Vehicle Parking Meter Market
Vehicle Parking Meter Market Study by Legacy and Smart Meters for Parking Streets, Malls, Hospitals, and Public & Private Institutions from 2024 to 2034
Analysis of Vehicle Parking Meter Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Vehicle Parking Meter Market Outlook (2024 to 2034)
A new research study by Fact.MR states that the global vehicle parking meter market is valued at US$ 5.92 billion in 2024 and is projected to ascend to US$ 8.85 billion by the end of 2034. The market has been evaluated to expand at 4.1% CAGR between 2024 and 2034.
As per the vehicle parking meter industry analysis, rapid industrialization is driving up demand for on-street parking options in potentially high growth countries. To digitize their country, some governments, including India, are supporting smart city programs. The necessity for intelligent on-street vehicle parking meters that support the provision of clever and effective parking solutions is fueled by such initiatives.
With residential and commercial buildings getting smaller, there is limited space room for parking. This increases the need for on-street parking so that people leave their automobiles at their office locations. The vehicle parking meter industry outlook is showing positive prospects due to growing demand for on-street parking.
There is surging demand for on-street parking services with an increasing requirement for commute and goods transportation, which work as a base for finalizing the prices of vehicle parking meters. Further, authorities bring changes in the pricing of these meters based on the demand for parking solutions in certain areas, subsequently improving real-time response time of software.
The use of vehicle parking meters assist in reducing traffic congestion. Moreover, the surging requirements for more advanced and innovative parking meters is creating prospects for market players around the world.
| Report Attribute | Detail |
|---|---|
| Vehicle Parking Meter Market Size (2024E) | US$ 5.92 Billion |
| Forecasted Market Value (2034F) | US$ 8.85 Billion |
| Global Market Growth Rate (2024 to 2034) | 4.1% CAGR |
| East Asia Market Growth Rate (2024 to 2034) | 4% |
| North America Market Value (2034F) | 1.99 Billion |
| Malls Segment Value (2034F) | US$ 1.75 Billion |
| Smart Meters Segment Value (2034F) | US$ 2.85 Billion |
| Key Companies Profiled | Duncan Solutions; Ventek International; Flowbird; METRIC Group Ltd; IEM SA; JJ MacKey Canada Limited; Parking BOXX Inc. |
The hunt for paid parking solutions is analyzed to lead you to one of the parking meters near you. Parking meters have been beneficial since their evolution in terms of the reduced initial cost of capital. Furthermore, these parking meters are facilitating familiar interfaces and multi-payment systems that further elevate the user experience.
Vehicle parking machines are the devices that are used to maintain parking availability in public, private & commercial spaces. Furthermore, they collect cash and in exchange provide a particular place for a vehicle for a limited amount of time. This meter has several payment options, such as pay by phone, pay by card, or cash.
As per the vehicle parking meter industry analysis, the aim of installing systems is to regulate parking spaces in a manner that avoids traffic congestion and improves traffic circulation. These meters are installed in single-space or multi-space according to the needs of the end-use sector.
In the current scenario, rapid modernization and demand for an automobile from domestic to commercial sectors significantly increase parking congestion, which in turn is creating bullish sentiments for the vehicle parking meter industry outlook.
Smart parking meters are needed to ensure that drivers pay for the amount of time they spend in a parking spot. This helps to ensure that parking spots are available for those who need them, and it also helps to generate revenue for the city or town in which the meter is located. In addition, parking meters help to reduce traffic congestion by encouraging drivers to move their vehicles after a certain time.
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Vehicle Parking Meter Market Dynamics - Demand Drivers
The majority of demand for these meters is driven by the rise in non-residential places, such as malls, multiplexes, and hospitals where parking places are shared. The easier access to services and facilitation of payments is another advantage of opting for parking meters. This is opening growth opportunities for manufacturers in the coming time. These meters are also demanded by the government for security purposes over the assessment period.
One of the primary factors driving the vehicle parking meter market growth is increasing number of automobiles in use and high disposable income, which is leading to improved sales of automobiles on a yearly basis. This is further generating the need to adopt advanced technology for improved traffic mobbing. Other factors promoting the growth of the market are growing urbanization and infrastructure development in potentially high growth regions.
The repairing and maintenance of parking meters need skilled technicians to fix the problem and the complex electronic circuitry due to which they are to be replaced instead of repaired. This is one of the key factors that affect the global vehicle parking meter market growth. However, the trend to use better technology and equipment to get the proper traffic circulation results in increasing demand for the market.
Trends in Smart Parking Meters
Smart parking meters keep track of the precise number of cars parked there, show how long a car has been there, track coins and most importantly-don't let drivers leave their cars parked there beyond the allotted time has passed. Further, intelligent parking meters are capable of monitoring parking trends.
They document the periods of vacancy and occupancy as well as the income earned. To calculate the average parking activity on a weekly or monthly basis, including the number of vehicles parked in a space, the revenue generated, and the number of vehicles that exceeded their allotted time limit, this stored information then be extracted using a hand-held remote device.
Pay and Display :
After parking, drivers approach the smart parking meter. They choose and pay for the desired parking period, and the smart parking meter prints a ticket with the selected parking time on it. When using pay-and-display, parkers return to their vehicle and leave the ticket on the dashboard. Enforcement personnel issue citations for vehicles parked longer than allowed after reviewing these pay and display system tickets.
Pay by Space :
Parking spaces are numbered in these meters and parkers will walk up to meters to select and pay for their desired time slot. Their parking space number is also required to be entered. This information is shown on the ticket, which the driver needs to exhibit before getting out of the car, along with the amount of time they have paid for parking.
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What are the Opportunities for Manufacturers in This Industry?
License plate recognition (LPR) technology allows vehicle park management that works with image processing that extracts the license plate number of vehicles. The implementation of this intelligent parking system successfully stops car theft and ticket trading.
It is practically impossible to conduct fraud because tickets and license plates need to match at the points of entry and exit. Further, the license plate number is utilized to calculate the entry time and issue a new ticket even in cases of lost tickets.
What are the Issues With the Vehicle Parking Meters?
Following are the functionality issues that users encounter while using parking meters, which if not addressed possible to deter the growth of the vehicle parking meter market in the forecast period.
- Malfunctioning Meters: Parking meters malfunction due to several reasons, such as power outages, incorrect programming, or physical damage. This leads to inaccurate readings and incorrect charges for users.
- Unclear Instructions: Several parking meters have confusing instructions, making it difficult for users to understand how to use them. This leads to frustration and incorrect payments.
- Limited Payment Options: Many parking meters only accept coins, which be inconvenient for users who don’t have cash on hand.
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Region Wise Insights
Among all regions, North America is expected to dominate the market, owing to the high installation rate of smart vehicle parking systems in the United States and Canada. This factor is coupled with the government’s initiation of controlling parking congestion. These factors are estimated to boost the demand for the market over the forecast period.
Europe holds a prominent share of the vehicle parking meter market, especially in EU nations, due to increasing concern regarding parking concern. The growing automotive fleet in the potentially high growth countries in Asia Pacific is expected to contribute a considerable share throughout the forecast period, due to growing urbanization and infrastructure development.
Latin America, the Middle East, and Africa are estimated to grow at a significant growth rate, owing to increasing urbanization and economic growth in the future.
Segmentation of Vehicle Parking Meter Market Research
-
By End Use :
- Parking Streets
- Malls
- Hospitals
- Public & Private Institutions
-
By Product Type :
- Legacy Meters
- Smart Meters
-
By Region :
- North America
- Western Europe
- Eastern Europe
- Latin America
- East Asia
- South Asia & Pacific
- Middle East & Africa
Table of Content
- 1. Executive Summary
- 2. Industry Introduction, including Taxonomy and Market Definition
- 3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments
- 4. Global Market Demand Analysis and Forecast, including Historical Analysis and Future Projections
- 5. Pricing Analysis
- 6. Global Market Analysis and Forecast
- 6.1. Product Type
- 6.2. End-Use
- 7. Global Market Analysis and Forecast, By Product Type
- 7.1. Legacy meters
- 7.2. Smart meters
- 8. Global Market Analysis and Forecast, By End-Use
- 8.1. Parking Streets
- 8.2. Malls
- 8.3. Hospitals
- 8.4. Public & Private Institutions
- 9. Global Market Analysis and Forecast, By Region
- 9.1. North America
- 9.2. Latin America
- 9.3. Western Europe
- 9.4. Eastern Europe
- 9.5. Asia Pacific
- 9.6. East Asia
- 9.7. MEA
- 10. North America Sales Analysis and Forecast, by Key Segments and Countries
- 11. Latin America Sales Analysis and Forecast, by Key Segments and Countries
- 12. Western Europe Sales Analysis and Forecast, by Key Segments and Countries
- 13. Eastern Europe Sales Analysis and Forecast, by Key Segments and Countries
- 14. Asia Pacific Sales Analysis and Forecast, by Key Segments and Countries
- 15. East Asia Sales Analysis and Forecast, by Key Segments and Countries
- 16. MEA Sales Analysis and Forecast, by Key Segments and Countries
- 17. Sales Forecast by Product Type and End-Use for 30 Countries
- 18. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard
- 19. Company Profile
- 19.1. CivicSmart, Inc.
- 19.2. Duncan Solutions
- 19.3. IPS Group, Inc.
- 19.4. Flowbird Group
- 19.5. Parkeon
- 19.6. Ventek International
- 19.7. LocoMobi World
- 19.8. POM Inc.
- 19.9. Hectronic GmbH
- 19.10. J.J. MacKay Canada Limited (MacKay Meters)
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List Of Table
Table 01: Global Market US$ Mn Forecast by Region
Table 02: Global Market US$ Mn Forecast by Product Type
Table 03: Global Market US$ Mn Forecast by End-Use
Table 04: North America Market US$ Mn Forecast by Country
Table 05: North America Market US$ Mn Forecast by Product Type
Table 06: North America Market US$ Mn Forecast by End-Use
Table 07: Latin America Market US$ Mn Forecast by Country
Table 08: Latin America Market US$ Mn Forecast by Product Type
Table 09: Latin America Market US$ Mn Forecast by End-Use
Table 10: Western Europe Market US$ Mn Forecast by Country
Table 11: Western Europe Market US$ Mn Forecast by Product Type
Table 12: Western Europe Market US$ Mn Forecast by End-Use
Table 13: Eastern Europe Market US$ Mn Forecast by Country
Table 14: Eastern Europe Market US$ Mn Forecast by Product Type
Table 15: Eastern Europe Market US$ Mn Forecast by End-Use
Table 16: Asia Pacific Market US$ Mn Forecast by Country
Table 17: Asia Pacific Market US$ Mn Forecast by Product Type
Table 18: Asia Pacific Market US$ Mn Forecast by End-Use
Table 19: East Asia Market US$ Mn Forecast by Country
Table 20: East Asia Market US$ Mn Forecast by Product Type
Table 21: East Asia Market US$ Mn Forecast by End-Use
Table 22: MEA Market US$ Mn Forecast by Country
Table 23: MEA Market US$ Mn Forecast by Product Type
Table 24: MEA Market US$ Mn Forecast by End-Use
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List Of Figures
Figure 01: Global Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Product Type
Figure 02: Global Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by End-Use
Figure 03: Global Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Region
Figure 04: North America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Product Type
Figure 05: North America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by End-Use
Figure 06: North America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country
Figure 07: Latin America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Product Type
Figure 08: Latin America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by End-Use
Figure 09: Latin America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country
Figure 10: Western Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Product Type
Figure 11: Western Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by End-Use
Figure 12: Western Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country
Figure 13: Eastern Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Product Type
Figure 14: Eastern Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by End-Use
Figure 15: Eastern Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country
Figure 16: Asia Pacific Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Product Type
Figure 17: Asia Pacific Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by End-Use
Figure 18: Asia Pacific Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country
Figure 19: East Asia Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Product Type
Figure 20: East Asia Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by End-Use
Figure 21: East Asia Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country
Figure 22: MEA Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Product Type
Figure 23: MEA Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by End-Use
Figure 24: MEA Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country
Know thy Competitors
Competitive landscape highlights only certain players
Complete list available upon request
- FAQs -
Why vehicle parking meter market have a high growth potential?
One of the primary factors driving market growth is rising number automobiles and high disposable income, leading to improved sales of automobiles.
Where will manufacturers find the most opportunities in the market?
In the East Asian region, manufacturers find the most opportunities in the market.
Vehicle Parking Meter Market