The global on-street vehicle parking meter market is projected to reach a value of US$ 1.3 Billion by 2032 as opposed to an estimated value of US$ 641.3 Million in 2022. The target market will likely grow at a strong CAGR of 7.3% from 2022 to 2032. The rising need for efficient parking systems and meters that can eliminate the traffic that arises from cruising while searching for parking spots propels the growth of the on street vehicle parking meter market during the forecast period.
Both drivers and governments prefer on-street parking as opposed to off-street. Since on-street parking needs low infrastructure and staffing investment and the costs of off-street parking are considerably higher, on-street parking thus receives much more preference than off-street. Again, on-street parking is much more convenient and generally takes less time, as it does not require the entry-exit method that off-street parking does, than parking in isolated off-street space. On-street parking also saves space and construction expenses for authorities and helps them to avoid traffic jams by slowing down traffic. This is because cars parked on the street lessen the visual impression of space on the road, and provide obstacles cars must avoid, which helps in improving speed control.
Moreover, the emergence of smart meters will likely fuel the market growth via new forms of pricing. Many traffic issues are a result of inefficient parking solutions. With the adoption of smart technologies, parking meters will make parking more convenient and fee collection more effective. This is expected to spearhead the demand for on street parking meters during the forecast period.
“The global on street vehicle parking meters will observe heightened demand during the forecast period due to the introduction of smart meters and their new forms of pricing,” says an FMI analyst.
Key Takeaways:
- Lack of parking spots and safety concerns for cyclists and pedestrians may stymie the market growth.
- The on street vehicle parking meter market in the Asia Pacific region will grow at a CAGR of 8.2% and account for 22.4% of the overall market share.
- The U.S. will dominate the global on street vehicle parking meter market with a staggering CAGR of 21.5%.
- By type, the single-space parking meter will grow at a CAGR of 7.2% during the forecast period.
- On the basis of payment type, the credit card segment will record a CAGR of 6.8% during 2022-2032.
Competitive Landscape
Ditech SRL, Duncan Solutions, IEM SA, IPS Group, Inc., MacKay Meters, Meypar, S.L.,
Parking BOXX Inc., Ventek International, Flowbird, and METRIC GROUP Ltd., among others, are some of the major players in the on street vehicle parking meter market profiled in the full version of the report.
Leading market players are concentrating on developing improved smart meters to cater to the growing demand. These enterprises employ strategic deals, agreements, partnerships, and acquisitions to strengthen their market position.
More Insights into On Street Vehicle Parking Meter Market Report
In its latest report, FMI offers an unbiased analysis of the global on street vehicle parking meter market, providing historical data from 2017 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of product type, payment type, and region.
According to the latest FMI reports, based on segmentation, the credit card payment category will grow at a CAGR of 6.8%. Due to the convenience and ease offered by this payment mode, the segment is anticipated to make significant contributions to the overall market growth. In terms of type, single-space parking meters will generate high demand and expand with a CAGR of 7.2% over the next few years.
Based on region, the on street vehicle parking meter market in the United States will exhibit substantial growth during 2022-2032. The target market in this country will dominate the global marketplace with an astonishing CAGR of 21.5%. Implementation of innovative parking solutions across the country, demand-responsive pricing, and easy adoption of progressive technology is driving the growth of the on street vehicle parking meter market in the United States. Overall, a general preference for on-street parking over off-street, affordability, and low investment needs drive the growth of the on street vehicle parking meter market during the forecast period.
Key Segments Covered In On Street Vehicle Parking Meter Industry Survey
On Street Vehicle Parking Meter Market by Type:
- Parking Meter (Single Space)
- Parking Kiosks (Multi Space)
On-Street Vehicle Parking Meter Market by Payment Type:
- Credit Card
- Bills
- Coins
On-Street Vehicle Parking Meter Market by Region:
- North America On Street Vehicle Parking Meter Market
- Latin America On Street Vehicle Parking Meter Market
- Europe On Street Vehicle Parking Meter Market
- Asia Pacific On Street Vehicle Parking Meter Market
- Middle East & Africa On Street Vehicle Parking Meter Market
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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