Parking Management Market Share

North America Market Forecasts

The parking management market in the North America is estimated to experience the largest market growth of 34% in the time period between 2023 – 2037. High vehicle ownership rates and urbanization of the region boom the size of the market. The market is growing steadily, with a focus on implementing innovative technologies and creative parking solutions. Due to the increase in the number of cars in countries like Canada and the United States, a smart parking solution is needed to reduce traffic congestion. In 2022, about 1.8 million cars will be produced in the US, up more than 13% from 2021.  Locals also easily adapt to modern parking options due to the ease of use of mobile phones and the availability of mobile applications to find parking spots. The increasing efforts made towards offering better user experience to customers and increasing commercialization are driving the expansion of the sector.

APAC Market Statistics

The Asia Pacific parking management market growth is poised to grow significantly by the end of the predicted period. Increasing government interest is helping growth to create smart cities and increasing public demand for orderly and efficient traffic flow. Development requires smart logistics and transportation. Rapid urbanization and digitalization in the region are predicted to further boost the expansion of the market in the APAC region.