The global on-street vehicle parking meter market is projected to reach USD 1.3 billion by 2032, up from an estimated USD 641.3 million in 2022. This market is expected to grow at a robust compound annual growth rate (CAGR) of 7.3% from 2022 to 2032. The increasing demand for efficient parking systems that reduce traffic congestion caused by drivers searching for parking spots is a key factor driving the growth of the on-street vehicle parking meter market during this period.
Both drivers and governments favor on-street parking over off-street options. On-street parking requires lower infrastructure and staffing investments, while off-street parking tends to be significantly more expensive. Additionally, on-street parking is more convenient, typically taking less time since it avoids the entry and exit procedures required for off-street parking. This type of parking also conserves space and reduces construction costs for authorities, helping to alleviate traffic jams by naturally slowing down traffic. Cars parked on the street create obstacles that reduce the perceived space on the road, which aids in speed control.
The rise of smart meters is also expected to fuel market growth by enabling new forms of pricing. Many traffic issues stem from inefficient parking solutions, and the adoption of smart technologies is set to make parking more convenient and improve fee collection. This technological advancement is anticipated to drive the demand for on-street parking meters throughout the forecast period.
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Key Takeaways from the On Street Vehicle Parking Meter Market Report:
- Lack of parking spots and safety concerns for cyclists and pedestrians may stymie the market growth.
- The on street vehicle parking meter market in the Asia Pacific region will grow at a CAGR of 8.2% and account for 22.4% of the overall market share.
- The U.S. will dominate the global on street vehicle parking meter market with a staggering CAGR of 21.5%.
- By type, the single-space parking meter will grow at a CAGR of 7.2% during the forecast period.
- On the basis of payment type, the credit card segment will record a CAGR of 6.8% during 2022-2032.
Competitive Landscape:
Ditech SRL, Duncan Solutions, IEM SA, IPS Group, Inc., MacKay Meters, Meypar, S.L.,
Parking BOXX Inc., Ventek International, Flowbird, and METRIC GROUP Ltd., among others, are some of the major players in the on street vehicle parking meter market profiled in the full version of the report.
Leading market players are concentrating on developing improved smart meters to cater to the growing demand. These enterprises employ strategic deals, agreements, partnerships, and acquisitions to strengthen their market position.
More Insights into On Street Vehicle Parking Meter Market Report:
In its latest report, FMI offers an unbiased analysis of the global on street vehicle parking meter market, providing historical data from 2017 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of product type, payment type, and region.
According to the latest FMI reports, based on segmentation, the credit card payment category will grow at a CAGR of 6.8%. Due to the convenience and ease offered by this payment mode, the segment is anticipated to make significant contributions to the overall market growth. In terms of type, single-space parking meters will generate high demand and expand with a CAGR of 7.2% over the next few years.
Based on region, the on street vehicle parking meter market in the United States will exhibit substantial growth during 2022-2032. The target market in this country will dominate the global marketplace with an astonishing CAGR of 21.5%. Implementation of innovative parking solutions across the country, demand-responsive pricing, and easy adoption of progressive technology is driving the growth of the on street vehicle parking meter market in the United States. Overall, a general preference for on-street parking over off-street, affordability, and low investment needs drive the growth of the on street vehicle parking meter market during the forecast period.
Comprehensive Market Insights: Full Report Overview
On Street Vehicle Parking Meter Market Segmentation:
By Type:
- Parking Meter (Single Space)
- Parking Kiosks (Multi Space)
By Payment Type:
- Credit Card
- Bills
- Coins
By Region:
- North America On Street Vehicle Parking Meter Market
- Latin America On Street Vehicle Parking Meter Market
- Europe On Street Vehicle Parking Meter Market
- Asia Pacific On Street Vehicle Parking Meter Market
- Middle East & Africa On Street Vehicle Parking Meter Market
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