider used by millions of drivers and organizations such as Audi, Apple, BMW, Coyote, Daimler (Mercedes-Benz), Ford, Garmin, GM, Jaguar, Land Rover, Peugeot, Sygic, TomTom, Toyota, Volkswagen, Volvo and many others.

Parkopedia is available in 15,000 cities across 89 countries globally, covering over 70 million parking spaces, helping drivers take the pain out of parking. Parkopedia helps drivers find the closest, cheapest or available parking to their destination, pay in selected locations, and navigate directly to the parking space.

Parkopedia is also a founding member of the Autonomous Valet Parking consortium, developing highly detailed parking maps and corresponding algorithms to help self-driving vehicles navigate to an open parking space and park autonomously.

Parkopedia Press Enquiries:
Helen Miall
Global Marketing Director
+44 7861 294243
[email protected] 
www.parkopedia.com 
business.parkopedia.com

SOURCE Parkopedia

Related Links

https://business.parkopedia.com