Tag Archives: Global North America Smart Parking Market Analysis

Smart Parking Market Growth Impact on Revenue to 2021

The Smart Parking Market is projected to grow at a CAGR of 17.94% during the forecast period, to reach a market size of USD 5.25 billion by 2021 from USD 2.13 billion in 2015. The market for park assist system is driven by factors such as increased consumer preference towards comfort and luxury, and increased competition between OEMs to offer such driver assistance features. Additionally, government policies supporting smart parking systems is also a major demand driver for passenger car smart parking market. 

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North America Smart Parking Market Is Forecast To Reach $4.11 Billion By 2025: Grand View Research, Inc.

The NORTH AMERICA SMART PARKING MARKET is expected to reach USD 4.11 billion by 2025, 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.

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.