The global on street vehicle parking meter market size is projected to reach USD 740.4 million in 2024. It is estimated to rise at a CAGR of 7.6% during the forecast period to reach a value of USD 1,540.2 million by 2034.
Several urban areas are equipped with parking meters that require drivers to pay for parking spaces. These devices register the purchase of parking time for a vehicle.
Several developed regions are adopting parking meters to straighten out the area’s parking problem. They are also a great way to generate revenue and stimulate growth in the assessed value of downtown commercial properties.
| Attributes | Description |
|---|---|
| Estimated Global On Street Vehicle Parking Meter Market Size (2024E) | USD 740.4 million |
| Projected Global On Street Vehicle Parking Meter Market Value (2034F) | USD 1,540.2 million |
| Value-based CAGR (2024 to 2034) | 7.6% |
Governments and drivers prefer parking meters because of the convenience they provide. These meters do not require a massive infrastructure or staffing investment, thereby making them more favored. Off street parking is expensive compared to on street parking. Relatively low fees for on-street parking make it popular among citizens.
Street parking, compared to off street parking, is convenient and consumes less time. It also saves on construction expenses and assists in slowing down traffic. The presence of parked cars on roads reduces the visual impression of open space on roads and provides needed obstacles to vehicles, thereby controlling their speeds. Advantages of on street parking hence propel demand for on street vehicle parking meters.
Aesthetic appeal coupled with safety concerns regarding cyclists and pedestrians next to parked cars are projected to limit the growth of the on street vehicle parking meter market. On street parking in several cities has numerous rules and regulations and charges hefty fines for violations.
On street vehicle parking is generally unreliable, especially in busy locations as it becomes difficult to find vacant spaces in congested areas. Individuals are at high risk of vandalism, break-ins, and damage to cars from passing pedestrians and traffic.
On street parking is dependent on the other vehicle to vacate the parking space within the given time limit. This dependency and unreliability makes on street parking less favorable to citizens. This, in turn, affects sales of on street vehicle parking meters.
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The table below presents the anticipated CAGRs for the global on street vehicle parking meter industry over semi-annual periods ranging from 2023 to 2024. The examination provides organizations with a better understanding of the growth over the year by divulging crucial shifts in performance and growth patterns. The first half (H1) of 2023 spans from January to June. The second half or H2 includes July to December.
Figures exhibited in the table present the growth rate for each half between 2023 and 2024. It is anticipated to rise at a CAGR of 7% in the first half (H1) of 2023. The second half of the same year is set to showcase a spike in the growth rate at a CAGR of 7.7%.
| Particular | Value CAGR |
|---|---|
| H1 | 7% (2023 to 2033) |
| H2 | 7.7% (2023 to 2033) |
| H1 | 7.3% (2024 to 2034) |
| H2 | 7.9% (2024 to 2034) |
Preceding in the subsequent period, from H1 2024 to H2 2034, the CAGR is projected to dip to 7.3% in the first half (H1) and then substantially rise to 7.9% in the second half (H2).
Introduction of Dynamic Pricing to Create New Growth Avenues
Dynamic pricing is assisting cities to propel demand for on street parking, thereby augmenting sales of on street vehicle parking meters. It bases the products' or services’ prices on evolving market trends. Meaning, authorities can adjust or change parking rates seamlessly over different periods of time. They can set prices based on historic parking demand trends at specific places or keep them fluctuating in real time based on rising demand.
Dynamic pricing encourages users to look for alternate methods such as public transport or plan different timings. This can assist in minimizing traffic congestion during rush hours. The replacement of old meters with ones that support dynamic pricing is projected to drive demand for new and smart on street vehicle parking meters.
Integration of Smart Technologies Prove to be Fruitful for Growth
Studies have found that around 30% of traffic issues are caused by drivers dealing with inefficient parking solutions. Efficient parking management coupled with the integration of smart technologies is projected to make on street more convenient and effective.
Smart parking meters can assist in keeping track of huge amounts of data, including pared cars, number of users, time per use, payment, occupancy, and vacancy times. This information can assist authorities to better plan parking management, decide regulations, track defaulters, and select fares for specific locations.
Parking meters integrated with AI can benefit users by altering their time limit, thereby saving upcoming defaults, extending parking times through mobile applications, or finding other vacant parking lots in the vicinity. Tech integration can facilitate automatic penalizing, thereby reducing the burden on personnel as tickets can be automatically generated, updated in official databases, and issued to owners swiftly.
Rising Demand for Parking Spaces in Emerging Economies Pushes Sales
Developing countries are witnessing a rising demand for on street parking solutions owing to rapid industrialization. Several countries like India are promoting smart cities initiatives to digitalize the nations. Initiatives like these drive the need for smart on street vehicle parking meters that assist in delivering intelligent and efficient parking solutions.
Commercial and residential buildings are becoming cramped, thereby leaving little to zero space for parking. This ascends the need for on street parking where citizens can park their cars while in the office. The rising demand for on street parking directly surges demand for on street vehicle parking meters.
Principal Consultant
The global on street vehicle parking meter market industry was valued at USD 519.1 million in 2019. It grew at a CAGR of 7.3% during the forecast period ranging between 2019 and 2023. It attained a value of USD 688.1 million in 2023.
The global on street vehicle parking meter market witnessed a steady growth rate during the historical period. This expansion was attributed to the rising adoption of these efficient parking solutions by developed countries. Increasing urbanization further resulted in traffic congestion and a shortage of parking spaces, thereby posing a requirement for efficient parking management solutions.
The industry is anticipated to reach USD 740.4 million by 2024 and is projected to grow at a CAGR of 7.6% during the forecast period. The overall market is predicted to reach USD 1,540.2 million by 2034.
The industry is projected to continue its growth trajectory over the forecast period. Developing nations are estimated to create a significant demand for on street vehicle parking meters.
Ongoing urbanization in these countries coupled with innovations in parking meter technology are projected to be key factors influencing the market. The emergence of smart meters is anticipated to further push sales of these parking meters. The shift toward sustainable transportation coupled with the rising focus on reducing carbon emissions is likely to foster demand.
Key attributes that differentiate Tier 1 companies are their brand recognition and stability. These companies comprise a significant portion of the global industry. They deploy unique technologies in their manufacturing processes to boost production. These organizations have an extensive product portfolio and have production facilities spread across several regions. Well-known companies in Tier 1 are Flowbird and Duncan Solutions.
Companies operating in specific regions come under Tier 2. These businesses are well-known on the global stage and have a significant influence on the local economy. These companies hold an in-depth knowledge of the industry and ensure regulatory compliance. Renowned organizations in Tier 2 are IPS Group, Inc., IEM SA, METRIC Group Ltd., and J.J. MacKay Canada Limited (MacKay Meters).
Tier 3 chiefly consists of small-sized businesses having regional headquarters. These firms have a limited geographical reach, resulting in less competition among companies. Compared to organizations in Tier 1 and Tier 2, Tier 3 businesses are less formalized and structured. Key enterprises in Tier 3 include Ditch SRL, MEYPAR, S.L., Parking BOXX Inc., and Ventek International.
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The section provides organizations with an overview of the industry. It consists of a detailed analysis of the emerging trends and opportunities on a country-by-country basis. This country-specific examination of the dynamics is projected to help businesses understand the complex nature of the business.
The examination consists of key factors, potential challenges, and forecasts influencing the demand, production, and consumption rate in each country. It aims to help businesses make informed decisions and develop effective strategies tailored to individual countries.
India is projected to dominate in terms of country-wise growth during the assessment period with an anticipated CAGR of 7.9%. France, Spain, and Italy are projected to follow behind to become the key countries with estimated CAGRs of 7.5%, 7.3%, and 7.1%, respectively.
| Countries | CAGR 2024 to 2034 |
|---|---|
| India | 7.9% |
| France | 7.5% |
| Spain | 7.3% |
| Italy | 7.1% |
| Canada | 7.1% |
The steady growth in India’s economy coupled with the rise in income levels has made vehicles affordable for the population. This increasing number of vehicles in turn surges the demand for on-street vehicle meters.
The growth in vehicular population is resulting in traffic congestion and parking problems. This creates an increasing requirement for efficient traffic management solutions, especially in urban areas. On street vehicle parking meters can assist in addressing these issues by effectively managing parking spaces.
The country is actively pursuing smart city initiatives to modernize urban infrastructure and enhance quality of life. On street vehicle parking meters are a crucial component of smart city solutions as they enable digitalized parking management.
Government authorities in the country are implementing stringent traffic management regulations to address the rapidly rising congestion and improve road safety. On street parking meters are projected to reduce traffic congestion by streamlining parking throughout cities. Government policies coupled with the smart cities initiative are encouraging the adoption of smart city technologies.
The government of Spain is investing in modernizing the country’s infrastructure. On street vehicle parking meters are a key component of smart city solutions as they enable digitalized and seamless parking management.
If fitted with machine learning tools, they can be used to generate data on parking patterns. This data is likely to assist authorities in making informed decisions regarding urban planning and transport management.
There is a rising awareness among the population of the country regarding the benefits of smart parking solutions, including on street vehicle parking meters. The tourism industry of Spain attracts millions of visitors each year.
The influx can result in a rising demand for parking spaces, especially in popular tourist areas, leading to traffic congestion. On street parking meters can solve this issue of congestion by organizing parking spaces.
Municipalities in the United States are seeking new ways for revenue generation to support their services and infrastructure. On street vehicle parking meters provide a direct way to collect funds. Cities in the United States are using parking meters to encourage the use of alternate modes of transportation and decrease car use in congested areas.
As different cities adopt smart city technology, the demand for parking meters is projected to rise. Innovations in technology, such as smart meters with digital payment options, real-time tracking, and integration with mobile apps are set to make parking meters extra appealing to the population of the country.
The section provides companies with insightful data and analysis of the two leading segments. Segmentation of these categories assists organizations in understanding the dynamics of the business and investing in the beneficial zones.
Examination of the growth helps companies gain a thorough understanding of the trends, opportunities, and challenges present in the market. This analysis is projected to help companies navigate the complex environment of the business world and make informed decisions.
Parking meter (single space) is projected to lead in terms of meter type with a value share of 62.5% in 2024. In terms of payment, the credit card segment is set to lead with a value share of 50% in the same year.
| Segment | Parking Meter [Single Space] (Meter Type) |
|---|---|
| Value Share (2024) | 62.5% |
Sing space parking meters are gaining popularity and are hence estimated to attain a value share of 62.5% in 2024. These cater to individual parking spots, enabling drivers to pay for the specific space they are occupying, unlike multi-space parking meters that have a centralized payment point for multiple parking spots. Single-space parking meters are suitable in areas with demarcated parking spaces.
| Segment | Credit Card (Payment) |
|---|---|
| Value Share (2024) | 50% |
Credit cards are the preferred payment type in the on street vehicle parking meter market with an anticipated 50% value share in 2024. Individuals are increasingly shifting toward credit cards as these have several offers on payments.
They also provide a cashless, hassle-free, and efficient method of payment. Rapid digitization initiatives across the globe support the use of credit cards. People these days are less likely to carry coins or bills, thereby surging the use of credit cards for payment of parking bills.
Key players in the industry include Ditech SRL, Duncan Solutions, IEM SA, IPS Group, Inc., J.J. MacKay Canada Limited (MacKay Meters), and MEYPAR, S.L. Established manufacturers are working toward broadening their product portfolio.
They are incorporating smart parking solutions in their offerings. Technology giants like Siemens and Honeywell are progressively entering the market. They are leveraging their expertise in AI, IoT, and data analytics to develop unique solutions for parking management.
Established companies are collaborating with new entrants. Manufacturers will be required to focus on developing innovative smart parking solutions that incorporate features like real-time parking availability and online payments. Deployment and operation of on street vehicle parking meters require access to a strong network of sensors, payment gateways, and communication infrastructure.
Businesses that can provide scalable solutions that can be customized to the specific requirements of different cities and regions are likely to hold a competitive edge in the market. Manufacturers will be required to focus on offering cost-effective solutions that are able to generate revenue for cities while improving parking management.
Industry Updates
In terms of type, the industry is divided into parking meters (single-space) and parking kiosks (multi-space).
Credit cards, bills, and coins are the three payment types in the market.
The market is spread across North America, Latin America, Western Europe, East Asia, South Asia and Pacific, and the Middle East and Africa.
It is estimated to reach USD 740.4 million in 2024.
It is projected to reach USD 1,540.2 million by 2034.
Ditech SRL, Duncan Solutions, IEM SA, IPS Group, Inc., J.J. MacKay Canada Limited (MacKay Meters), and MEYPAR, S.L. are the key players.
The United Kingdom’s first parking meters started operating in Mayfair on 10th June 1958.
It will likely rise at a CAGR of 7.6% from 2024 to 2034.
Parallel, angle, perpendicular, and diagonal parking are a few key methods.
It is a coin-operated device that controls parking in a designated parking space.
India is anticipated to dominate with a CAGR of 7.9% during the assessment period.
1. Executive Summary 2. Industry Introduction, including Taxonomy and Market Definition 3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments 4. Global Market Demand Analysis 2019 to 2023 and Forecast 2024 to 2034, including Historical Analysis and Future Projections 5. Pricing Analysis 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034 6.1. Type 6.2. Payment Type 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Type 7.1. Parking Meter (Single Space) 7.2. Parking Kiosks (Multi Space) 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Payment Type 8.1. Credit Card 8.2. Bills 8.3. Coins 9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region 9.1. North America 9.2. Latin America 9.3. Western Europe 9.4. South Asia 9.5. East Asia 9.6. Eastern Europe 9.7. Middle East & Africa 10. North America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 11. Latin America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 12. Western Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 13. South Asia & Pacific Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 14. East Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 15. Eastern Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 16. Middle East & Africa Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 17. Sales Forecast 2024 to 2034 by Type and Payment Type for 30 Countries 18. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard 19. Company Profile 19.1. Ditech SRL 19.2. Duncan Solutions 19.3. IEM SA 19.4. IPS Group, Inc. 19.5. MacKay Meters 19.6. MEYPAR, S.L. 19.7. Parking BOXX Inc. 19.8. Ventek International 19.9. Flowbird 19.10. METRIC GROUP Ltd 19.11. Parkmobile, LLC 19.12. Scheidt & Bachmann 19.13. Flowbird Smart City 19.14. Parkeon 19.15. Cale Access AB
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On Street Vehicle Parking Meter Market
