Dublin, Oct. 16, 2024 (GLOBE NEWSWIRE) -- The "Parking Meter Market Global Forecast Report by Meter Type, Application, Countries and Company Analysis 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The Global parking meter market is estimated to grow from US$ 4.74 billion in 2023 to US$6.78 billion by 2032 with CAGR of 4.07 percent between 2024 to 2032.
This growth can be attributed to the factors such as the growing population in urban areas, car ownership and the ever-growing demand for better parking management. The growing adoption of smart devices such as smart parking meters equipped with technologies such as real-time availability and digital payment methods also add towards the growth of the market. 
The major participants in the Parking Meter market includes Flowbird, IPS Group Inc, J.J. MacKay Canada Limited, LocoMobi Inc, METRIC Group Ltd, Parking BOXX, POM Inc., Ventek International.
Modern parking meters even have new technology that allows people to pay in different ways, using for example coins, a card, or just a mobile phone. Some are capable of providing parking space details and when a driver is about to finish his or her parking time. The foremost goal of parking meters is to ration scarce parking and to give each car a fair chance at a parking spot and prevent people from occupying parking space for long periods in heavily used areas. They also assist businesses since they facilitate turnover especially in the commercial areas.
Parking meters also assist cities in planning through provision of information in regard to parking. This information can assist cities to make vitality wise traffic decisions and construct new things. Thus, according to Messe Frankfurt Group, automobile ownership in china increased to 440 million through June 2024 and 96 cities have more than one million cars. As the number of cars increase, local governments are under pressure to find solution to parking problems in urban areas.
Growth Drivers for the Global Parking Meter Market
Urbanization and Increased Vehicle Ownership
The increased rate of urbanization has increased the rates of car ownership thereby enhancing the need for efficient parking. With growth in the number of people in a city, original parking lot sizes are insufficient as shown in the following image. This trend is behind the innovation of the smart parking meters that help to make effective use of available parking space while at the same time ensuring convenience to the drivers.
The government and municipalities are laying down the latest technology parking infrastructure to control traffic density and enhance the variety of vehicle parking facility in urban areas; this factor is fueling the growth of the parking meter market. As of 2014, more than half of global population or 54% resided in metropolitan geographic areas. It is forecasted that this ratio would be rising from 30% in 1950 to only 70% in 2050. Cars are used for more than half of the total trips in major cities worldwide and by 2025 there are expected to be 6.2 billion car trips around the globe, according to the united Nations.
Technological Advancements
Technological advancement in parking meters for instance, mobility, quick data collection and analysis, IoT integration change the way parking functions. These smart parking meters are convenient and help in metering and managing parking cost and thus are appealing to the users as well as city authorities. Such developments make parking easier for the public and assists cities in making more revenues.
This means that as technology evolves to more superior levels, the need for effective storage system of cars thus parking will also grow and so the market. Hikvision India made its new Multilane and ANPR Cameras with built-in Radar public during TrafficInfraTech held in October, 2023. There were also displayed new fountains and attractions, as well as the demonstrating of the Transportation Security Systems and Intelligent Traffic Management such as multilane 3D Radar with 150 meters detection range.
Government Initiatives and Regulations
The government of every country is establishing policies and initiating programs to address the traffic issue. This is to ensure that there is improvement on the transport system so that it can be more efficient and make use of the technologies to improve the cities. One of the ways, they are doing this is through revamping of parking zones. So, cities pay more attention to the better management of parking to provide a chance to park for people and cut pollution.
This is why they are advocating for the new parking meters to be incorporated in the market place. This is assisting the market to expand and is aiding in the organization of urban centers for higher productivity. In April 2024 the Park4SUMP project was completed. There a project with a four-year duration done in Europe received funding from the Horizon 2020 program. Thus, from the beginning of the project in September 2018 to August 2022, the cities received the usage of new parking solutions to enhance transportation and residents' quality of life.
North America Parking Meter Industry
United States Parking Meters Industry
United States parking meters market is primarily driven by factors such as urbanization, new and growing vehicle ownership, and concerns of proper parking management especially in cities. Contactless payment, integration of parking meters with mobile applications and real-time information availability make smart parking meters popular across the country. These meters are being installed in cities and municipalities to solve traffic problems, manage parking space and make some extra bucks.
Such situation is stimulating the market growth with the help of smart city trends and the necessity of green parking services. The U. S. parking meter market trend is projected to remain favorable because of progressing technologies and urbanization requirements. April 2024, New York City Department of Transportation upgraded parking meters and brought in Pay by plate technology where the users are required to enter license plate numbers instead of getting receipt. It seeks to minimize the use of paper thus enhancing proper parking enforcement since it is real time to avoid over staying. They can also be paid at the kiosk and through the use of the ParkNYC mobile application.
Europe Parking Meter Industry
Germany Parking Meter Market
The key factors that define the German parking meter market include the growth of urbanization, an upward trend in the car ownership, and the need to optimize parking in big cities. The transition to the smart parking meter with the contactless payments and real-time data is becoming more popular due to comprehensive digitalization of cities and the sustainable mobility programs.
They assist in solving the problems of congestion, parking space availability, and back-up and assist in environmentally sensitive goals of shorter parking time. Technological advancements in the integration of parking meters with EV charging stations and widespread use of EVs also working in the market's favour. Smartrac went into a deal with HonkMobile to provide Block On-Metal NFC tags specific to Honk's virtual parking meter;HonkTAP.
Asia Pacific Parking Meter Market
Japan Parking Meter Market
The opportunities in the parking meter market in Japan are expanding due to rising trend of population density in the urban areas and growth of parking management in the country's urban regions. Advanced technologies of intelligent parking meters, contact-less payment options, the use of applications on a Smartphone, and real-time information on the availability of parking spaces are being adopted.
Ambition on smart city projects and increase in the number of electric vehicles also affects the market by becoming associated with the parking meters as EV charging stations. Also, Japan's objective of sustainability and reduction in traffic congestion leads to the adoption of better parking solutions; technology and urban development are the ongoing drivers of the market.
Key Questions Answered in Report:
- How big is the Parking Meter industry?
- What is the Parking Meter industry growth rate?
- Who are the key players in Parking Meter industry?
- What are the factors driving the Parking Meter industry?
- Which Region held the largest market share in the Parking Meter industry?
- What segments are covered in the Parking Meter Market report?
Global Parking Meter Company News
- In April 2024, one of the top companies in the parking meter market, Flowbird, teamed together with Vista Summerose to revolutionize parking in Malaysia's Pahang State.
- In April 2024, Over the next two years, the city of Boston's transportation commissioner plans to replace single - and dual-space parking meters with new kiosks that can hold numerous spaces and provide more payment options.
- In March 2024, The United States-based ParkHub and the United Kingdom-based JustPark combined to oversee over $1 billion worth of reservations on their payment gateway.
Company Analysis: Overview, Key Personnel, Recent Development & Strategies, Product Portfolio, Financial Insights
- Flowbird
- IPS Group Inc
- J.J. MacKay Canada Limited
- LocoMobi Inc
- METRIC Group Ltd
- Parking BOXX
- POM Inc.
- Ventek International
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $4.74 Million |
| Forecasted Market Value (USD) by 2032 | $6.78 Million |
| Compound Annual Growth Rate | 4.0% |
| Regions Covered | Global |
Key Topics Covered:
1 Introduction
2 Research & Methodology
3 Executive Summary
4 Market Dynamics
4.1 Growth Drivers
4.2 Challenges
5 Global Parking Meter Market
6 Parking Meter Market Share Analysis
6.1 Meter Type
6.2 Application
6.3 Country
7 Parking Meter MarketMeter Type
7.1 Single-space
7.2 Multi-space
7.3 Pay-and-display
8 Parking Meter MarketApplication
8.1 On-Street
8.2 Malls
8.3 Railway Station
8.4 Hospitals
8.5 Stadiums
8.6 Others
9 Country
9.1 North America
9.1.1 United States
9.1.2 Canada
9.2 Europe
9.2.1 France
9.2.2 Germany
9.2.3 Italy
9.2.4 Spain
9.2.5 United Kingdom
9.2.6 Belgium
9.2.7 Netherlands
9.2.8 Turkey
9.3 Asia Pacific
9.3.1 China
9.3.2 Japan
9.3.3 India
9.3.4 Australia
9.3.5 South Korea
9.3.6 Thailand
9.3.7 Malaysia
9.3.8 Indonesia
9.3.9 New Zealand
9.4 Latin America
9.4.1 Brazil
9.4.2 Mexico
9.4.3 Argentina
9.5 Middle East & Africa
9.5.1 South Africa
9.5.2 Saudi Arabia
9.5.3 UAE
10 Parking Meter MarketPorter's Five Forces
10.1 Bargaining Power of Buyers
10.2 Bargaining Power of Suppliers
10.3 Degree of Rivalry
10.4 Threat of New Entrants
10.5 Threat of Substitutes
11 Parking Meter MarketSWOT Analysis
11.1 Strength
11.2 Weakness
11.3 Opportunity
11.4 Threat
For more information about this report visit https://www.researchandmarkets.com/r/jmnbh9
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