The Global Parking Meter Apps Market was estimated to be worth USD 62.2 Million. With the increasing issue of parking spot availability worldwide, the market is expected to reach a worth of about USD 358 Million by the end of 2032, with a projected CAGR of 17.1% from 2022 to 2032. From 2017 to 2021, the Parking Meter Apps Market experienced a growth of 18.7%.
| Attributes | Details |
|---|---|
| Global Parking Meter Apps Market Size (2022) | USD 73.8 Million |
| Global Parking Meter Apps Projected Market Value (2032) | USD 358 Million |
| Global Parking Meter Apps Market Growth Rate (2022 to 2032) | 17.1% CAGR |
| United States Parking Meter Apps Growth Rate (2022 to 2032) | 16.3% CAGR |
| Key Companies Profiled | IEM SA; INRIX, Inc.; ParkMate; Parkopedia; Arrive; ParkMobile; PASSPORT LABS INC.; Flowbird; PayByPhone; EasyPark; Parking Panda; Streetline; BestParking; Waze; HONK; JustPark; Telpark |
The parking meter apps market has gained significant importance within the past few years and is expected to witness similar growth in the near future, due to the increasing number of vehicles on roads and the following rise in traffic congestion.
The onset of Covid-19 hampered the parking meter apps market expansion as it caused industry stakeholders to postpone their planned projects and investments in parking management. However, the pandemic has increased the need for contactless parking payment solutions and raised the relevance of digital payments in parking meter apps, providing greater growth opportunities for the market players in parking meter apps.
Some of the key features that are currently being focused on by market players that are expected to be a huge step toward the faster growth of the Parking Meter Apps Market are auto-payment options and voice guidance enabled through smartphone apps.
For efficient operation of vehicles in parking areas and to access control systems efficiently, Automatic Number Plate Recognition (ANPR) systems have been included across several parking lots.
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North American region holds the largest market for parking meter apps mainly due to the increasing number of vehicles, lesser land availability for parking, and smart city initiatives from governments.
The US Green Building Council (USGBC) has increased the amount of clean and greener space available in buildings as part of its smart city projects, which raises demand for parking meter apps that reduce time spent on processing payments and keeping track of parking spaces by making these tasks accessible electronically.
Besides, a total of 1,456 on-street parking places, 29 off-street parking lots, 1,449 parking spaces, and 2 municipal garages with 966 parking slots are all equipped with smart parking meter solutions by the Canadian government.
Asia Pacific region sees the fastest growth in demand for Parking Meter Apps. The rising technological advancements in developing countries like India and China are attracting several new market players in the region. Heavy capital investments are being made by the government of these developing countries to resolve traffic congestion, and parking space availability issue, and to reduce air pollution caused due to vehicles.
Get My Parking is an Indian Parking Meter App, founded in 2015. The system is presently implemented in over 250 parking areas in Chicago, Houston, Mumbai, Johannesburg, Ottawa, and Pune, at lengths including Delhi-National Capital Region, Kolkata, Hyderabad, Nagpur, and Bangalore, among others.
As a part of its operation, Get My Parking has completed three smart city projects in the country, as well as successful navigators for various municipalities and government agencies. To ensure increased parking revenues through efficient parking lot management GMP has also partnered with parking operators.
Administrators have also enabled city parking permits and offer reduced parking rates for the citizens using Get My Parking Permit. Get MY Parking is now expanding its services to 17 other countries.
In April 2021, a fund worth USD 680 Million was awarded to Flowbird and HKT by the Transport Department of the Hong Kong Special Administrative Region to develop digital on-street parking systems under their smart city program.
The USA holds the largest market for Parking Meter Apps, which is projected to reach a valuation of USD 358 Million by 2032. From 2017 to 2021, the market in the US grew at a CAGR of 18.4%. Between 2022 and 2032, the US is expected to be a market with a USD 94.7 Million absolute dollar opportunity.
According to the parking and transportation ticketing business Flowbird, which has its USA headquarters in Moorestown and clients in Chicago, New York, Miami, Los Angeles, and Philadelphia, among other major US cities, the majority of these cities offer parking meter apps.
Along with parking meters, many applications help drivers locate quick or inexpensive parking in major US cities. Parking spot bookings are available through services like ParkWhiz, SpotHero, and Parking Panda in numerous locations. Drivers can use the app to search for parking and reserve a space.
To improve accessibility, there are also valet applications available in several US locations. The valet applications Luxe, Zwayo, SpotLight Parking, and Veer are available in Boston. San Francisco, San Diego, Seattle, Los Angeles, and Washington, DC drivers can use Zirx. ValetAnywhere provides services in New York City while Carbon is only available in San Francisco. Blucar is accessible on the west coast in Boulder, Denver, Beverly Hills, and San Diego.
China has the most optimistic market for Parking Meter Apps after the US. China’s Parking Meter App market is expected to be worth USD 24.1 Million by the year 2032 with an absolute dollar growth of USD 18.6 Million. China has previously experienced a CAGR of 17.9% from 2017 to 2021 and is expected to witness a CAGR of 16% from 2022 to 2032.
Key Chinese cities struggle to meet the rising demand for parking. Therefore, a common feature in Chinese parking apps is the option to pre-book and pay for parking. Ubo and Tingchebao are the two most popular parking meter apps in China.
Ping An Ventures and Yonghua Capital recently provided Tingchebao with a series of funding totaling USD 2.6 Million. It is a parking application that uses location to find available spaces nearby. It displays the costs and facilitates users' ability to reserve parking spaces in advance.
A little monthly subscription charge is required to receive limitless parking. Tingchebao's newest offering, on-demand valet parking, will be soon introduced with the help of this most recent round of funding.
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Although Android holds a significant share of the market, iOS is the most used Platform for downloading Parking Meter Apps. Revenue through this category expanded at a CAGR of 18.6% from 2017 to 2021 and is projected to grow at a CAGR of 16.9% by 2032.
The number of Android users is more than the number of iOS users worldwide. But, the majority of iOS users come from developed regions or countries where parking meter apps are more in demand in comparison to developing nations where although the number of Android users is more, the demand for parking meter apps is still quite less.
The personal end-user contributes the most of the market revenue due to its increasing acceptance among drivers for easily finding parking spaces and making payments quickly. The use of parking meters by individuals experienced a CAGR of 18.4% from 2017 to 2021 and is expected to witness a CAGR of 16.6% in the next ten years. However, businesses are increasingly deploying parking meter app solutions for the ease of employees.
To make their product as accessible as possible for individual users, market participants consistently focus on new product breakthroughs and advances. To stay competitive, some of the key players also form alliances with corporations and other institutions.
For instance, in October 2021, ParkMobile and North Carolina Central University partnered to offer contactless parking reservations for the school's basketball and football games. ParkMobile now has more than 574,000 users in North Carolina as a result of this relocation.
The Parking Meter App Market is getting quite competitive recently. Some of the key players in the industry are IEM SA, INRIX, Inc., ParkMate, Parkopedia, Arrive (ParkWhiz), ParkMobile, LLC, PASSPORT LABS, INC., Flowbird, PayByPhone, EasyPark, Parking Panda, Streetline, BestParking, Waze, HONK, JustPark, and Telpark.
Some of the key developments in the parking meter apps market include the following:
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The global Parking Meter Apps Market was valued at USD 62.2 Million in 2021 and is expected to experience an absolute dollar growth of USD 284.2 by 2032.
Over the projected period, the Parking Meter Apps Market is expected to increase at a CAGR of 17.1%, reaching a value of USD 358 Million by 2032.
The increase in the number of vehicles on roads and the rise in traffic congestion are the key factors driving the Parking Meter Apps Market.
The Parking Meter Apps Market expanded at a CAGR of 18.7% from 2017 through 2021.
iOS is the most used Platform for downloading Parking Meter Apps. Revenue through this category expanded at a CAGR of 18.6% from 2017 to 2021, and is projected to grow at a CAGR of 16.9% by 2032.
IEM SA, ParkMate, Parkopedia, ParkMobile, LLC, PayByPhone, EasyPark, Parking Panda, Streetline, BestParking, Waze, HONK, JustPark, and Telpark, are some of the key players in the Parking Meter Apps Industry.
The United States of America, United Kingdom, China, Japan, and South Korea are expected to drive the most Parking Meter Apps.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032 5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Platform 5.1. Android 5.2. IOS 6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By End User 6.1. Personal 6.2. Businesses 7. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region 7.1. North America 7.2. Latin America 7.3. Europe 7.4. Asia Pacific 7.5. Middle East and Africa 8. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 9. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 10. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 11. Asia Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 12. Middle East and Africa Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 13. Key Countries Market Analysis 14. Market Structure Analysis 15. Competition Analysis 15.1. IEM SA 15.2. INRIX, Inc. 15.3. ParkMate 15.4. Parkopedia 15.5. ParkWhiz 15.6. ParkMobile, LLC 15.7. PASSPORT LABS, INC. 15.8. Flowbird 15.9. PayByPhone 15.10. EasyPark 16. Assumptions & Acronyms Used 17. Research Methodology
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Parking Meter Apps Market
