The global on-street vehicle parking meter market is projected to reach a value of US$ 1.3 Billion by 2032 as opposed to an estimated value of US$ 641.3 Million in 2022. The target market will likely grow at a strong CAGR of 7.3% from 2022 to 2032.
Technological Trends: Technological advancements in on-street vehicle parking meters focus on improving user experience, revenue collection efficiency, and enforcement capabilities through innovations such as contactless payment options, smartphone apps for remote payment and parking management, license plate recognition systems for virtual enforcement, and real-time data analytics for parking optimization.
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Market Drivers: Factors driving the on-street vehicle parking meter market include urbanization and population growth leading to increased vehicle ownership and parking demand, municipal efforts to manage curbside parking congestion and optimize curb space utilization, regulatory mandates for parking revenue generation and enforcement, and the shift towards digital payment solutions and smart city initiatives.
Market Challenges: Challenges facing the on-street vehicle parking meter market include competition from alternative parking solutions such as mobile parking apps and ride-sharing services, resistance from local businesses and residents to parking fee increases and enforcement measures, maintenance and operational costs associated with meter installations and upgrades, and regulatory barriers to meter deployment in historic or congested areas.
Opportunities: Despite challenges, there are opportunities for growth in the on-street vehicle parking meter market, particularly in segments such as smart metering solutions offering real-time data insights for parking management, integrated parking guidance systems facilitating navigation to available spaces, and partnerships with municipalities for revenue-sharing and value-added services.
“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.
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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.
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.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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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