Parking Meter Market

Market Overview:

The global parking meter market size reached US$ 5.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 6.8 Billion by 2028, exhibiting a growth rate (CAGR) of 4.58% during 2023-2028. The increasing number of vehicles and traffic congestion, favorable government initiatives, and continuous product innovation represent some of the key factors driving the market.

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 2023-2028. 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:

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 2017-2028.
• 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.