United States Smart Parking Market Size, Share, and COVID-19 Impact Analysis, By Component (Hardware, Pucks, Smart Meters, Signage, Parking Gate, Software, Parking Guidance System, and Others), By Type (On-street, Off-street, Garage, and Lot), and United States Smart Parking Market Insights, Industry Trend, Forecasts to 2035

United States Smart Parking Market Insights Forecasts to 2035

• The United States Smart Parking Market Size Was Estimated at USD 2.8 Billion in 2024
• The Market Size is Expected to Grow at a CAGR of Around 22.1% from 2025 to 2035
• The United States Smart Parking Market Size is Expected to Reach USD 25.3 Billion by 2035

According to a research report published by Spherical Insights & Consulting, the United States smart parking market size is anticipated to reach USD 25.3 billion by 2035, growing at a CAGR of 22.1% from 2025 to 2035. The United States smart parking market is driven by the increasing adoption of smart city initiatives, rising urbanization, growing vehicle ownership, and the demand for efficient parking management systems to reduce traffic congestion and improve urban mobility.

Market Overview

The United States smart parking market represents the complete system which includes all technologies and systems and services that enable drivers to find and handle parking spaces through sensor technology and mobile apps and digital platforms. Smart parking solutions use IoT sensors together with cameras and parking meters and data analysis to monitor parking availability and provide real time information to drivers. The solutions assist in decreasing traffic congestion, together with fuel consumption and carbon emissions, which occur when vehicles search for parking spaces. Smart parking technologies use urban environments and commercial areas and airport facilities and shopping centers and public parking spaces to create better parking systems which deliver improved service to customers.

The United States smart parking market is experiencing three main trends which will determine its upcoming development. The first trend involves parking management systems which use IoT sensors and cloud technology to provide users with real time updates about available parking spaces. The second trend shows that users now find it easier to park their vehicles because mobile parking applications and digital payment systems have been implemented. The third trend shows that cities are expanding their smart city systems and connected transportation networks which leads to more frequent use of modern parking solutions in major metropolitan areas.

The United States government and municipal authorities are investing in smart city projects, intelligent transportation systems, and digital infrastructure to improve urban mobility and traffic management. Smart parking solutions experience improvement through artificial intelligence-powered parking analytics and automated parking systems and connected vehicle technologies which deliver technological advancements to the system.

Report Coverage

This research report categorizes the market for the United States smart Parking market based on various segments and regions, and forecasts revenue growth and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the United States smart parking market. Recent market developments and competitive strategies, such as expansion, product launch, development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the United States smart parking market.

Driving Factors

The United States smart parking market is primarily driven by the rapid growth in urbanization and the increase in the number of vehicles on the road, which is creating a huge demand for efficient parking management solutions. Smart parking solutions help in reducing traffic congestion, as they enable drivers to find parking spaces more efficiently and promptly using mobile applications and digital platforms. The increase in smart city initiatives and intelligent transportation systems is also contributing significantly to the growth of smart parking in the United States. The governments and municipal authorities are investing in digital infrastructure and smart parking solutions to improve traffic flow and minimize environmental impacts. The growth in IoT technology, AI-based analytics, and cloud computing is also contributing to the growth of smart parking management.

Restraining Factors

The smart parking market in the United States has some restraints, such as the high initial cost involved in implementing smart parking infrastructure, which includes sensors, cameras, and software. Data privacy and cybersecurity concerns may also affect the growth of the smart parking market in the United States. Integration issues and complexities involved in implementing smart parking technology may also affect the growth of the smart parking market in the United States.

Market Segmentation

The United States smart parking market share is classified into components and types.

• The hardware segment accounted for the largest revenue market in 2024 and is expected to grow at a significant CAGR during the forecast period. 

The United States smart parking market is segmented by component into hardware, pucks, smart meters, signage, parking gates, software, parking guidance systems, and others. Among these, the hardware segment accounted for the largest revenue market in 2024 and is expected to grow at a significant CAGR during the forecast period. The dominance of this segment can be attributed to the fact that this segment makes use of various hardware devices such as sensors, cameras, parking meters, and gates, which enable the real-time monitoring of parking spaces. These components act as the corn infrastructure for the implementation of smart parking technologies. Moreover, the increasing investments in parking sensors and automated parking management of smart city infrastructure and connected transportation systems also contribute to the growth of the parking hardware technologies market.

• The off-street segment accounted for the largest share in 2024 and is expected to grow at a significant CAGR during the forecast period. 

The United States smart parking market is segmented by type into on-street, off-street, garage, and lot. Among these, the off-street segment accounted for the largest share in 2024 and is expected to grow at a significant CAGR during the forecast period. This segment enjoys dominance because of the increasing number of parking facilities in commercial buildings, shopping malls, airports, and residential complexes. With off-street parking systems, operators can take advantage of the latest technologies, including automated payment systems, parking guidance systems, and reservation systems. These technologies have the advantage of improving efficiency and reducing traffic congestion in busy cities. Besides, there is an increase in investments in smart parking infrastructure and commercial parking facilities, which is promoting off-street smart parking.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the United States smart parking market, along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborate analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Siemens AG
• Bosch Group
• Cisco Systems Inc.
• IBM Corporation
• Amano Corporation
• Kapsch TrafficCom AG
• SKIDATA AG
• Swarco AG
• ParkMobile LLC
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments:

In March 2024, Siemens Mobility introduced advanced smart parking management solutions integrated with AI-based analytics and IoT sensors to improve traffic flow and parking efficiency in major urban cities across the United States.

Market Segment

This study forecasts revenue at the United States, regional, and country levels from 2020 to 2035. Spherical Insights has segmented the United States smart parking market based on the below-mentioned segments:

United States Smart Parking Market, By Component

• Hardware
• Pucks
• Smart Meters
• Signage
• Parking Gate
• Software
• Parking Guidance System
• Others

United States Smart Parking Market, By Type

• On-street
• Off-street
• Garage
• Lot