Vehicle Parking Meter Market Share, Size, Trends, Industry Analysis Report, By Product Type (Legacy Meters, and Smart Meters); By End-Use; By Technology; By Region; Segment Forecast, 2023- 2032
- Published Date:Jun-2023
- Pages: 118
- Format: PDF
- Report ID: PM3331
- Base Year: 2022
- Historical Data: 2019-2021
Report Outlook
The global vehicle parking meter market was valued at USD 5.40 Billion in 2022 and is expected to grow at a CAGR of 4.71% during the forecast period. Parking metres are devices that are used to manage parking availability in private, public, and commercial places as well as to gather cash for vehicles to be kept in a certain space for a limited time. These metres offer a variety of payment methods, including cash, credit/debit cards, and phone payments. Parking metres are primarily installed to control parking availability, reduce traffic congestion, and enhance traffic flow. Depending on the needs of the end-user department, these metres can be deployed in one or many locations. There is a significant demand for parking spots in public infrastructure including hospitals, government buildings, malls and stadiums, tourist destinations, transit hubs, and public parks, and these locations may make a lot of money from parked cars.
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Installing car parking metres is intended to manage parking spots in a way that reduces traffic jams and enhances traffic flow. Depending on the requirements of the end-use industry, these metres can be installed in single or multiple spaces. To guarantee that drivers pay for the time they spend in a parking place, smart parking metres are required in the current situation due to the increasing modernization and demand for automobiles from home to commercial sectors, which significantly worsens parking congestion. This aids in ensuring that parking spaces are accessible to people who require them and aids in generating income for the city or municipality where the metre is situated. Parking metres can also ease traffic congestion by incentivizing drivers to move their cars after a certain period.
Furthermore, in certain nations, parking management businesses are creating fresh approaches to lessen parking congestion and supply reserved parking places. Another factor that has driven the expansion of the parking metre industry during the evaluation period is the requirement for parking metres at government facilities for safety reasons and across the various verticals. Hospitals are increasingly in need of VPM solutions because of the many benefits they provide, including simplicity of use and improved security measures that assure precise metre readings while safeguarding patient information held on hospital EHR systems (Electronic Health Records). Automated metres are also more cost-effective than their manual counterparts since they require less human interaction, which increases their adoption percentage in other applications like retail centres or industrial locations where on-site car parking is necessary.
Moroever, a medical facility is a location where patients go to obtain medical attention. For two primary reasons, medical facilities can be integrated into smart parking metres: first, they can offer a safe and impenetrable way to store information about the whereabouts of vehicles; and second, they can offer real-time updates on the health of drivers and their vehicles. There are several ways that malls and stadiums might function as smart parking metres. For instance, stadiums may be used to monitor how many vehicles are parked in particular spots, and malls could be used to monitor how much time people spend inside the facility. The uses of residential smart parking metres are numerous. However, a Lack of funding for parking metre installation may restrain market expansion throughout the projection period.
The fast spread of the coronavirus throughout the world has had a detrimental impact on the market for multi-space parking metres. Halting of enterprises, severe lockdowns, prohibition on travel and transportation, and interrupted supply chains have impeded the growth of the worldwide multi-space parking metre industry. Businesses are recovering from their losses by adopting a strategic strategy, and market participants are concentrating on cutting-edge solutions to stay competitive. Over the projection period, drivers driving the worldwide multi-space parking metre market include an increase in the number of cars on the road, expansion of the transportation sector, and rising government expenditures in smart parking systems.
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Industry Dynamics
Growth Drivers
The vehicle parking meter market is anticipated to increase during the projected period as a result of rising traffic congestion and the expanding demand for parking metres to manage parking spots. Millions of Americans went back to work last year, but they mostly drove there rather than taking public transportation, which resulted in a major rise in traffic congestion. In 2022, the average American driver lost 51 hours to traffic, or approximately an hour each week. According to the 2022 Global Traffic Scorecard by the mobility analytics company Inrix, that translates to 15 more hours lost to congestion than in 2021, and all that time lost in traffic jams has a significant financial impact, costing the typical American motorist $869 in lost time. Nonetheless, nationwide transportation congestion is still approximately 50% of what it was before the Covid-19 outbreak.
Moreover, Increased automotive usage, high disposable income that boosts annual car sales, and the need to embrace cutting-edge technologies for better traffic management are some of the key factors driving the vehicle parking meter market expansion. Vehicle park management is made possible by the use of licence plate recognition (LPR) technology, which extracts car licence plate numbers from images. It is possible to successfully halt auto theft and ticket trading by using this intelligent parking system. The requirement that tickets and licence plates match at the points of entry and departure makes fraud virtually difficult. Even in situations when tickets are lost, the licence plate number may be used to determine the entrance time and issue a fresh ticket.
Report Segmentation
The market is primarily segmented based on product type, technology, end-use, and region.
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By Product Type |
By End-Use |
By Technology |
By Region |
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The smart meters segment is expected to witness the fastest growth during forecast period
The term "smart vehicle parking metre" refers to a parking metre that uses sensors to recognise when a car has stopped in a specified parking area. Afterwards, the driver is assessed a fee by the metre for the time they spent parking. To calculate how long the motorist was parked, the device communicates with a parking management system and charges them appropriately. For those who often use parking places and don't want to be bothered with remembering to pay every time they park, this can be useful. Compared to conventional metres, it is easier to use and more effective.
Further, a legacy car parking metre is a metre that accepts cash or tokens from vehicles to pay for parking. Usually, the metre is situated close to the garage or parking lot's entrance. Similar to a conventional parking metre, it operates by having cars pay only for the time that is still on the metre. It is advantageous for motorists who wish to avoid looking for a conventional parking metre. Heritage Vehicle Parking Meters are also frequently simpler to read than conventional metres. Since they are less expensive and easier to find than their smart and digital equivalents, these legacy metres are still in use by several local governments in various nations.
Parking kiosk segment industry accounted for the largest share in 2022
Parking kiosks (multi-space) held the largest share and is anticipated to maintain this position for the duration of the forecast period due to the rising demand for parking kiosks with this technology's cheap maintenance costs. A parking metre with more than two spaces can accommodate several vehicles. It helps by adding extra parking spots for cars and collecting a charge for these extra spots. The multi-space smart parking metre can determine whether there are any open spots nearby and warn the vehicle when he's close to his destination thus aiding in minimising traffic congestion on roadways.
Additionally, a single slot or one-way parking metre is a tool for managing the movement of cars in one direction only. The parking metre is often referred to as a pay and display or pay by a plate parking metre. To regulate vehicular traffic and ensure that cars may travel freely on specific routes, these metres are erected at regular intervals beside traffic lights. These metres assist drivers in avoiding expensive citations and ensuring that they spend the least amount of time in traffic, which lowers fuel consumption and the associated air pollution.
The demand in North America is expected to witness significant growth during forecast period
A substantial portion of the worldwide market is accounted for by North America, owing to the region's rapid adoption of smart parking metres in nations like Canada and the USA. Growing urbanisation and the development of infrastructure in developing areas are further factors driving the market's expansion. Moreover, it is predicted that during the projected period, demand for parking metres would increase due to government regulations intended to reduce parking congestion.
Europe has the second-largest share in the market due to the increasing worry over parking spots, particularly among EU countries. The projection period is expected to have the greatest CAGR in Asia-Pacific due to the growing populations of emerging nations like China and India. In January 2023, The Kolkata Municipal Corporation will begin testing an app-based payment system at 50 parking lots throughout the city. Car owners can utilize the cashless payment option at the parking lots during the trial period, which will last for more than a month. Moreover, it is anticipated that the market for parking metres in this area would grow as a result of technical developments, an increase in the usage of smart devices, and rising demand for these systems from emerging economies.
Competitive Insight
Some of the major players operating in the global market include Cale Access, CivicSmart, Ditech SRL, Duncan Solutions, EcoLumina Technologies, Flowbird, IEM SA, IPS Group, J.J. MacKay Meters, LocoMobi, LAZ Parking, Meisel Holdings, METRIC Group, MEYPAR, Parkeon, POM Inc., ParkMobile, Parking BOXX, Ventek International, and Worldwide Parking.
Recent Developments
- In March 2021, EasyPark Group has stated that it intends to acquire Park Now Group to broaden the reach of its digital parking and transportation services.
Vehicle Parking Meter Market Report Scope
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Report Attributes |
Details |
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Market size value in 2023 |
USD 5.56 billion |
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Revenue forecast in 2032 |
USD 8.42 billion |
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CAGR |
4.71% from 2023- 2032 |
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Base year |
2022 |
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Historical data |
2019- 2021 |
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Forecast period |
2023 - 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2023 to 2032 |
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Segments Covered |
By Product Type, By Technology, End-Use, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key Companies |
Cale Access AB, CivicSmart, Inc., Ditech SRL, Duncan Solutions, EcoLumina Technologies Inc., Flowbird Group, IEM SA, IPS Group, Inc., J.J. MacKay Canada Limited (MacKay Meters), LocoMobi Inc., LAZ Parking, Meisel Holdings LLC, METRIC Group Ltd., MEYPAR S.L., Parkeon S.A.S., POM Inc., ParkMobile Inc., Parking BOXX, Inc., Ventek International, and Worldwide Parking, Inc |
FAQ's
The global vehicle parking meter market size is expected to reach USD 8.42 billion by 2032.
Key players in the vehicle parking meter market are Cale Access, CivicSmart, Ditech SRL, Duncan Solutions, EcoLumina Technologies, Flowbird, IEM SA, IPS Group, J.J. MacKay Meters, LocoMobi, LAZ Parking.
North America contribute notably towards the global vehicle parking meter market.
The global vehicle parking meter market expected to grow at a CAGR of 4.71% during the forecast period.
The vehicle parking meter market report covering key segments are product type, technology, end-use, and region.
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