Parking Meter Market

Global Parking Meter Market:

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 growth.

Parking Meter Market Analysis:

• Major Market Drivers: The rising need for efficient parking systems, surging traffic congestion especially in urban areas, government initiatives, and growing technological advancements are some of the primary factors stimulating the market growth. Moreover, the expansion of integrated auto-payment options and voice guidance features in parking meters is acting as another growth-inducing factor.
• Key Market Trends: The rising integration of IoT, development in mobile technology, contactless payments, and sustainability initiatives with parking meters, is also adding to the overall market development. In line with this, there's a growing emphasis on environmentally friendly parking solutions across the globe.
• Geographical Landscape: According to the report, North America accounted for the largest market share. The increasing number of vehicles, lack of parking space, and smart city initiatives are propelling the growth in the region. Moreover, mobile payments are also gaining immense popularity in North America, with many meters now offering mobile payment options.
• Competitive Landscape: Some of the leading parking meter market companies are Flowbird, IPS Group Inc, J.J. MacKay Canada Limited, LocoMobi Inc, METRIC Group Ltd, Parking BOXX, POM Inc., and Ventek International, among many others.
• Challenges and Opportunities: Space constraints, outdated parking meter systems, parking regulations and restrictions, and security concerns are some of the factors hindering the market growth. However, the increasing shift towards smart parking meters presents significant parking meter market recent opportunities. These meters are equipped with advanced sensors that enable real-time data collection, improved space management, and enhanced user experience.
   

Parking Meter Market Trends:

Growing Urban Population

As the population across the globe continues to grow, especially in urban areas, the number of vehicles on the road increases. For instance, according to the World Bank, nearly 56% (4.4 billion) of the total population across the globe live in cities. Also, the urban population is anticipated to double, nearly 7 out of 10 people will live in cities by 2050. In line with this, according to the report published by Observer Research Foundation in March 2024, Delhi had 11.89 million registered cars in 2020, followed by Bengaluru with 9.64 million, Chennai with 6.35 million, Ahmedabad with 4.57 million, Mumbai with 3.88 million, Hyderabad with 3.24 million, and Jaipur with 3.17 million vehicle registrations. This leads to higher demand for parking spaces in urban areas, both for residents and commuters, further adding to the parking meter market demand. In line with this, urbanization often leads to limited available space for parking. With more people living and working in cities, the competition for parking spots intensifies, making efficient parking management essential. Additionally, traditional parking management methods, such as manual ticketing or coin-operated meters, have become inefficient and insufficient to meet the ever-rising demand. Smart parking solutions, including digital parking meters, are increasingly being deployed to optimize space usage and improve the parking experience, which is positively influencing the parking meter market’s recent prices.

Smart City Initiatives

Smart city initiatives aim to optimize urban mobility through the integration of various transportation systems. Parking meters are a crucial component of this integration, providing real-time data on parking availability, pricing, and occupancy to both city planners and drivers. In line with this, the governments of various economies are taking initiatives towards smart city development, which is adding to the parking meter market share. For instance, in September 2023, the Government of Qatar installed 3,300 parking sensors across the major districts of Doha as the completion of first phase of the Smart Parking Management System. Apart from this, in May 2024, Smart Cities Solutions, a key subsidiary of Saudi-based BATC investment and logistics company, signed an agreement with Arabian Internet and Communication Services for the operation and maintenance of Smart public parking spaces in Riyadh city. The target of the project includes installing 164,000 parking spaces that cover around 12 zones across the city. Besides this, smart parking meters are among the important parking meter market recent developments. They are equipped with sensors that enable cities to better utilize parking spaces. By providing accurate information about available parking spots, cities can reduce congestion caused by drivers circling in search of parking, leading to smoother traffic flow. Apart from this, these parking meters enhance compliance with parking regulations through automated enforcement mechanisms and real-time monitoring. By discouraging illegal parking and enforcing time limits, they contribute to safer and more orderly urban environments. For instance, in November 2023, Cochin International Airport Ltd introduced FASTag and smart parking systems in order to provide hassle-free and efficient parking facilities to passengers.

Increasing Environmental Concerns

According to the parking meter market outlook, the rising penetration towards sustainability is driving the demand for environmentally friendly parking meters. Parking meters powered by solar energy are becoming increasingly common. Solar-powered meters reduce reliance on grid electricity and lower operating costs while minimizing the carbon footprint associated with traditional power sources. In line with this, modern parking meters are designed to be more energy-efficient, consuming less power during operation. This reduces overall energy consumption and contributes to environmental conservation efforts. For instance, in February 2024, the city of Charleston partnered with Flowbird to launch a solar-powered parking meter equipped with a 10-inch touchscreen. Moreover, in December 2022, the National Assembly of France approved a provision to make it mandatory to install PV systems at parking lots with surface area exceeding 1.500 square meters. Besides this, parking meters can support sustainable transportation initiatives by offering incentives for alternative modes of transportation. For example, meters could provide discounted rates or free parking for electric vehicles, bicycles, or carpooling vehicles, encouraging their use and reducing emissions. These factors are further bolstering the parking meter market revenue. For instance, in January 2024, the Westminster City Council implemented an emissions-based fee for drivers entering the city. With the new emissions-based charging programs, the amount that cars are charged through parking meter will depend on how much CO₂ they emit. Less CO₂ producing vehicles will incur lesser charges than larger CO₂ producing vehicles.

Parking Meter Industry 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.

Breakup by Technology: 

• 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).

In single parking meters, users pay for parking at the meter closest to their parked vehicle. Payment is typically made with coins, although many single space meters now also accept credit/debit cards or mobile payments. While multi-space parking meters consolidate payment for several parking spaces into one machine. Users pay at the centralized meter, typically entering their parking space number or license plate. 

Breakup by Parking Mode: 

• Pay and Display
• Plate
• Space
• Others
   

Pay and display accounted for the largest market share

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.

According to the parking meter market forecast, the growth of pay and display meters is attributed to convenience and flexibility. Pay and display meters offer flexibility for users in terms of parking duration. Drivers can choose the amount of time they need and purchase the corresponding parking ticket, providing convenience and control. Moreover, it allows multiple vehicles to share one space. This reduces the need for individual meters for each parking spot, optimizing space usage and reducing clutter on sidewalks or curbsides. Apart from this, it typically accepts various forms of payment, including coins, bills, credit/debit cards, and sometimes mobile payment options. This flexibility makes it easier for drivers to pay for parking.

Breakup by Application:

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

Parks represented the largest segment

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.

As per the parking meter market statistics, the rising disposable income levels along with an increase in leisure travel are driving the demand for parking meters in parks. In addition, with growing concerns about environmental sustainability, many park authorities are implementing parking fees to reduce car dependency and promote alternative modes of transportation, such as walking, cycling, or public transit.

Breakup by Region:

• 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
   

North America exhibits a clear dominance in the market

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 meters.

Some of the factors driving the North America parking meter market included favorable government initiatives, growing environmental concerns, and ongoing technological advancements. According to the parking meter market overview, the elevating demand for parking meters in North America is attributed to the wide presence of urbanized population. As urban populations grow, there is increased pressure on parking availability in cities. For instance, the population of the United States is expanding and moving from rural to urban areas. In 2021, over 83% of people would reside in urban areas, according to the World Bank. By 2030, it's anticipated that this would rise to more than 85%. Apart from this, parking meters help regulate and manage this demand by encouraging turnover and ensuring fair access to parking spaces. In line with this, many cities and municipalities implement regulations to manage parking, such as pricing, time limits, and enforcement. Parking meters provide a tangible way to enforce these regulations, ensuring compliance and generating revenue.

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
   

(Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.)

Parking Meter Market Recent Developments:

• April 2024: Flowbird, one of the leading players in the parking meter industry, partnered with Vista Summerose to transform parking in Pahang State, Malaysia.
• April 2024: The transportation commissioner for the city of Boston announced that it is planning to replace single- and dual-space parking meters over the course of the next two years with new kiosks that can hold multiple places and offer more payment choices.
• March 2024: U.S.-based ParkHub and UK-based JustPark merged to manage more than US$1 Billion in booking volume on its payment platform.

Parking Meter Market Report Scope:

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.