Smart Parking Industry Trend, Research, Insights and Forecast 2025

Developing better solutions to avoid congestions and systematic positioning of vehicles across the cities are the key factors driving the market growth.

The increased use of automobiles and the trend of urbanization are leading to paucity in parking spaces. Technological advancements such as online payments and development of mobile apps for reserving parking slots are instrumental in driving the implementation of smart parking systems.

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Pucks (Wireless sensors) have been increasingly used in smart parking systems and thus, the segment is expected to grow at a faster pace with a CAGR of 18.4%. These wireless sensors aid in tracking vehicles that enter and exit garages, constantly. Implementation of these sensors has increased security and safety of vehicles as well as people accessing the vehicles at underground garages and sites.

The Parking Guidance System (PGS) segment held the largest market share in 2016 and is anticipated to reach USD 859.3 million by 2025. In places, such as shopping malls, large commercial hubs, and sports and entertainment hubs, there are large number of vehicles that need to be positioned appropriately to avoid congestions. In such situations, a PGS provides directions and accuracy in terms of parking the vehicles to the drivers.

 Further Key Findings From the Report Suggest:

  • The hardware segment dominated the market in 2016 and is estimated to generate a revenue of over USD 2,185.3 million by 2025, as these components are largely deployed in various systems that provide guidance while parking vehicle
  • The signage segment is expected to grow at a CAGR of 16.6 %, as signages guide vehicles with proper directions and help avoid confusions, thereby, improving accuracy and reducing mishaps
  • The consulting services segment is expected to grow at a CAGR of 20.1% from 2017 to 2025, as companies outsource the parking planning tasks to consultancy services that provide solutions depending on the requirements
  • Several organizations face the issues regarding parking spaces in urban areas. In order to cater to those problems, companies outsource these tasks to the consultancy services that provide solutions as per their requirements
  • Off-street systems are anticipated to gain traction due to the increasing congestions on streets. The segment is expected to witness considerable growth over the forecast period and was valued at USD 672.6 million in 2016


Table of Contents

Chapter 1 Methodology and Scope
1.1 Research Methodology
1.2 Research Scope and Assumptions
1.3 List of Data Sources

Chapter 2 Executive Summary
2.1 North America Smart Parking System Market- Industry Snapshot & Key Buying Criteria, 2014 - 2025
2.2 North America Smart Parking System Market, 2014 - 2025

Chapter 3 North America Smart Parking System Industry Outlook
3.1 Market Segmentation
3.2 Market Size and Growth Prospects
3.3 North America Smart Parking System Market - Value Chain Analysis
3.3.1 Vendor landscape
3.4 North America Smart Parking System Market - Workflow Analysis
3.5 North America Smart Parking System Market Dynamics
3.5.1 Market driver analysis
3.5.1.1 Increasing traffic congestion propelling the demand for improved smart parking solutions
3.5.1.2 Advancements in technologies

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