Parking Meter Market Report by Technology (Parking Meter (Single Space), Parking Kiosks (Multi Space)), Parking Mode (Pay and Display, Plate, Space, and Others), Application (Government Institutions, Hospitals, Parks, Transit Systems, Malls and Stadiums, and Others), and Region 2024-2032

Parking Meter Market Report by Technology (Parking Meter (Single Space), Parking Kiosks (Multi Space)), Parking Mode (Pay and Display, Plate, Space, and Others), Application (Government Institutions, Hospitals, Parks, Transit Systems, Malls and Stadiums, and Others), and Region 2024-2032

Report Format: PDF+Excel | Report ID: SR112024A12541
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Market Overview:

The global parking meter market size reached US$ 5.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 7.8 Billion by 2032, exhibiting a growth rate (CAGR) of 4.12% during 2024-2032. The increasing number of vehicles and traffic congestion, favorable government initiatives, and continuous product innovation represent some of the key factors driving the market.

Report Attribute
 Key Statistics
Base Year
2023
Forecast Years
2024-2032
Historical Years
2018-2023
Market Size in 2023 US$ 5.4 Billion
Market Forecast in 2032 US$ 7.8 Billion
Market Growth Rate (2024-2032) 4.12%


Parking meters are devices used to manage and collect fees for parking in public spaces such as streets, parking lots, and garages. They consist of a post-mounted or wall-mounted machine with a coin slot or a card reader for electronic payments. Parking meters accept a variety of payment methods, including coins, credit cards, debit cards, and mobile payments. These parking meters are operated by local governments or private organizations, and the fees collected are used to maintain and improve parking facilities and transportation infrastructure. In addition to this, they help prevent congestion and ensure efficient use of available parking spaces.

Parking Meter Market Trends:

The rising number of vehicles on the road and the following rise in traffic congestion is resulting in a shortage of parking spaces, which represents the key factor driving the market growth. Besides this, the growing need for efficient parking management systems to maximize the use of available parking space and reduce traffic congestion is favoring the market growth. Apart from this, the escalating consumer awareness regarding parking regulations and the penalties for non-compliance are creating a favorable outlook for the market. Moreover, the implementation of various government initiatives to improve parking management by installing parking meters is presenting remunerative growth opportunities for the market. Concurrent with this, the increasing demand for cashless parking payment, and the increasing demand for eco-friendly sustainable parking solutions, such as solar-powered parking meters, are contributing to the market growth. In addition to this, ongoing technological advancements, such as the development of smart parking systems, which use sensors and data analytics to manage parking spaces, are acting as significant growth-inducing factors. In line with this, the expanding integration of auto-payment options and voice guidance enabled through smartphone applications is positively impacting the market growth. Furthermore, rapid urbanization, inflating disposable income of individuals, the surging popularity of electronic vehicles (EVs), and the rise in the number of smart city initiatives are aiding in market expansion.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global parking meter market report, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on technology, parking mode, and application.

Technology Insights:

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

The report has provided a detailed breakup and analysis of the parking meter market based on the technology. This includes parking meter (single space) and parking kiosks (multi space).

Parking Mode Insights:

  • Pay and Display
  • Plate
  • Space
  • Others
     

A detailed breakup and analysis of the parking meter market based on the parking mode has also been provided in the report. This includes pay and display, plate, space, and others. According to the report, pay and display accounted for the largest market share.

Application Insights:

  • Government Institutions
  • Hospitals
  • Parks
  • Transit Systems
  • Malls and Stadiums
  • Others
     

The report has provided a detailed breakup and analysis of the parking meter market based on the application. This includes government institutions, hospitals, parks, transit systems, malls and stadiums, and others. According to the report, parks represented the largest segment.

Regional Insights:

  • North America
    • United States
    • Canada
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa
     

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America was the largest market for parking meter. Some of the factors driving the North America parking meter market included increasing urbanization, favorable government initiatives, and ongoing technological advancements in the industry.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global parking meter market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include Flowbird, IPS Group Inc, J.J. MacKay Canada Limited, LocoMobi Inc, METRIC Group Ltd, Parking BOXX, POM Inc., Ventek International, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Scope of the Report Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment: 
  • Technology
  • Parking Mode
  • Application
  • Region 
Technologies Covered Parking Meter (Single Space), Parking Kiosks (Multi Space)
Parking Modes Covered Pay and Display, Plate, Space, Others
Applications Covered Government Institutions, Hospitals, Parks, Transit Systems, Malls and Stadiums, Others
Regions Covered Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Flowbird, IPS Group Inc, J.J. MacKay Canada Limited, LocoMobi Inc, METRIC Group Ltd, Parking BOXX, POM Inc., Ventek International, etc.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Questions Answered in This Report:

  • How has the global parking meter market performed so far, and how will it perform in the coming years?
  • What are the drivers, restraints, and opportunities in the global parking meter market?
  • What is the impact of each driver, restraint, and opportunity on the global parking meter market?
  • What are the key regional markets?
  • Which countries represent the most attractive parking meter market?
  • What is the breakup of the market based on technology?
  • Which is the most attractive technology in the parking meter market?
  • What is the breakup of the market based on parking mode?
  • Which is the most attractive parking mode in the parking meter market?
  • What is the breakup of the market based on the application?
  • Which is the most attractive application in the parking meter market?
  • What is the competitive structure of the global parking meter market?
  • Who are the key players/companies in the global parking meter market?

Key Benefits for Stakeholders:

  • IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the parking meter market from 2018-2032.
  • The research study provides the latest information on the market drivers, challenges, and opportunities in the global parking meter market.
  • The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
  • Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the parking meter industry and its attractiveness.
  • Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market. 

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  • For further assistance, please connect with our analysts.
Parking Meter Market Report by Technology (Parking Meter (Single Space), Parking Kiosks (Multi Space)), Parking Mode (Pay and Display, Plate, Space, and Others), Application (Government Institutions, Hospitals, Parks, Transit Systems, Malls and Stadiums, and Others), and Region 2024-2032
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