Global Vehicle Parking Meter Market Size By Product Type (Legacy Meters and Smart Meters), By End-Use (Parking Streets, Malls and Stadiums Parks), By Geography Scope And Forecast

Vehicle Parking Meter Market Size And Forecast

Vehicle Parking Meter Market size was valued at USD 5.2 Billion in 2022 and is projected to reach USD 7.1 Billion by 2030, growing at a CAGR of 3.7% from 2023 to 2030.

Rapid modernization and demand for automobiles from the home to business sectors greatly increase parking congestion, which drives demand. Smart parking meters are required to guarantee that drivers pay for the amount of time they spend in a parking place and that parking spaces are available for those who use them, as well as to produce money for the city or municipality where the meter is located. Furthermore, parking meters can assist to minimize traffic congestion by incentivizing drivers to move their vehicles after a set period of time. The Global Vehicle Parking Meter Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Vehicle Parking Meter Market Definition

Parking meters are devices used to control parking availability in private, public, and commercial locations, as well as to collect money for cars that are parked in a certain area for a specified period. These meters accept cash, credit/debit cards, and phone payments, among other payment options. Parking meters are mostly used to manage parking availability, minimize traffic congestion, and improve traffic flow. These meters can be installed in one or more locations, depending on the demands of the end-user department. Parking spaces in public infrastructure such as hospitals, government buildings, malls and stadiums, tourist sites, transportation hubs, and public parks are in high demand, and these areas may generate a lot of money from parked automobiles.

Installing parking meters is meant to manage parking places in a way that decreases traffic congestion and improves traffic flow. These meters can be deployed in single or many locations, according to the needs of the end-use sector. Smart parking meters are essential in the current circumstances to ensure that drivers pay for the time they spend in a parking space owing to rising modernity and demand for autos from household to business sectors, which greatly increases parking congestion. This helps to ensure that parking spots are available to those who need them while also producing revenue for the city or municipality where the meter is located. Parking meters can also help to reduce traffic congestion by paying drivers to relocate their vehicles after parking.

Global Vehicle Parking Meter Market Overview

The Vehicle Parking Meter Market is expected to grow throughout the forecast period due to growing traffic congestion and the increased need for parking meters to manage parking locations. Millions of Americans returned to work last year, but they generally drove rather than using public transit, causing significant traffic congestion. In 2022, the typical American motorist would have lost 51 hours to traffic, or about an hour each week. According to the mobility analytics company Inrix’s 2022 Global Traffic Scorecard, that corresponds to 15 more hours lost to congestion than in 2021, and all of that time wasted in traffic jams has a huge financial impact, costing the average American motorist USD 869 in lost time.

Nonetheless, nationwide transport congestion remains around half of what it was prior to the Covid-19 pandemic. Vehicle park management is made possible by number plate recognition (LPR) technology, which uses image processing to retrieve the number plate number of cars. This sophisticated parking system can successfully prevent car theft and ticket dealing. Because tickets and license plates must match at the points of entry and departure, it is nearly difficult to commit fraud. Furthermore, the number plate number may be used to compute the entrance time and issue replacement tickets in the event of a lost ticket.

However, defective meters may stymie market expansion. Parking meters can fail for a number of reasons, including power failures, faulty programming, or physical damage. This might result in false readings and costs for consumers. Many parking meters feature complicated instructions that make it difficult for customers to grasp how to operate them. This might result in annoyance and improper payments. Furthermore, the restricted payment methods may stifle industry expansion. Many parking meters only accept coins, which might be troublesome for people who do not have cash.

Global Vehicle Parking Meter MarketSegmentation Analysis

The Global Vehicle Parking Meter Market is Segmented on the Basis of Product Type, End-Use, and Geography.

Vehicle Parking Meter Market, By Product Type

• Legacy Meters
• Smart Meters

Based on Product Type, the market is segmented into Legacy Meters and Smart Meters. A smart Vehicle Parking Meter is a parking meter that employs sensors to detect when a car has stopped in a designated parking location. Following that, the motorist is charged by the meter for the period spent parking. The gadget interfaces with a parking management system to compute how long the driver was parked and charges them accordingly. This might be handy for folks who frequently use parking lots and don’t want to be burdened with remembering to pay every time they park. It is easier to use and more effective than traditional meters. A legacy car parking meter is one that accepts cash or tokens from cars to pay for parking. The meter is usually located near the entrance to the garage or parking lot.

Vehicle Parking Meter Market, By End-Use

• Parking Streets
• Malls and Stadiums
• Parks
• Hospitals
• Public and Private Institutions
• Others

Based on the End-Use, the market is segmented into Parking Streets, Malls and Stadiums Parks, Hospitals, Public and Private Institutions, and Others. Parking kiosks (multi-space) maintained the biggest share and are expected to continue this position for the remainder of the projection period due to increased demand for parking kiosks and the low maintenance costs of this technology. A parking meter with several spots may accommodate many automobiles.

It assists by providing additional parking spaces for automobiles and charging a fee for these additional spaces. The multi-space smart parking meter can detect available spots nearby and alert the driver when he is close to his destination, therefore reducing traffic congestion on streets. A single slot or one-way parking meter is also a mechanism for regulating automobile circulation in only one direction. The parking meter is sometimes known as a pay-and-display or pay-by-plate parking meter.

Vehicle Parking Meter Market, By Geography

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Based on Geography, the Vehicle Parking Meter Market is classified into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. North America accounts for a significant portion of the global market, owing to the region’s quick adoption of smart parking meters in countries such as Canada and the United States. Growing urbanization and infrastructural development in emerging countries are also driving market growth. Furthermore, demand for parking meters is expected to rise throughout the forecast period as a result of government restrictions aimed at reducing parking congestion.

Europe has the second-largest market share due to increased concern over parking locations, notably among EU members. Because of the expanding populations of emerging nations such as China and India, the Asia-Pacific region is predicted to have the highest CAGR throughout the forecast period. The Kolkata Municipal Corporation will begin testing an app-based payment system at 50 parking lots around the city in January 2023.

Key Players

The “Global Vehicle Parking Meter Market” study report will provide valuable insight with an emphasis on the global market including some of the major players such as EcoLumina Technologies, LocoMobi, Cale Access, CivicSmart, Ditech SRL, Meisel Holdings, Duncan Solutions, IPS Group, Flowbird, IEM SA, J.J. MacKay Meters, LAZ Parking, METRIC Group, MEYPAR, Parkeon, POM Inc., ParkMobile, Parking BOXX, Ventek International, and Worldwide Parking.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In March 2021, EasyPark Group announced plans to purchase Park Now Group in order to expand the scope of its digital parking and mobility services.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Vehicle Parking Meter Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in the global Vehicle Parking Meter Market gauge the attractiveness of a certain sector, and assess investment possibilities.

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