United States Smart Parking Market: Competitive Intelligence Report with Key Players and Strategies

Introduction:

The United States Smart Parking Market is on an upward trajectory with a projected double-digit Compound Annual Growth Rate (CAGR) during the forecast period. This growth is fueled by a combination of factors, including urbanization, the flourishing automotive industry, escalating demand for automotive sensors, substantial investments in infrastructure, and the presence of various technology companies in the country. The United States stands as the largest global market for smart parking, driven by government regulations, financial support, and the pressing need for innovative solutions to alleviate traffic congestion in major cities like New York and Los Angeles.

Key Drivers of Growth:

1. Urbanization: The ongoing urbanization trend in the United States contributes to the increased need for efficient parking solutions, particularly in densely populated urban areas.
2. Automotive Industry: The thriving automotive industry creates a parallel demand for innovative parking technologies to optimize parking space utilization.
3. Growing Automotive Sensors Market: The growth of the automotive sensor industry complements the development and adoption of smart parking solutions.
4. Infrastructure Investments: Substantial investments in infrastructure development further support the implementation of smart parking systems across the country.
5. Technology Companies: The United States hosts numerous technology companies at the forefront of smart parking innovations, fostering a conducive environment for market growth.
6. Traffic Congestion: Major cities like New York and Los Angeles face severe traffic congestion, prompting a heightened awareness of the need for modern traffic control and parking solutions.

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Market Segmentation:

The United States Smart Parking Market can be segmented into the following categories:

1. Sensor Technology:

• Ultrasonic Sensor: Dominated the market in 2021 and is expected to maintain its dominance. These sensors are integral for guiding vehicles in identifying available parking spaces.
• Image Sensor
• Radar Sensor

2. Solution:

• Security & Surveillance
• Valet Parking Management
• License Plate Recognition
• Parking Reservation Management

3. Vertical:

• Government
• Commercial

4. System Type:

• Guided Park Assist System
• Smart Park Assist System

5. Component:

• Parking Sensors
• Steering Angle Sensors
• Electronic Control Unit (ECU)
• Display Unit

Leading Market Players:

• Continental AG
• Robert Bosch GmbH
• Delphi Automotive PLC
• Aisin Seiki Co., Ltd
• Valeo S.A.
• Siemens AG
• Cubic Corporation
• Xerox Corporations

Objective of the Study: The study aims to achieve several key objectives:

• Analyze and forecast the market size of the United States Smart Parking Market in terms of value and volume.
• Classify and forecast the market based on system type, component, sensor technology, solution, vertical, and regional distribution.
• Identify drivers and challenges for the United States Smart Parking Market.
• Examine competitive developments, including expansions, new product launches, mergers & acquisitions.
• Conduct pricing analysis for the Smart Parking Market.
• Profile leading players involved in the manufacturing of United States Smart Parking Market.

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Research Methodology: TechSci Research conducted both primary and exhaustive secondary research for this study. The research involved sourcing a list of manufacturers across the United States, followed by primary research surveys and interviews with identified companies. The study encompassed suppliers that were not identified through secondary research. Market size calculations were done using a bottom-up approach, with data sourced from industry experts and company representatives, externally validated through historical data analysis and secondary sources such as company websites, news articles, press releases, annual reports, investor presentations, and financial reports.

Who Will Benefit from this Report:

1. Technology Companies: Firms specializing in smart parking technologies will gain insights into market trends and opportunities for innovation.
2. Automotive Manufacturers: Companies in the automotive sector can identify growth opportunities in the smart parking segment.
3. Government Authorities: Federal and state governments can use this report to align policies and regulations with the evolving smart parking industry.
4. Investors and Financiers: Those looking to invest in smart parking solutions or related technologies can make informed decisions based on this report.
5. Urban Planners: Professionals involved in urban planning can gain valuable insights into modern solutions for parking and traffic management.
6. Environmental Advocacy Groups: Organizations concerned with reducing traffic congestion and pollution can find data on the adoption of cleaner transportation technologies.
7. Market Analysts: Professionals monitoring the growth and trends in the smart parking market can leverage this report for strategic planning and analysis.

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