North America Smart Parking Market Analysis & Segment Forecasts, 2025 Hexa Reports

North America Smart Parking Market Analysis, Share, Growth,
Industry Trends, Overview And Forecast To 2025
“The signage segment is expected to grow at a CAGR of 16.6 %, as signages
guide vehicles with proper directions and help avoid confusions, thereby,
improving accuracy and reducing mishaps.”
The North America Smart Parking Market is expected to reach USD 4.11 billion by 2025, according to a new
report. 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.
Pucks (Wireless sensors) have been increasingly used in smart parking systems and thus, the segment is
expected to grow at a faster pace with a CAGR of 18.4%. These wireless sensors aid in tracking vehicles that
enter and exit garages, constantly. Implementation of these sensors has increased security and safety of
vehicles as well as people accessing the vehicles at underground garages and sites.
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The Parking Guidance System (PGS) segment held the largest market share in 2016 and is anticipated to reach
USD 859.3 million by 2025. In places, such as shopping malls, large commercial hubs, and sports and
entertainment hubs, there are large number of vehicles that need to be positioned appropriately to avoid
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