North America Smart Parking System Market Size, Share & Trends Analysis By Component (Hardware, Software, Service), By Type (On-street, Off-street), By Application (Commercial, Government, Transport Transit), And Segment Forecasts, 2023 - 2030

North America Smart Parking System Market Size, Share & Trends Analysis By Component (Hardware, Software, Service), By Type (On-street, Off-street), By Application (Commercial, Government, Transport Transit), And Segment Forecasts, 2023 - 2030

North America Smart Parking System Market Growth & Trends

The North America smart parking system market size is expected to reach USD 9.62 billion by 2030 registering a CAGR of 20.5%, according to a new report by Grand View Research, Inc. Developing better solutions to avoid congestions and systematic positioning of vehicles across the cities are the key factors driving the market growth in the North America.

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.

Numerous benefits offered by smart parking systems such as reduced congestion and reduced pollution are expected to drive the adoption of smart parking systems in North America. These systems involve usage of real-time data collection, low-cost sensors, and smartphone-enabled automated payment systems, which allow drivers to reserve parking in advance.

In places, such as shopping malls, large commercial hubs, and sports and entertainment hubs, there are a large number of vehicles that need to be positioned appropriately to avoid congestions. In such situations, a smart parking system provides directions and accuracy in terms of parking the vehicles to the drivers. In North America, smart parking systems play a vital role in generating better urban environment by minimizing the carbon emission.

North America Smart Parking System Market Report Highlights

• The hardware segment accounted for the largest revenue share of 54.1% in 2022, as these components are largely deployed in various systems that provide guidance while parking vehicles.
• 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
• The U.S. dominated the market and accounted for the largest revenue share of 85.2% in 2022. The presence of a large number of key market players in the U.S. has resulted in the exceptional growth of smart parking systems in the country.

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