US Parking Management Outlook 2028

US Parking Management Outlook 2028

Market Overview:

Parking management in the United States is a substantial industry, driven by factors like urbanization, increasing vehicle ownership & the need for efficient parking solutions. The market consists of various types of parking facilities: on-street parking, off-street parking lots, garages & parking structures. These facilities are managed by municipalities, private companies & commercial property owners. Numerous companies specialize in providing comprehensive parking facility, designs, operations & they offer services like parking facility, design, operations, maintenance & revenue management.

Advancement in technology has significantly impacted the parking management solutions. Many parking systems incorporate smart parking systems including sensors, cameras & mobile applications, to optimize parking space utilization & enhance overall user experience. Cashless payment methods like mobile apps & contactless systems have gained popularity, making it more convenient for drivers to pay for parking & reducing US Parking Management is a fragmented market, as it consists of established players & newer technology driven entrants. There have been a few players like Siemens, Flash Parking, TIBA Parking Systems etc. which offer parking management services on a national or regional scale, there are many smaller scale companies which have smaller, local operators & technology start-ups which offer innovative solutions.

US Parking Management Market Analysis

As wireless technology advances & integrated automated solutions start to become more available, parking management solutions are expected to become more popular. In addition to increasing mobility in urban areas, parking management systems also provide a constant revenue stream.

Infill & smart growth are both promoted by parking management, which reduces the amount of land necessary for parking facilities, decreases the amount of driving & makes infill more affordable.

Modern parking technologies like 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 & wide variety of payment options are driving the growth of United States market.

Key Trends by Market Segment:

By Parking Sites:This market is segmented into On-street & Off-street market & Cloud Market model. Off-street market has been a dominant segment in 2022. As urban areas aim to expand, the demand for parking spaces continue to exceed the supply. In densely populated cities, traditional parking facilities may not be able to keep up with the increasing demands, leading to emergence of off-parking solutions.

By Deployment:US Parking Management Market is divided into segments based on Deployment, which includes On-premise & Cloud Segments. On-premise has been the dominant segment in the market in 2022. It offers enhanced benefits which includes enhanced security, reduced chances of downtime & better accessibility. Organizations have better control over their data.

By Geography:The US Parking Management market is segmented into four regions: North, South, East & West. The North region has been a dominant region in the US in 2022. These are densely populated cities which demand effective utilization of parking spaces & experience challenges associated with urban congestion. It involves a mix of metered street parking, parked garages & permit systems for residents.

Population Density and Urbanization:The Northern region is the dominant because of the higher population density and greater urbanization. Urban areas generally have higher demand for parking solutions due to limited parking space and higher vehicle density.

Economic Activity:Economic activity, including business centers, commercial districts, and tourist attractions, drives higher demand for parking management services. Northern region has more economic activity with a larger need for efficient parking solutions.

Technological Infrastructure:Northern Regions is equipped with advanced technological infrastructure and has also adopted innovative parking management solutions more readily, which contribute to their dominance.

Competitive Landscape:

The US Parking Management market consists of various leading companies which are operating at regional & national level. On the other hand, there are other companies which are smaller companies with local operators & technology start-ups which offer innovative solutions. The parking sector saw the emergence of various start-ups offering innovative solutions, ranging from parking reservation platforms to parking space sharing services. Established companies have been adapting to changing landscapes by offering new technologies & features. This included companies providing parking equipment (kiosks & barriers), software solutions & consulting services. The COVID-19 pandemic accelerated the adoption of contactless payment & reservation systems. Parking operators are focusing on providing touchless payment options, mobile-based booking & license plate recognitions for seamless entry & exit.

Recent Developments:

ParkMobile, the leading provider of smart parking & mobility solutions in United States. They plan to expand their mobile parking payment system to Pennsylvania. The users will be able to pay for on-demand parking at 420 on-street & off-street spaces through ParkMobile app.

Eleven-x, a Canadian based IoT company has recently been selected for one of the largest municipal smart parking installations across United States. The project, located in Arlington County, Virginia, aims to bring a new level of efficiency and convenience to parking for both residents and visitors.

ParkHub, a leading provider of parking software and payments solutions, announced the acquisition of Smarking, a leading provider of parking software for commercial real estate owners, parking operators, and municipalities. Through this, ParkHub broadens its product suite to support existing customers and expands its presence into new end markets.

Future Outlook:

US Parking Management Industry is expected to show increasing and is expected to grow at a CAGR of ~6.5% from 2022 to 2028 with numerous companies, be it large enterprises or local start-ups, providing different kinds of parking facilities, designs & operations

Smart parking solutions, including sensor-based parking systems, real-time analytics & mobile apps are likely to become more prevalent. These solutions can help drivers find available parking spaces quickly, reducing congestion & overall traffic flow.

Contactless payment methods, such as mobile wallets & RFID based systems are expected to become standard in parking facilities. This trend has been accelerated by the COVID-19 pandemic, as people are more inclined to use touchless options for payments.

Parking management will be closely integrated with urban planning efforts. Cities will focus on designing smarter transportation systems that will promote sustainable mobility, which might lead to an emphasis on personal car ownership.

Government policies & regulations related to parking may continue to evolve. These changes will shape the way parking is managed & priced, encouraging more sustainable & efficient transportation.

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