On Street Vehicle Parking Meter Market Analysis and Opportunities by 2028

The on street vehicle parking meter market is expected to grow from US$ 590.7 million in 2021 to US$ 1,138.8 million by 2028; it is estimated to register a CAGR of 8.6% from 2021 to 2028.

The growing traffic congestion by vehicles and increasing number of automobiles are driving the growth of the on-street vehicle parking meter market. 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. For instance, IEM SA offers PrestoInteractif (advanced smart parking meter) which has the facility to charge the batteries with the help of solar power. The system consists of a large 7” touch screen the parking meter offers a highly reactive and user-friendly interface. And supports cloud-based platform for payment purposes from 3rd part vendors. Additionally, on-site vehicle parking meter offers all type of payment options including coins, credit/debit card, smart card, tokens, pay-by-phone, and optional NFC/contactless payment.

The global on-street vehicle parking meter market is segmented on type, payment type, and geographic regions. Based on type, the on-street vehicle parking meter market is segmented into Parking Meter (Single Space) and Parking Kiosks (Multi Space). Similarly, on the basis of payment type, the market is segmented into credit card, bills, and coins. Geographically, the global on-street vehicle parking meter market is segmented into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South America (SAM).  

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On Street Vehicle Parking Meter Market: Strategic Insights

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Impact of COVID-19 Pandemic on On street vehicle parking meter Market

The COVID-19 pandemic has led to disruptions in parking industries due to restrictions on intercity traveling and office operations; the ratio of vehicles for parking lots is meager. A sharp decline in the growth of parking users due to the pandemic has delayed or postponed the planned investment for parking management, which lowered the on street vehicle parking meter market growth. However, the importance of digital payments in parking meters and requirement of automated on street parking system has been highlighted which created a lucrative growth opportunity for the market.

Market Insight 

Rapid Growth in Urbanization

The increasing population count in urban cities has driven the vehicles sale. With rising disposable incomes, the population is keen to have their own vehicles for daily commute. Rapid growth in urbanization with the increasing sale of vehicles has led to the increased adoption of smart parking management solutions. The requirement of smart parking meters to efficiently manage available parking spaces has propelled the market growth. According to the UN reports, urbanization in Europe is supposed to increase by ~83.7% by 2050. Also, as per EEA, 75% of the population in the EU prefers to live in urban areas. Therefore, these factors drive the on-street vehicle parking meter market growth to facilitate parking payment methods.

Type Segment Insights

On street vehicle parking meters are designed the resolve the parking issues that happened in the urban localities. Parking problems have been a rising issue in urban cities, whether it may be developed or developing nations. Hence, to simplify the on street parking operation, demand for a parking meter is increasing. However, the parking meters are being offered in two types: Parking Meters (Single Space) and Parking Kiosks (Multi Space). Both the types have particular advantages as per the space and technology requirements. 

Payment Type Segment Insights

The integration of a variety of payment options in the metering systems enhances the user payment experience. Vehicle users are becoming techno-savvy and adopting new payments methods as an alternative to cash payments. Hence, to offer enhanced service for users and ease at parking payments, a more payments solution is being provided in parking meters. Based on the payment type, on street vehicle parking meter market is segment into credit cards, bills, and coins.

The market players focus on new product innovations and developments by integrating advanced technologies and features in their products to compete with the competitors. For instance, in March 2021, the parking division of the City of Madison has replaced almost all old on-street pay stations with New IPS single-space “smart” meters offering a variety of payment options for users such as coin, Mastercard, and Visa.

The global on-street vehicle parking meter market is segmented on type, payment type, and geographic regions. Based on type, the on-street vehicle parking meter market is segmented into Parking Meter (Single Space) and Parking Kiosks (Multi Space). Similarly, on the basis of payment type, the market is segmented into credit card, bills, and coins. Geographically, the global on-street vehicle parking meter market is segmented into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South America (SAM).

On Street Vehicle Parking Meter Market Regional Insights

The regional trends and factors influencing the On Street Vehicle Parking Meter Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses On Street Vehicle Parking Meter Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

On Street Vehicle Parking Meter Market Report Scope

On Street Vehicle Parking Meter Market Players Density: Understanding Its Impact on Business Dynamics

The On Street Vehicle Parking Meter Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

On Street Vehicle Parking Meter Market – Company Profiles 

• Ditech SRL
• Duncan Solutions
• IEM SA
• IPS Group, Inc.
• J.J. MacKay Canada Limited (MacKay Meters)
• MEYPAR, S.L.
• Parking BOXX Inc.
• Ventek International
• Flowbird
• METRIC Group Ltd