North America On Street Vehicle Parking Meter Market Trends and Analysis by 2028

The North America on street vehicle parking meter market is expected to grow from US$ 267.44 million in 2021 to US$ 489.11 million by 2028; it is estimated to grow at a CAGR of 7.8% 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/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.

Amid the COVID-19 pandemic, the demand for smart parking technologies increased significantly owing to the surge in demand for contactless payment. This demand has stabilized the use of parking kiosks (multi-space) at some extent. However, the pandemic negatively impacted the on street vehicle parking meter market during the first two quarters of 2020. The demand resumed with the continuation of economic activities in 2021. Thus, the North American market is projected to recover in the coming months and the subsequent years as parking kiosks (multi-space) are more widely adopted in the urban areas.

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 North America 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.
 

North America On Street Vehicle Parking Meter Market Segmentation

North America On Street Vehicle Parking Meter Market – By Type

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

North America On Street Vehicle Parking Meter Market – By Payment Type

• Credit Card
• Bills
• Coins

North America On Street Vehicle Parking Meter Market – By Country

• US
• Canada
• Mexico

North America On Street Vehicle Parking Meter Report Scope