Dublin, Jan. 06, 2025 (GLOBE NEWSWIRE) — The “United States Smart Parking Market, By Region, Competition Forecast & Opportunities, 2019-2029F” report has been added to ResearchAndMarkets.com’s offering.
The 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, rising at a CAGR of 18.29%. 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.
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.
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.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 82 |
| Forecast Period | 2023 – 2029 |
| Estimated Market Value (USD) in 2023 | $2.47 Billion |
| Forecasted Market Value (USD) by 2029 | $6.7 Billion |
| Compound Annual Growth Rate | 18.2% |
| Regions Covered | United States |
Report Scope:
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.
United States Smart Parking Market, By System:
- Guided Park Assist System
- Smart Park Assist System
United States Smart Parking Market, By Component:
- Parking Sensors
- Steering Angle Sensors
- Others
United States Smart Parking Market, By Sensor Technology:
- Ultrasonic Sensor
- Radar Sensors
- Others
United States Smart Parking Market, By Solution:
- Security & Surveillance
- Valet Parking Management
- Others
United States Smart Parking Market, By Vertical:
United States Smart Parking Market, By Region:
- South
- Midwest
- West
- Northeast
For more information about this report visit https://www.researchandmarkets.com/r/woszq2
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