Parking Meter Apps Market Trends and Analysis by 2031

The parking meter apps market size is projected to reach US$ 324.58 million by 2031 from US$ 79.5 million in 2023. The market is expected to register a CAGR of 19.23% during 2023–2031. The development of smart cities and green buildings is likely to remain a key trend in the market.

Parking Meter Apps Market Analysis

The main advantage of vehicle parking apps for consumers is that they save a significant amount of time before getting to work. Many people find it difficult to obtain a parking space before boarding a bus or train or near their office. Car parking applications save time by allowing you to discover a parking space ahead of time. Parking meter apps remain popular for a reason: they perform effectively when integrated with solutions such as parking enforcement, correct signage, mobile parking payment apps, and, of course, regular maintenance and technical support to ensure revenue collection at all times.

Parking Meter Apps Market Overview

Parking applications provide customers with optimum parking by locating the best and closest place available at their selected location, saving resources and effort. These apps assist in quickly filling parking lots and ensuring that space is correctly and productively utilized. Parking is a major issue in numerous countries. Every year, more and more cars are added to the streets, limiting parking space. People who prefer to commute in their vehicles have a difficult time finding parking. Because of the rising parking problem, smart parking apps have been launched that allow one to book their parking spot before you even arrive. Smart parking is a rapidly increasing and widely utilized smart city solution around the world. Universities, airports, shopping malls, and civic garages are among the few organizations that have recognized the value and benefits of auto parking apps.

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Parking Meter Apps Market: Strategic Insights

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Parking Meter Apps Market Drivers and Opportunities

Significant Rise in Number of Vehicles on Road to Favor Market

According to the World Economic Forum, by 2040, the global number of cars on the road and kilometers flown by planes will nearly triple. Cars are expected to number two billion by 2040, while air transport kilometers will total 20 trillion during the same period. Municipalities can employ parking meters to enforce their integrated on-street parking policy, which is typically tied to their traffic and mobility management policies. Still, they can also be used to generate income.

Development of Smart Parking Meter Apps

A smart parking meter communicates continually with a central parking platform, sending parking data to be processed and evaluated. Parking operators require robust analytical and decision-making tools to help them run their facilities efficiently. The smart parking dashboard processes all data received from smart parking meters, tracking every transaction. Subsequently, the dashboard can be used to analyze statistics such as sales by period, region, payment type, etc. Parking operators can improve efficiencies, reduce revenue leakages, and provide customers with a pleasant parking and payment experience by incorporating smart technology, such as parking meters, into their facilities. Thus, the development of smart parking systems creates an opportunity for the growth of the market.

Parking Meter Apps Market Report Segmentation Analysis

Key segments that contributed to the derivation of the parking meter apps market analysis are platform and end user.

• Based on the platform, the parking meter apps market is segmented into Android and iOS.
• Based on end users, the parking meter apps market is segmented into personal and businesses.

Parking Meter Apps Market Share Analysis by Geography

The geographic scope of the parking meter apps market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America. North America is a technologically advanced region. The region is increasingly adopting various digital solutions. The government across the region is deploying advanced solutions to modernise the parking. For example, in May 2024, the Department of Transportation began the statewide rollout of improved, modern parking meters in Upper Manhattan. For starters, the new meters, which are now located at West 166th Street and St. Nicholas Avenue, feature a pay-by-plate technology that allows vehicles to enter their license plates rather than displaying a receipt in the window. Such instances across North America drive the growth of the parking meter apps market.

Parking Meter Apps Market Regional Insights

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

Parking Meter Apps Market Report Scope

Parking Meter Apps Market Players Density: Understanding Its Impact on Business Dynamics

The Parking Meter Apps Market 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.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Parking Meter Apps Market are:

1. IEM SA
2. INRIX, Inc.
3. ParkMate
4. Parkopedia
5. Arrive (ParkWhiz)
6. ParkMobile, LLC

Disclaimer: The companies listed above are not ranked in any particular order.

Parking Meter Apps Market News and Recent Developments

The parking meter apps market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the parking meter apps market are listed below:

• IEM Group introduced a new generation of PrestoInteractif parking meters with a 7-inch color touch screen. The slim design, internal steel structure and electronic locks, and IK10 compliance make the product highly efficient to maintain for service and operations personnel.

 (Source: IEM Group, September 2021)

• EasyPark completed the acquisition of PARK NOW Group, transferring all assets and liabilities from the shareholders of BMW Group and Daimler Mobility AF to EasyPark Group. Through this acquisition, the company aims to grow further and become a global pioneer in digital parking, electrical vehicle charging and mobility services.

 (Source: EasyPark, June 2021)

Parking Meter Apps Market Report Coverage and Deliverables

The “Parking Meter Apps Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Parking meter apps market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Parking meter apps market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Parking meter apps market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the parking meter apps market
• Detailed company profiles