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.

Okay, so think about itall this new construction and everyone wanting cars, both for getting around at home and for their businesses, means way more cars fighting for the same parking spots. This is why we need those smart parking meters. They make sure everyone's paying their fair share for the time they're actually parked, keeping spots open for others and even generating revenue for the city. Plus, those meters can nudge people to move their cars after a while, which helps cut down on traffic jams. Want the full scoop on the parking meter scene? The Global Vehicle Parking Meter Market report gives you a deep dive into all the key stuff – segments, trends, what's driving the market, what's holding it back, who the big players are, and everything else that's making a difference.

Global Vehicle Parking Meter Market Definition

Parking meters? Think of them as little helpers that manage parking in all sorts of places – private lots, public streets, even at your favorite store. They're not just there to take your money (though they do that too!), they're about making sure there's enough parking for everyone and keeping traffic flowing smoothly. You can usually pay with cash, a card, or even your phone these days! Where do you find them? Everywhere! Hospitals, government buildings, malls, stadiums – anywhere parking is a hot commodity. And yeah, all those parked cars? They can bring in a surprising amount of money.

Putting in parking meters? Well, the idea is to actually make parking easier! They're supposed to help cut down on traffic jams and get things moving smoothly. You'll find them sprinkled around – maybe just one or two, maybe a whole bunch – depending on what an area needs. These days, with more and more people driving cars for everything from grocery runs to business trips, smart parking meters are key. They make sure folks pay for the time they're using a parking spot.

That way, spaces are more likely to be open for others who need them. Plus, the city or town gets a little cash, too! And get thisparking meters can even encourage drivers to move their cars along after a bit, which helps keep traffic flowing. Learn more about parking solutions.

Global Vehicle Parking Meter Market Overview

Okay, so the market for Vehicle Parking Meters is predicted to get bigger and bigger. Why? Well, with more cars on the road causing serious traffic jams, we really need parking meters to help keep things organized. Last year, tons of people went back to the office, but instead of taking the bus or train, they mostly drove, which made traffic even worse. Get thisin 2022, the average driver in the US wasted 51 hours stuck in traffic – that's like losing an hour every single week! Inrix, those smart folks who study traffic, say that's 15 more hours than we lost in 2021. And all that sitting around in traffic? It's costing us big time – about USD 869 per driver, just 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

So, the parking meter world is basically split into two typesold-school Legacy Meters and the newer Smart Meters. Think of a Smart Meter as a parking meter with brains! It uses sensors to know when a car is parked in its spot. Then, it automatically charges the driver for the time they're there. This gadget connects to a parking management system to figure out the parking duration and handle the payment. Pretty cool, right? It can be a lifesaver for regular parking lot users who don't want the hassle of manually paying each time. Plus, it's often easier and more efficient than the traditional kind. On the flip side, a legacy car parking meter is your standard, cash-or-token-accepting machine you find at the entrance of a garage or 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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