US Parking Management Projected To Reach $9 Billion By 2028

United States has seen a gradual increase in its population in the past few years. This has also led to large number of vehicles & increased amount of parking spaces & the need for adequate parking management strategies.

There is certainly a need to have adequate parking spaces, since the number of vehicles is increasing in the United States, so that large number of vehicles can be accommodated in a given space. Parking management helps in overall utilization of available parking spaces, enhance traffic flow & reduce congestion.

Story Outline

• Rising population & urbanization in United States have led to an increasing number of vehicles on road, resulting in higher demands for parking management services.

• Smart parking management systems like San Francisco's SFpark program & various tech start-ups have been successful in reducing congestion & improving parking experiences. These systems use sensors & AI-enabled platforms to use parking spaces.

• Despite the overabundance of parking spots in the US, due to minimum parking requirements policies, the growing number of registered vehicles & revival of ride-sharing platforms like Uber, emphasize the need for developing parking solutions to meet the existing demands.

• According to Ken Research, the US Parking Management market is expected to reach $9 billion in 2028, due to increasing population & different kinds of vehicles increasing in number, which demand different kinds of parking services for every parker.

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1.Rising Population & Urbanization: Implications for Parking Management Services

The population of United States has recorded a growth of 84.5 per cent between 1960 to 2022. In the recent past, the population figure went from 336 million in 2021 to 338 million in 2022, which is a 0.38% increase from 2021. Moreover around 83% of the population is staying in the larger cities & the trend of urbanization is growing at the rate of 0.6 percent.

In an increasing trend of population growth & urbanization, there will be increased number of vehicles on roads, which demand more parking management services.

2.San Francisco's Pioneers Success & Tech Start-ups Thrive

SFPark mobile application, 2022

In the United States, San Francisco has been the pioneers of smart parking. They launched SFpark, a program that uses sensor to detect available parking spaces in real time. The information is then transmitted to a centralized data base, which can be accessed via mobile apps & electronic signs. This program has been successful in reducing congestion & improving the overall parking experience.

Apart from this, United States has more than 100 tech start-ups which cater to smart parking management like Metropolis in Los Angeles, which is an AI-enabled platform which provides tech related solutions for operations management, payments solutions, marketing, customer centric applications, analytics etc.

According to Ken Research, the US Parking Management market is expected to reach $9 billion in 2028, due to increasing population & different kinds of vehicles increasing in number, which demand different kinds of parking services for every parker.

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3.Overabundance of Parking Spots in US: Implementing Smart Parking Management Systems

Currently, the United States is facing a problem of too many parking spots. The country has around 2 billion parking spots. US has a minimum parking requirements policy wherein they are supposed to create parking spaces for every mall, office, stores, movie theatre, restaurants & every building. This policy requires parking spots for every building.

In this scenario, parking management systems can enable drivers to reserve parking spaces in advance, especially for high-demand & special events. This ensures that parking is utilized efficiently & to reduce overcrowding.

4.Growing Demand for Parking Solutions as Vehicle Numbers Reach Record Highs

In September 2022, there were 290.8 million vehicles in US. It included cars, SUV, vans & other kinds of heavy-duty vehicles. Between 2021 & 2022, the number of registered vehicles has increased by 0.45%

As the number of vehicles are gradually increasing in the country, there is a fleeting need for effective parking management solutions.

5.Revival of Ride Sharing Services post COVID: Impact on Parking Management

Rideshare of US Citizens using Uber & Lyft (2023)

After experiencing a brief slump after COVID, US saw the ride-sharing services recover. Uber & Lyft who showed signs of recovery from May 2020. Uber's sales exceeded their pre-pandemic levels & on year-to-year, they saw an 8 per cent increase in their rideshare in June 2023.

As ride sharing services show an increasing trend among the US citizens, this will impact parking demands & require better management & allocation of parking spaces.

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Conclusion

Rising population & urbanization in the US call for improved parking management services. San Francisco's success with smart parking & tech start-ups' innovation suggest better solutions. Implementing smart system is crucial for addressing the overabundance of parking spots & efficiently accommodate the growing demands, influenced by surge in vehicle numbers & revival of ride-sharing services.

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This release was published on openPR.