Electronics and Semiconductors

New York City remains most expensive city for parking

16 November 2022
EV charging, automated valet and other green initiatives are pushing changes for smart parking but at the same time causing prices for parking to soar. Source: Parkopedia

Smart parking vendor Parkopedia has released its annual global parking index showing that New York City is the most expensive city for off-street parling.

Australia is the most expensive country for off-street parking while The Netherlands is the most expensive region for monthly parking. Off-street parking is generally considered to be parking garages where most of the smart parking initiatives such as automated valet and electric vehicle (EV) charging are deployed.

Parkopedia reported that New York City on average incurs a cost of $19.12 for two hours of off-street parking and a daily rate of $34.42, making it the most expensive city worldwide. The Netherlands monthly average for off-street parking was at an average of $344.29 with Amsterdam remaining one of the most expensive cities with an average of $13.31 for two hours.

Three trends

Parkopedia said that smart parking is being driving by three key trends happening in the automotive industry:

  • Supply and demand
  • Green initiatives including the transition to electrification
  • Rising inflation

COVID-19 had a significant impact on parking prices for the last three years due to consumers opting to use private vehicles instead of public transportation. This impacted the supply of on-street parking spaces in pedestrian zones or cycling routes to allow for greener areas and encourage new multi-modal forms of transportation, Parkopedia said.

Green initiatives are on the rise for both on and off-street parking as EV chargers are growing and EV charging-only spaces are becoming more and more part of the parking infrastructure. The Netherlands and Germany are two countries installing chargers as part of the aim to achieve emission-free transportation by 2030.

Meanwhile, inflation conflagrated average prices worldwide bumping at least by 6.2% for an average of two hours of on-street parking.

Find more information about the research with Parkopedia’s Global Parking Index.

To contact the author of this article, email PBrown@globalspec.com


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