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Forecast Period
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2025-2029
|
|
Market Size (2023)
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USD 2.47 Billion
|
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CAGR (2024-2029)
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18.29%
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Fastest Growing Segment
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Radar Sensors
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Largest Market
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West
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Market Size (2029)
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USD 6.70 Billion
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Market Overview
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 experiencing significant growth driven by the increasing need
for efficient parking management solutions amid growing urbanization and the
rise in vehicle numbers. With cities becoming more congested, traditional
parking methods are no longer sustainable, prompting a shift toward innovative technologies
such as sensor-based systems, IoT integration, and real-time parking space
availability tracking. The demand for seamless parking experiences in densely
populated urban areas is also fueling this growth, as consumers increasingly
seek convenience, time savings, and reduced carbon footprints. Government
initiatives encouraging smart city development are providing further support to
the sector, boosting investments in smart infrastructure.
Key trends shaping the Smart Parking
Market in the U.S. include the widespread adoption of mobile apps and
smartphone integration, allowing users to easily locate available parking
spaces, make reservations, and pay through their phones. Advancements in cloud-based
platforms and AI technologies are enabling dynamic pricing and predictive
analytics, helping to optimize parking space usage and reduce congestion.
Automation in parking facilities, such as robotic valet services and
self-parking systems, is also becoming more prevalent, improving efficiency and
enhancing user experience. The focus on sustainability is driving the adoption
of eco-friendly parking solutions, including electric vehicle charging stations
and green parking facilities, further aligning the market with broader
environmental goals. Opportunities in the U.S. Smart Parking Market are
abundant, particularly as the demand for smart city infrastructure continues to
rise. Expansion of connected vehicle technologies and the integration of smart
parking systems with autonomous vehicle capabilities offer the potential for
seamless, hands-free parking experiences in the future. The increasing number
of electric vehicles also presents opportunities for developing specialized
parking solutions to accommodate charging needs. However, challenges remain,
such as high initial costs for implementing smart parking solutions and the
complexity of integrating new technologies with existing infrastructure.
Concerns over data security and privacy, as well as the need for widespread
collaboration among stakeholders, may hinder market expansion. Addressing these
challenges while capitalizing on technological advancements and urban
development will be crucial to unlocking the full potential of the U.S. Smart
Parking Market.
Market Drivers
Urbanization
and Traffic Congestion
As the U.S. continues to experience
rapid urbanization, cities are becoming increasingly crowded, leading to severe
traffic congestion and a strain on traditional parking infrastructure. The
demand for more efficient parking management systems has surged as drivers face
longer time spent searching for parking spaces, contributing to frustration,
wasted fuel, and unnecessary emissions. Smart parking systems offer a solution
to alleviate these issues by using sensors, IoT technology, and mobile apps to
help drivers find parking spots more efficiently, reducing traffic congestion
and promoting a more organized urban environment. Smart parking reduces the
overall time spent searching for spaces, improving traffic flow and easing the
stress on urban roads, which is a key driver in the adoption of these systems
across the country.
Technological
Advancements and IoT Integration
Technological advancements, particularly
in the Internet of Things (IoT), have significantly driven the growth of the
U.S. smart parking market. IoT devices enable the real-time collection and
analysis of data, such as vehicle movement and space availability, which can be
accessed by both parking providers and users. These systems provide users with
a seamless experience, from locating a parking spot to paying for it, all
through their mobile devices. Advancements in cloud computing, big data
analytics, and artificial intelligence (AI) have allowed parking operators to
implement dynamic pricing and predictive analytics, optimizing space
utilization and improving the overall parking experience. As technology
continues to evolve, its integration into parking management systems will
further enhance their functionality, making them more effective in handling the
increasing demand for parking. For instance, In May 2023, ABM launched ABM
Vantage to improve parking at U.S. airports. The system integrated existing and
new technologies within a unified platform. It enhanced traveler experiences
with services like EV charging and valet while increasing operator revenues.
Government
Support for Smart City Initiatives
The U.S. government’s focus on
developing smart cities is a major driver of the smart parking market. As part
of these initiatives, federal, state, and local governments are increasingly
investing in advanced infrastructure projects to modernize urban environments
and enhance the quality of life for residents. Smart parking systems are an
integral component of this broader vision, contributing to reduced congestion,
energy efficiency, and sustainable development. Governments have also supported
smart parking through grants, public-private partnerships, and policy
initiatives aimed at improving transportation efficiency. These efforts are
driving further adoption of smart parking technologies across U.S. cities,
making it easier for municipalities to integrate smart solutions that enhance
urban mobility and promote sustainability.
Key Market Challenges
High
Initial Implementation Costs
One of the most significant barriers to
the widespread adoption of smart parking systems in the U.S. is the high
initial cost of implementation. Installing the necessary hardware, such as
sensors, cameras, and IoT infrastructure, along with the development of
software and mobile applications, requires substantial investment from
municipalities or private parking operators. These upfront costs may deter
smaller cities or businesses from adopting these systems, as the return on
investment may not be immediate. In addition, the integration of new smart
parking technologies with existing infrastructure can be complex and costly.
Although smart parking offers long-term benefits, including operational savings
and improved traffic flow, the high capital expenditure remains a challenge for
many potential adopters.
Integration
with Existing Infrastructure
Integrating smart parking solutions with
existing parking infrastructure poses another challenge. Many U.S. cities have
parking systems that are outdated and not designed to support the latest
technology. Retrofitting these systems to incorporate smart parking solutions
requires significant modifications, which may involve not only financial
investments but also substantial time and effort. The process can disrupt
existing services, causing temporary inconveniences for users. Moreover,
integrating smart parking systems with other elements of a city's
infrastructure, such as traffic management systems, public transportation, and
electric vehicle charging networks, requires coordination among multiple
stakeholders, including government agencies, technology providers, and private
operators. Achieving this level of integration can be complex and
time-consuming.
Data
Security and Privacy Concerns
As smart parking systems rely heavily on
data collection and analysis, concerns over data security and privacy have
become a significant challenge in the U.S. market. Parking systems collect
various forms of sensitive data, including user location, vehicle
identification, and payment information. If not properly secured, this data
could be vulnerable to cyberattacks or unauthorized access. Consumers may be
reluctant to share their personal information due to privacy concerns. Ensuring
that smart parking systems comply with data protection regulations, such as the
General Data Protection Regulation (GDPR) and the California Consumer Privacy
Act (CCPA), is crucial for building trust with users. Parking operators must
invest in robust cybersecurity measures to protect sensitive data and address
privacy concerns effectively.
Key Market Trends
Integration
of Electric Vehicle (EV) Charging Stations
As the U.S. shifts toward greater
adoption of electric vehicles (EVs), the integration of EV charging stations
into smart parking systems has become a significant trend. EV owners require
convenient access to charging stations, and the demand for these stations is
expected to rise rapidly as more consumers make the transition to electric
vehicles. Smart parking solutions are evolving to accommodate this demand by
incorporating charging stations into existing parking facilities. These systems
can monitor the availability of charging spots in real-time, allow users to
reserve and pay for charging sessions through mobile apps, and integrate
charging data into parking management platforms. This integration helps improve
the overall efficiency of EV infrastructure and enhances the convenience for
users, contributing to the growth of the smart parking market.
Mobile
App and Cloud-Based Solutions
The increasing adoption of mobile apps
and cloud-based solutions is another major trend in the U.S. smart parking
market. These technologies offer users a seamless experience by enabling them
to locate, reserve, and pay for parking spaces via their smartphones.
Cloud-based solutions also allow parking operators to monitor occupancy levels,
optimize pricing, and gather valuable data for improving services. Mobile apps
often provide additional functionalities, such as navigation to parking
locations, automated payment options, and real-time updates on space
availability. As consumers continue to prioritize convenience and ease of use,
the demand for mobile apps and cloud-based smart parking solutions is expected
to increase, driving further growth in the market.
Use of
Artificial Intelligence (AI) and Machine Learning
Artificial intelligence (AI) and machine
learning (ML) are playing an increasingly important role in optimizing smart
parking systems. AI algorithms can analyze vast amounts of data in real-time,
including vehicle movement patterns and parking space availability, to provide
insights that improve parking management. For instance, AI can predict peak
parking times, optimize pricing, and even suggest alternative parking
locations. Machine learning, on the other hand, enables the system to
continuously improve based on user behavior and historical data. These
advancements in AI and ML are enhancing the efficiency of smart parking
systems, making them more effective at managing parking demand and ensuring a
better experience for users. For instance, In November 2024, San Antonio
International Airport introduced the U.S.’s first AI-powered parking system,
replacing traditional tickets. Metropolis Technologies streamlined vehicle flow
with checkout free payment. The system enhanced convenience using AI-driven computer
vision.
Segmental Insights
Sensor
Technology Insights
Radar sensors are emerging as the
fastest-growing segment in the United States smart parking market due to their
ability to provide reliable, accurate, and real-time data for parking
management systems. These sensors use electromagnetic waves to detect objects
in their range, making them highly effective for monitoring parking spaces and
vehicle movements in various environmental conditions, including poor
visibility or harsh weather. Unlike traditional optical sensors, radar sensors
are not affected by rain, fog, or low light, which makes them ideal for outdoor
parking environments, enhancing the overall effectiveness of smart parking
systems.
The increasing demand for automation in
parking facilities is another driving factor behind the growth of radar
sensors. These sensors enable automation by accurately detecting the presence
of vehicles in parking spaces, allowing for seamless parking management and
facilitating the development of systems like automated valet services or
self-parking systems. Their integration with IoT platforms also allows
real-time monitoring of parking spaces, helping users find available spots
quickly through mobile apps, thus improving the parking experience.
Furthermore, radar sensors are contributing to the growing trend of smart city
initiatives in the U.S. As cities adopt advanced technologies to optimize urban
mobility, the integration of radar-based smart parking solutions becomes
essential for managing the increasing number of vehicles. Radar sensors provide
high precision, long-range detection, and can be easily integrated with other
smart city technologies, such as traffic management and EV charging stations.
The shift towards contactless and
touchless solutions is also propelling the demand for radar sensors. They
enable remote monitoring and eliminate the need for manual intervention,
offering a safer and more efficient parking experience for users. As the technology
matures and becomes more cost-effective, radar sensors are expected to continue
to dominate the U.S. Smart Parking Market.
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Regional Insights
The Western United States is the
dominant region in the U.S. Smart Parking Market due to several key factors,
including its high urbanization, technology-driven cities, and the significant
focus on sustainable development. Cities like Los Angeles, San Francisco, and
Seattle are at the forefront of adopting innovative solutions to manage their
urban mobility challenges, making the region a leader in smart parking
technology. As these cities grapple with rising traffic congestion and limited
parking space, the demand for smart parking solutions such as sensor-based
systems, mobile apps, and dynamic pricing has surged. Western U.S. is home to many tech hubs
and Silicon Valley, where technology development and innovation are key drivers
of the economy. This concentration of tech companies accelerates the
development and adoption of advanced parking solutions, often integrating IoT,
AI, and machine learning to optimize parking management. The presence of major
tech companies also leads to the development of smart parking products and
services tailored to the region’s needs, making the West a highly influential
market for smart parking systems.
Sustainability initiatives also play a
major role in the region’s dominance. The Western U.S. has long been a leader
in environmental awareness and green technologies, with cities implementing
smart city projects designed to reduce carbon emissions and improve air
quality. Smart parking systems align with these goals by reducing vehicle
emissions caused by drivers searching for parking spaces and improving overall
traffic flow. Furthermore, the West is seeing a growing adoption of electric
vehicles (EVs), driving the need for smart parking solutions that integrate EV
charging stations into the parking ecosystem. The combination of urbanization,
technological innovation, and sustainability initiatives makes the Western
United States the leading region in the Smart Parking Market.
Recent Developments
- In January 2024, Bosch and Cariad showcased automated
valet charging at CES in Las Vegas. The system, based on Bosch’s SAE Level 4
driverless parking, autonomously drove EVs to charging spots. A robot then
automatically recharged the vehicle, addressing the common challenge of finding
available charging stations.
- In July 2024, Amano McGann integrated its Amano ONE
platform with the Parking Base cloud system, enhancing parking operations. This
collaboration streamlined real-time data management, combining permit and
transient parking insights into a single dashboard. It also supported online
reservations and access management.
- In October 2023, CivicSmart, Inc., a global provider
of smart parking solutions, announced the appointment of Beatrice Hiner as Vice
President of Sales. A respected expert in parking enforcement technology, Hiner
was brought on board to drive strategic growth in the company's parking
enforcement technologies division.
Key Market Players
- 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.
|
By System
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By Component
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By Sensor Technology
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By Solution
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By Vertical
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By Region
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- Guided Park Assist System
- Smart Park Assist System
|
- Parking Sensors
- Steering Angle Sensors
- Others
|
- Ultrasonic Sensor
- Radar Sensors
- Others
|
- Security & Surveillance
- Valet Parking Management
- Others
|
|
- South
- Midwest
- West
- Northeast
|
Report Scope:
In this report, the United States Smart Parking
Market has been segmented into the following categories, in addition to the
industry trends which have also been detailed below:
·
United
States Smart Parking Market, By System:
o Guided Park Assist System
o Smart Park Assist System
·
United
States Smart Parking Market, By Component:
o Parking Sensors
o Steering Angle Sensors
o Others
·
United
States Smart Parking Market, By Sensor Technology:
o Ultrasonic Sensor
o Radar Sensors
o Others
· United States Smart Parking Market, By Solution:
o Security & Surveillance
o Valet Parking Management
o Others
·
United
States Smart Parking Market, By Vertical:
o Government
o Commercial
·
United
States Smart Parking Market, By Region:
o South
o Midwest
o West
o Northeast
Competitive Landscape
Company Profiles: Detailed analysis of the major companies presents
in the United States Smart Parking Market.
Available Customizations:
United States Smart Parking Market report with the
given market data, TechSci Research offers customizations according to a
company's specific needs. The following customization options are available for
the report:
Company Information
·
Detailed
analysis and profiling of additional market players (up to five).
United States Smart Parking Market is an upcoming
report to be released soon. If you wish an early delivery of this report or
want to confirm the date of release, please contact us at [email protected]