US Parking Management Systems Market to Cross $1.3 Billion by 2022
Growing vehicle fleet size and population coupled
with growing demand for real time parking information and guidance to nearby
parking facility is driving the parking management systems market through 2022.
According to a recently released
TechSci Research report, “United States Parking Management Systems Market,
By Component, By Solution, By Parking Site Type, By End User, Competition
Forecast and Opportunities, 2012-2022”, Parking Management Systems market
in United States is projected to grow to over $ 1387 million by 2022. Over 163
million vehicles were sold in 2016 globally; global vehicle sales are only
expected to rise over the coming years, and the United States is no exception
to this. One of the biggest factors for growth in automobile sales in the
country is the rise in sale of commercial vehicles. Moving freight tonnage via highways is a promising
market in the country, with freight shipments weight expected to rise from
19,622 million tons in 2012 to over 28,520 million tons of freight by 2040.
Given the increasing traffic congestion and reduction in parking spaces in both
cities and highways, it is imperative for stakeholders to optimize parking
facilities. Further, security of vehicles is also one of the major factor for boosting
the demand for parking management systems with security and surveillance
solutions as motor vehicle thefts are also rising in United States.
Figure: United
States Motor Vehicle Thefts, By Volume,
2014-2015 (Unit)
|
Year
|
Motor Vehicle Theft
|
Motor Vehicle Theft Rate (per 100,000 Inhabitants)
|
|
2014
|
686.803
|
215.4
|
|
2015
|
707.758
|
220.2
|
Source: Federal Bureau of Investigations
Browse
32 market data Tables and 30 Figures spread through 122
Pages and an in-depth TOC on "United
States Parking Management Systems Market"
https://www.techsciresearch.com/report/united-states-parking-management-systems-market-by-component-software-service-by-solution-access-control-etc-by-parking-site-type-on-street-off-street-by-end-user-government-etc-competition-forecast-and-opportunities/993.html
Among
different types of solutions, Access Control solutions is the major contributor
to parking management systems market in terms of revenue, followed by Revenue
Management which is also expected to be the fastest growing solution during
forecast period. Other solutions included are Security & Surveillance,
Parking Reservation Management and others. West region of the country accounted
for largest revenue share in 2016 and the trend is expected to continue till
2022. North-East region is expected to be the fastest growing in United States parking
management systems market during the forecast period. Among end users,
Government sector and Transportation sector accounted for the highest revenue
during 2012-2016 and are expected to remain the major demand generators during
the forecast period.
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“With
growing demand of real time parking availability and price information in
addition to increasing demand revenue control management for demand based
pricing and parking reservation management for pre-booking of the parking slot,
the market for parking management systems is expected to increase during the
forecast period.”, said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“United States Parking Management
Systems Market, By Component, By Solution, By Parking Site Type, By End User,
Competition Forecast and Opportunities, 2012-2022”
has evaluated the future growth potential of United
States parking management systems market and provides statistics and
information on market structure, size, share and future growth of United States
parking management systems. The report is intended to provide cutting-edge
market intelligence and help decision makers to take sound investment
evaluation. Besides, the report also identifies and analyzes the emerging
trends along with essential drivers, challenges and opportunities present in
the United States parking management systems market.
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