The global On Street Vehicle Parking Meter market valued at approximately US$ 590.7 million in 2021, is poised for substantial growth with a projected compound annual growth rate (CAGR) of 7.3% over the next decade, reaching nearly US$ 1.3 billion by the end of 2032.
A significant driver behind this growth is the increasing adoption of smart technologies in parking meters, which are revolutionizing parking management and fee collection processes. By offering more convenient and efficient parking solutions, these smart meters address a key pain point for drivers, reducing traffic congestion caused by inefficient parking practices.
Moreover, these advancements benefit authorities by improving fee collection effectiveness and overall parking management, further driving demand for modern parking meter solutions. As cities continue to grapple with urbanization and increasing vehicle ownership, the demand for innovative parking solutions is expected to soar, positioning the On Street Vehicle Parking Meter market for substantial expansion in the coming years.
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“The global on street vehicle parking meters will observe heightened demand during the forecast period due to the introduction of smart meters and their new forms of pricing,” says an FMI analyst.
Key Takeaways:
- Lack of parking spots and safety concerns for cyclists and pedestrians may stymie the market growth.
- The on street vehicle parking meter market in the Asia Pacific region will grow at a CAGR of 8.2% and account for 22.4% of the overall market share.
- The U.S. will dominate the global on street vehicle parking meter market with a staggering CAGR of 21.5%.
- By type, the single-space parking meter will grow at a CAGR of 7.2% during the forecast period.
- On the basis of payment type, the credit card segment will record a CAGR of 6.8% during 2022-2032.
Competitive Landscape
Ditech SRL, Duncan Solutions, IEM SA, IPS Group, Inc., MacKay Meters, Meypar, S.L.,
Parking BOXX Inc., Ventek International, Flowbird, and METRIC GROUP Ltd., among others, are some of the major players in the on street vehicle parking meter market profiled in the full version of the report.
Leading market players are concentrating on developing improved smart meters to cater to the growing demand. These enterprises employ strategic deals, agreements, partnerships, and acquisitions to strengthen their market position.
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Key Segments Covered In On Street Vehicle Parking Meter Industry Survey
On Street Vehicle Parking Meter Market by Type:
- Parking Meter (Single Space)
- Parking Kiosks (Multi Space)
On-Street Vehicle Parking Meter Market by Payment Type:
- Credit Card
- Bills
- Coins
On-Street Vehicle Parking Meter Market by Region:
- North America On Street Vehicle Parking Meter Market
- Latin America On Street Vehicle Parking Meter Market
- Europe On Street Vehicle Parking Meter Market
- Asia Pacific On Street Vehicle Parking Meter Market
- Middle East & Africa On Street Vehicle Parking Meter Market
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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