The global on-street vehicle parking meter market is anticipated to reach USD 740.4 million by 2024, with a strong growth trajectory at a 7.6% CAGR, reaching USD 1,540.2 million by 2034. Parking meters are extensively used in urban areas, where they facilitate effective parking management by requiring drivers to pay for parking time. These systems are increasingly adopted in developed regions to alleviate parking congestion, create new revenue streams, and enhance the value of downtown commercial areas.
Key Takeaways from the Global On-Street Vehicle Parking Meter Market Report:
- Challenges to Growth: Market expansion may be hindered by limited parking availability and safety concerns for cyclists and pedestrians.
- Asia Pacific Market Growth: The Asia Pacific region is expected to experience robust growth, with a CAGR of 8.2%, and account for 22.4% of the global market share.
- U.S. Market Leadership: The U.S. is projected to lead the global market with a significant CAGR of 21.5%, reflecting strong adoption of parking meter systems.
- Single-Space Parking Meters: By type, single-space parking meters will grow steadily with a forecasted CAGR of 7.2% over the period.
- Payment Method Trends: The credit card payment segment is set to grow at a CAGR of 6.8% from 2022 to 2032, highlighting the shift toward convenient, cashless transactions.
Comprehensive Market Insights: Full Report Overview
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.
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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