United States Smart Parking Market to Grow with a CAGR of 18.29% through 2029
The
United States smart parking market is driven by urbanization, IoT adoption, and
demand for efficient parking solutions, enhancing traffic management and
reducing environmental impact.
According to
TechSci Research report, “United States Smart Parking Market - Industry
Size, Share, Trends, Competition Forecast & Opportunities, 2029F”,
United States Smart Parking
Market was valued at USD 2.47 Billion in 2023 and is expected to reach USD 6.70
Billion by 2029 with a CAGR of 18.29% during the forecast period. The
United States smart parking market is growing rapidly, driven by increasing
urbanization, rising vehicle ownership, and the need for efficient traffic
management. Urban congestion has escalated the demand for advanced parking
solutions, incorporating IoT, sensors, and automation to optimize space
utilization and reduce the time spent searching for parking. These technologies
also support seamless payment systems and real-time parking availability
updates, enhancing user convenience. Integration with smart city initiatives
further boosts the market, as governments and municipalities prioritize
sustainable infrastructure development to minimize environmental impact.
Key trends
shaping the market include the deployment of AI-powered analytics for
predictive parking management and the integration of mobile apps with parking
solutions, allowing users to reserve spaces in advance. Electric vehicle (EV)
adoption has also spurred the inclusion of EV charging stations in smart
parking facilities, addressing the dual challenge of parking and charging.
Additionally, private sector investments and public-private partnerships (PPPs)
are promoting the establishment of smart parking infrastructure across urban
and suburban areas.
Despite the
opportunities, the market faces challenges such as high initial installation
costs and the need for interoperability between various systems and platforms.
However, advancements in cloud-based solutions and ongoing technological
innovation are expected to mitigate these issues.
United States
smart parking market is poised for significant growth as cities and businesses
increasingly prioritize efficiency, sustainability, and user experience in
parking management systems, paving the way for smarter urban mobility.
Browse over xx
market data Figures spread through xx Pages and an in-depth TOC on
"United States Smart Parking Market.”
With
the growing reliance on mobile devices and digital platforms, consumers
increasingly demand more convenient and efficient solutions for everyday tasks,
including parking. Smart parking systems provide a user-friendly experience
that enables drivers to locate available spaces, reserve spots, and make
payments via mobile applications. This enhanced convenience not only saves time
but also improves the overall customer experience. As more consumers become
accustomed to the convenience of smart technologies in other aspects of their
lives, the demand for smart parking solutions continues to grow. Additionally,
the integration of these systems with other smart city technologies, such as
electric vehicle (EV) charging stations and autonomous vehicles, further
increases consumer interest and adoption.
Despite the
numerous benefits of smart parking systems, some segments of the population may
resist adopting new technologies. This resistance could be due to a lack of
awareness or understanding of how the systems work, or a preference for
traditional parking methods. Additionally, older generations may be less
familiar with or comfortable using mobile apps and other digital tools required
for smart parking. Overcoming this resistance will require educational efforts
to demonstrate the value and convenience of smart parking systems, as well as
user-friendly interfaces that cater to all demographics. Public perception
plays a critical role in the successful implementation and adoption of smart
parking technologies.
Automation and
robotics are transforming the U.S. smart parking market, with automated parking
systems and robotic valet services gaining traction. These technologies allow
vehicles to park themselves without human intervention, using advanced sensors
and robotics to maneuver the vehicle into a parking space. Robotic parking
systems are particularly useful in urban areas where space is limited, as they
maximize parking capacity by utilizing the vertical dimension of parking
garages. Automated parking systems are also gaining popularity due to their
convenience, reduced human error, and ability to optimize space usage. As these
technologies become more affordable and widespread, they are expected to play a
larger role in the future of smart parking, further enhancing the sector’s
growth.
The United
States smart parking market is segmented into system, component, sensor technology,
solution, vertical and region.
The commercial
vertical dominated the United States Smart Parking Market due to its
significant demand for efficient parking solutions in urban centers, shopping
complexes, office spaces, and entertainment hubs. These areas experience high
vehicle inflow, making effective parking management critical for improving
customer experiences and maximizing space utilization. Smart parking systems
address these needs by offering real-time monitoring, automated payment
options, and streamlined navigation, which enhance convenience for users and operational
efficiency for businesses. In commercial zones, parking often serves as a
direct revenue source or a value-added service to attract customers.
Implementing smart parking systems allows businesses to optimize their parking
assets, implement dynamic pricing strategies, and reduce operational costs
associated with manual parking management. Features like mobile app integration
and contactless payment systems further boost user satisfaction, driving higher
adoption. Moreover, sustainability goals in commercial sectors also contribute
to this dominance. Smart parking reduces vehicle idling time, cutting emissions
and aligning with green building certifications and corporate responsibility
initiatives. With continued urbanization and technological advancements, the
commercial vertical remains a key driver for the smart parking market,
leveraging innovation to meet evolving customer expectations and environmental
standards.
The South United
States is the fastest growing region in the U.S. Smart Parking Market, driven
by rapid urbanization, population growth, and increasing vehicle ownership.
Cities in this region, such as Austin, Atlanta, and Miami, are experiencing
significant economic development, leading to higher demand for efficient
parking solutions. The surge in construction of commercial centers, residential
complexes, and entertainment hubs further supports the adoption of smart
parking systems to manage the growing traffic and parking challenges effectively.
Technological advancements and smart city initiatives are also propelling
growth in the South. Cities are investing in IoT-enabled parking systems,
mobile app-based solutions, and real-time parking management to enhance urban
mobility. Additionally, the region's focus on integrating electric vehicle (EV)
infrastructure with parking facilities aligns with the broader adoption of EVs,
driving demand for smart parking systems that include EV charging capabilities.
The region’s mild climate and sprawling urban landscapes provide favorable
conditions for implementing outdoor and large-scale parking solutions.
Furthermore, public-private partnerships and government support for smart city
projects are accelerating the deployment of advanced parking technologies.
These factors, combined with increasing awareness of the benefits of smart
parking, position the South as a key growth hub in the U.S. Smart Parking
Market.
Major companies
operating in United States Smart Parking Market are:
- Amano McGann, Inc.
- Marketplace.city Inc.
- FlashParking, Inc.
- Flowbird Group
- Genetec Inc.
- INRIX, Inc
- IPS Group, Inc.
- Kapsch TrafficCom AG
- Passport Labs, Inc
- TKH Security B.V.
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“A key trend in
the U.S. Smart Parking Market is the integration of AI and IoT technologies,
enabling real-time parking space detection, automated payments, and enhanced
user experiences. These advancements, coupled with the growing adoption of
EV-compatible parking systems, are transforming urban mobility and optimizing
parking efficiency across the country. “Said Mr. Karan Chechi, Research
Director of TechSci Research, a research-based management consulting firm.
United States Smart
Parking Market –Industry Size, Share, Trends, Opportunity, and Forecast,
Segmented By System (Guided Park Assist System, Smart Park Assist System), By
Component (Parking Sensors, Steering Angle Sensors, Others), By Sensor
Technology (Ultrasonic Sensor, Radar Sensors, Others), By Solution (Security
& Surveillance, Valet Parking Management, Others), By Vertical (Government,
Commercial), By Region, By Competition, 2019-2029F”, has evaluated
the future growth potential of United States Smart Parking Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the United States Smart Parking Market.
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