The North America Parking Management Market would witness market growth of 9.5% CAGR during the forecast period (2022-2028).
As wireless technology advances and integrated automated solutions become more widely available, parking management solutions are expected to become more popular. In addition to increasing mobility in urban areas, parking management systems also provide a consistent revenue stream. A wide range of sensors, wireless communication technologies, and data analytics are used to solve parking problems in cities and metros. A sensor and mobile application can also be used to find available parking spots, saving clients' time and reducing gasoline consumption.
Infill and smart growth are both promoted by parking management, which reduces the amount of land necessary for parking facilities, decreases the amount of driving, and makes infill more affordable. Thus, these land-use patterns tend to reduce the number of vehicles owned and used, which in turn reduces the need for parking. A range of parking pricing options are available, as well as the ability to switch modes.
The usage of off-site carparks is referred to as remote parking sometimes known as satellite parking. This frequently involves shared resources, like office workers utilizing a restaurant's parking lot during the day in exchange for restaurant staff using the office car park on the weekends and after hours. It might entail using public resources, including parking lots used by businesses.
Modern parking technologies such as Multi-space use meters that are more efficient than individual parking meters, State-of-the-art processes can modify pricing based on tenancy, offer motorcyclists knowledge about available parking spaces and recognize a wide variety of payment options are continuing to drive the growth of the market in North America. Additionally, parking's effects on the environment and air quality have come to the attention of U.S. transportation planners. For instance, as part of State Implementation Plans, the U.S. Department of Transportation (DOT) and Environmental Protection Agency (EPA) are drafting parking master plans for non-attainment zones for smog and particulate matter (SIPs).
As the car sector grows, there would be a greater demand for parking management in Mexico. According to OICA 2019, Mexico produced 3.98 million vehicles in total, including 1.38 million passenger cars and 2.6 million commercial vehicles. Mexico's expanding population, better quality of life, and proximity to the United States have all benefited the country's automotive industry.
The US market dominated the North America Parking Management Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $1,909.4 million by 2028. The Canada market is anticipated to grow at a CAGR of 12% during (2022 - 2028). Additionally, The Mexico market would showcase a CAGR of 11% during (2022 - 2028).
Based on Offering, the market is segmented into Solution (Revenue Management, Parking Reservation Management, Access Control, Security & Surveillance, and Valet Parking Management & Others) and Services. Based on Application, the market is segmented into Government, Commercial, and Transport Transit. Based on Deployment Mode, the market is segmented into On-premise and Cloud. Based on Parking Site, the market is segmented into Off-Street and On-Street. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Parking Management Market is Estimated to reach $7.8 Billion by 2028, at a CAGR of 10.9%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include 3M Company, IBM Corporation, Cubic Corporation, Siemens AG, Kapsch TrafficCom AG, Robert Bosch GmbH, Conduent, Incorporated, T2 Systems, Inc., SWARCO AG, and Amano Corporation.
By Offering
By Application
By Deployment Mode
By Country
Our team of dedicated experts can provide you with attractive expansion opportunities for your business.
Unique Offerings 