The North America Smart Parking System Market size is anticipated to reach USD 4,110.8 Million until 2025. This growth can be associated with the need for developing better parking solutions to avoid conflicts and mishaps. Moreover, the increasing usage of smartphones and tablets which support these mobile applications is expected to fuel up the market growth in the upcoming years.
The mobile app parking services segment is projected to show significant growth owing to the surging usage of smartphones and user-friendly mobile applications. On the other hand, the engineering services segment generated revenue of USD 158.7 Million in 2018 due to the surging demand for engineering and design consultancies by the key players manufacturing parking boards and meters.
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The off-street segment held the largest share due to the rising number of lots and garages which allow parking for vehicles. Moreover, the surging infrastructure development across countries like Canada and the U.S. is expected to further fuel up the market growth in the upcoming years.
The commercial segment generated a USD 625.1 Million across the market in 2018. This can be attributed to the increasing adoption of such systems across commercial complexes, stadiums, complexes. The segment of government is expected to witness significant growth during the forecasted years owing to the emerging concept of smart cities across countries like Canada and the U.S.
In 2018, the U.S. held the largest share across the market owing to the rising issues regarding parking congestion across urban cities. On the other hand, Canada is anticipated to register the fastest growth due to the rising number of metropolitan cities and infrastructure across the country.
The North America smart parking systems market includes key players such as Siemens AG; Altiux Innovations; Amano McGann.; SKIDATA AG.; and BMW AG (ParkNow GmbH). These players are investing more in research and development to gain a competitive advantage over other players. Moreover, their increasing focus on launching the latest parking solutions is also gaining traction for the last few years.
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Further key findings from the report suggest:
• The segment of signage is anticipated to register growth with 16.7% CAGR from 2019 to 2025 due to its usage for guidance in terms of direction for moving vehicle.
• The engineering services held the largest share across the regional market and generated revenue of USD 158.7 Million in 2018.
• The off-street segment dominated the global market in 2018 owing to the rising number of lots and garages which allow parking for vehicles.
• The government application segment is expected to generate revenue of USD 1,651.4 million by 2025.
• The key players are Siemens AG; Altiux Innovations; Amano McGann.;ParkMe, Inc.; and SKIDATA AG.
Million Insights has segmented the North America smart parking system market on the basis of hardware, software, services, types and countries:
North America Smart Parking System Hardware Outlook (Revenue, USD Million, 2014 – 2025)
• Pucks (wireless sensors)
• Cameras and LPRs
• Smart Meters
• Parking Gates
North America Smart Parking System Software Outlook (Revenue, USD Million; 2014 – 2025)
• Parking Guidance Systems
• Analytics Solutions
North America Smart Parking System Service Outlook (Revenue, USD Million; 2014 – 2025)
• Consulting Services
• Engineering Services
• Mobile App Parking Services
• Enforcement Apps
• Reservation Apps
• Way-Finding Apps
• Payments Apps
North America Smart Parking System Type Outlook (Revenue, USD Million; 2014 – 2025)
• Garage Parking
• Lot Parking
North America Smart Parking System Application Outlook (Revenue, USD Million; 2014 – 2025)
• Transport Transit
North America Smart Parking System Country Outlook (Revenue, USD Million; 2014 – 2025)
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