Is parking in europe ready for dynamic pricing? A reality check for the private sector

Both Revenue Management (RM) and Dynamic Pricing (DP) are common practices in many industries-e.g., airlines and hotels-but they are still relatively unknown in the parking sector. In Europe, with the exception of for airport parking and in some pilot tests, DP is rarely used by private parking operators or local authorities. The main objective of this conceptual paper is to set an agenda for introducing DP in the private parking sector at a larger scale. After a short review of the existing academic and gray literature, we describe the requirements and instruments that parking companies need to make use of RM. Next, we shortly report on the major existing and/or planned DP parking schemes in Europe. We continue by providing a comprehensive reality check discussing the major challenges the sector faces to apply DP. We conclude by suggesting a road map for private parking operators to successfully implement RM and DP. Finally, we give some indications for future research