North America Parking Management Market
The North American region includes the US, Canada, and Mexico. The US is a developed country in terms of modern technology, standard of living, and infrastructure, among other factors. Across North America, the technological advancements have led to highly competitive markets. With the increasing demand from customers for high-quality parking solutions to ease the parking issues faced by the drivers, companies are continually innovating to serve their customers in the best possible way. The majority of the world’s largest technology companies has favored in the high economic growth of the parking management market in the region. Moreover, favorable economic conditions have resulted in a growing startup-hub in the North American region. In the City of Windsor, Canada, the government is actively focusing on resolving the parking issues faced by users by implementing certain rules. The government installed smart parking solutions across 1,456 on-street, parking-meter locations and 29 off-street parking lots, including 1,449 parking spaces and 2 municipal garages providing 966 parking spaces. These factors are contributing to good competition among various market players in North America. Substantial rise in number of vehicles on road is the major factor driving the growth of the North America parking management market.
North America is one of the leading regions in terms of the development and adoption of new technologies; this is mainly attributed to favorable government policies that boost innovation and strengthen the infrastructure capabilities. Hence, any impact on the growth of industrial sector hampers the economic growth of the region. Presently, the US is the world’s worst-affected country due to COVID-19 outbreak. The majority public entities and municipalities depends on parking taxes and parking revenue to fund several big projects for citizens in the country. The corporate buildings, CBDs, universities, shopping centers, hospitals, hotels, airports, and many others consist of great parking facilities and services to efficiently handle their business functions. Owing to the impact of COVID-19 pandemic, the cross-board activities and maintaining social distancing for supporting the slow-down of the virus spread, the parking industry is being impacted very hard. Many businesses have been under tremendous pressure to survive, and hundreds of thousands of frontline workers are losing jobs. The real time monitoring dynamics of over 2,000 parking facilities across the North America, as well as the observations to improve quantitatively understand the impact of COVID-19 to parking.
Strategic insights for the North America Parking Management provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 8,923.28 Million |
| Market Size by 2028 | US$ 12,084.70 Million |
| Global CAGR (2021 - 2028) | 4.4% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Parking Site
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The geographic scope of the North America Parking Management refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The parking management market in North America is expected to grow from US$ 8,923.28 million in 2021 to US$ 12,084.70 million by 2028; it is estimated to grow at a CAGR of 4.4% from 2021 to 2028. With the advent of technology and precisely handling the parking space issues faced by an individual, the market players are robustly focusing on the development of contactless parking systems. The contactless parking management system facilitates the entry & exit of the vehicle without any physical contact with parking entry/exit stations. The driver does not have to push the ticket button or even touching a payment machine. The contactless intelligent parking system integrates a unique QR Coded e-ticket, which is generated at the entry station with the help of a smartphone device. This QR Coded e-ticket credential also permits the users to make an online payment at the exit station.After the COVID-19 pandemic outbreak, the adoption of tech-driven parking solutions is emerging to efficiently fill the gap between car owners/drivers looking for safe parking spots and companies who could provide such spaces digitally and quickly. The drivers are currently discovering empty parking spots in their vicinity, book slots within a few taps in the smartphone screen, and making payments using the digital method. The contactless method offers different features that vary from monitoring payment to regulating the crowd within parking structures/lots. Owing to the COVID-19 outbreak, the businesses halted and disrupted entire economies, with social distancing becoming the new normal, which creates a massive opportunity for the market player to introduce digital and contactless solutions across automotive industries.
The North America parking management market is segmented on basis of various parameters such as parking sites, solutions, services, deployment type, and country. The different types of parking sites include on-street parking and off-street parking. The off-street segment dominated the market in 2020 and is expected to be the fastest growing during the forecast period. On basis of solutions, the North America parking management market is categorized as parking guidance solutions, parking reservation solution, parking security & surveillance solutions and others. The others segment dominated the market in 2020 and parking guidance solutions segment is expected to be the fastest growing during the forecast period. The services segment in parking management market is bifurcated as professional service and managed service. The managed services segment dominated the market in 2020 and professional service segment is expected to be the fastest growing during the forecast period. On-premises deployment and cloud-based deployment are the two types of deployment type segments. The on-premises deployment segment dominated the market in 2020 and cloud based deployment segment is expected to be the fastest growing during the forecast period.
A few major primary and secondary sources referred to for preparing this report on the parking management market in North America are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Amano Corporation.; FlashParking; Flowbird Group; GROUP Indigo; PASSPORT LABS, INC.; PRECISE PARKLINK INC.; Robert Bosch GmbH; Siemens AG; T2 Systems, Inc; and TIBA PARKING SYSTEMS are among others.
The North America Parking Management Market is valued at US$ 8,923.28 Million in 2021, it is projected to reach US$ 12,084.70 Million by 2028.
As per our report North America Parking Management Market, the market size is valued at US$ 8,923.28 Million in 2021, projecting it to reach US$ 12,084.70 Million by 2028. This translates to a CAGR of approximately 4.4% during the forecast period.
The North America Parking Management Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Parking Management Market report:
The North America Parking Management Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Parking Management Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Parking Management Market value chain can benefit from the information contained in a comprehensive market report.
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