Vehicle Parking Meter Market: Global Size, Share, Trends, Growth and Forecast 2022-2032
Vehicle Parking Meter Market: Overview and Definition
The global vehicle parking meter market size was estimated at USD 4.9 billion in 2021 and is expected grow with a CAGR of 5.6% over the forecasted period of 2022 to 2032. The worldwide market has experienced a significant growth due increase in adoption of parking meters for regulating the parking spaces to avoid traffic congestion and improve traffic circulation.
Moreover, the market will present promising growth possibilities, which are stemmed by the blend of various factors. Some of these factors are, surge in demand for parking meters in malls & stadiums, public parks, and various other public places; the growing number of vehicles; rapid urbanization; and alarming problem of traffic congestion in developed as well as developing countries. In addition, high disposable income has led to the improved sales of automobiles around the globe. This factor significantly boosts the demand for vehicle parking meter. However, the high initial investment hampers growth of the market to some extent.
A vehicle parking meter is a compact device used for the collection of the money to park a vehicle for a certain amount of time. It maintains the parking availability in public, private, and commercial spaces. These devices are usually installed in high traffic areas including government institutions, public parks, hospitals, and malls & stadiums to generate revenue from parked vehicles.
The market is seeing extensive consolidations, product launches, geographical expansions, and acquisitions. These are embraced by the market players to accomplish upgraded portfolios and generate new revenue streams. For instance, in June 2020, Tata Elxsi, one of the leading providers of design and technology services for product engineering and solutions has developed new smart parking solutions to help save the hassle and time for drivers across the India to search for a parking slot and park the cars.
Vehicle Parking Meter Market Growth Drivers
The vehicle parking meter market is driven by several factors that contribute to its growth and widespread adoption. These drivers include:
Increasing Urbanization: The rapid growth of urban areas and the subsequent rise in the number of vehicles on the road create a higher demand for parking spaces. Vehicle parking meters help manage and regulate parking in urban environments, ensuring efficient utilization of available parking spots.
Growing Vehicle Ownership: The increasing number of vehicles owned by individuals and businesses necessitates effective parking management systems. Parking meters provide a fair and organized approach to parking, enabling better utilization of limited parking spaces.
Traffic Congestion and Parking Challenges: With the growth in urban population and vehicle ownership, traffic congestion and parking challenges become more prevalent. Vehicle parking meters help mitigate congestion by encouraging turnover in parking spaces and reducing the time spent searching for parking.
Revenue Generation: Parking meters serve as a revenue-generating tool for municipalities and parking authorities. By implementing parking meters, local governments can collect parking fees, which can be reinvested in infrastructure development, maintenance, and other public services.
Improved Parking Efficiency: Parking meters help optimize parking operations by providing accurate data on parking occupancy and duration. This information enables parking managers to make informed decisions regarding pricing, time limits, and parking restrictions, leading to improved parking efficiency.
North America holds the largest share in the global vehicle parking meter market. This is attributed to the high adoption rate of smart vehicle parking systems in the U.S. and Canada.
However, strong economic growth has made vehicle parking meter one of the most lucrative and sought-after industry sectors in the Asia Pacific market. The Asia Pacific area may surface as a highest growth regional segment over the estimated time frame. The provincial market development may be due to the growing automotive industry and rising demand for smart devices in emerging markets such as China, India, and Japan. In addition, China has become the second largest economy across the globe and is on path to become the largest by 2030. This factor is expected to be opportunistic for the vehicle parking meter market growth.
Moreover, the rising popularity of smart vehicle parking systems around the developed countries such as U.S., Canada, Germany, and the UK fuels global vehicle parking meter market. For instance, in July 2018, Hectronic, the designer and manufacturer of embedded computers in the Nordic region has acquired the on-street parking system division of Kienzle Argo, a Germany provider of sales and services of devices and systems in the automotive industry.
Product Type Insights:
In view of Product types, the market has been portioned into legacy meters and smart meters. The legacy meters section is the biggest portion, regarding income, and may rule the innovation field, as far as size, by 2027.
The smart meters segment should observe impressive development and rule the market (regarding development rates) over the conjecture time frame. In any case, factors, for example, the proliferation of digital payment technologies and the increasing adoption of integrated automated solutions along with the several advancements in wireless technologies drives growth of the segment.
Consolidations, product launches, and acquisitions, to accomplish enhanced coverage of vehicle parking meter and to improve product insurance portfolio, have advanced as a significant piece of the current vehicle parking meter industry. For example, in January 2020, Klaus Multiparking, one of the leading manufacturers of parking systems in the world collaborated with Lendlease, a multinational construction, property, and infrastructure company and MACE to develop MasterVario R3L, a fully automatic parking system at Rathbone Square, London.
End Use Insights
In light of end use, the market is categorized into government institutions, parks, hospitals, malls & stadiums, transit systems, and others. The government institutions section is the biggest portion, regarding income, and may rule the innovation field, as far as size, by 2027.
On the other hand, among the sub-segments, the parks is ready to observe highest growth rates. This is mainly attributed to the high demand for vehicle parking meter in the parks due to rising disposable income among the growing population.
The malls & stadiums and transit systems portions may observe critical development rates. This may be due to the emerging smart parking systems with the high level of flexibility and convenience along with mobile payment options.
Competitive Market Insights
The key business members of the market are Cale Access AB, CivicSmart, Inc., POM Inc., LocoMobi Inc, J.J. MacKay Canada Limited, METRIC Group Ltd, IPS Group, Inc., Parkeon S.A.S., Ventek International, Parking BOXX, and Worldwide Parking, Inc.