Europe On Street Vehicle Parking Meter Market Analysis and Opportunities by 2028

The Europe on street vehicle parking meter market is expected to grow from US$ 209.81 million in 2021 to US$ 410.24 million by 2028; it is estimated to grow at a CAGR of 8.7% from 2021 to 2028.

The parking meter (parking ticket machine) system is one of the most effective way of controlling on-street parking in cities. It is a device a device used to collect money for vehicle parking for a certain amount of time. These vehicle parking meters were traditionally installed in public parking areas to manage traffic and ensure that the public can find parking spaces when visiting the city. Now-a-days, the parking ticket machines were found in private car parks. These serve as a tool for both revenue generation and parking facility. In recent times, the on-street vehicle parking meter comes with advanced facilities. Additionally, on-site vehicle parking meter offers all type of payment options including coins, credit or debit card, smart card, tokens, pay-by-phone, and optional NFC or contactless payment. The growing traffic congestion by vehicles and increasing number of automobiles are driving the growth of the on-street vehicle parking meter market. Furthermore, growing urbanization and infrastructure development in emerging economies are anticipated to create market opportunities for the on-street vehicle parking meter market during the forecast period.
 

In Europe, several countries witnessed an economic hit and a decline in business activities across the urban areas due to decrease in intercity travel activities in the first quarter of 2020. The impact of COVID-19 pandemic varied from country to country across Europe as countries such as Italy, France, and Russia witnessed a surge in the number of confirmed cases and subsequently imposed stringent and extended lockdowns. However, disrupted city operations in several European countries and fall in the demand for vehicles have been restraining the growth of the parking industry. However, the effect of this slowdown on parking sector is expected to revive and recover in 2021 as economic activities are regaining their pace and businesses arere turning toward normalcy.

With the new advancements and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the Europe on street vehicle parking meter market. Smart parking technology is evolving with the rising number of cities suffering from traffic congestion and lack of parking space availability. The on street metering system has already grown by offering multiple payment options like cards, coins, and bills. However, street parking meters are getting integrated with the internet of things (IoT) technology to overcome parking space availability challenges. The IoT sensors provide information to the on-street parking metering system about vacant and occupied parking spaces. This information is further forwarded to vehicle users to find out the parking space availability in particular streets easily. The data generated through IoT technology is helping to manage parking operations effectively. Thus, on-street vehicle parking meters with IoT integration are becoming a future trend in the parking industry. The IoT technology has been evolving in the automotive industry with the advent of connected cars, expected to support market growth. The connected cars are supposed to communicate with parking meters to direct drivers towards the available spot and help in payment processing. Thus, considering the above factors, integration of IoT technology in parking meters is supposed to be a future trend, which will propel the market growth in the forecasted period.

Europe On Street Vehicle Parking Meter Market Segmentation

Europe On Street Vehicle Parking Meter Market – By Type

• Parking Meter (Single Space)
• Parking Kiosks (Multi Space)

Europe On Street Vehicle Parking Meter Market – By Payment Type

• Credit Card
• Bills
• Coins

Europe On Street Vehicle Parking Meter Market – By Country

• France
• Germany
• UK
• Spain
• Russia

Rest of Europe

Europe On Street Vehicle Parking Meter Report Scope