The global On Street Vehicle Parking Meter market was valued at around US$ 590.7 Million in 2021. With a projected CAGR of 7.3% for the next ten years, the market is likely to reach a valuation of nearly US$ 1.3 Billion by the end of 2032.
| Attributes | Details |
|---|---|
| On Street Vehicle Parking Meter Market Size (2022) | US$ 641.3 Million |
| Projected Market Value (2032) | US$ 1.3 Billion |
| Global Market Growth Rate (2022 to 2032) | 7.3% CAGR |
| Share of Top 5 Countries | 53% |
| United States On Street Vehicle Parking Meter Market Growth Rate (2022 to 2032) | 6.6% CAGR |
| United States On Street Vehicle Parking Meter Market Size (2032) | US$ 441.3 Million |
| Key Companies Profiled |
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Future Market Insights’ analysis reveals that most of the market revenue is grossed from the Single Space vehicle type. It is expected to be the most lucrative with a forecasted CAGR of 7.2% in the upcoming decade.
According to a study, cruising while searching for parking accounts for 34% of traffic on average. The need for efficient parking systems and meters that can accommodate this demand is driving the market for On-Street Vehicle Parking Meters.
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Infrastructure and convenience benefits give on-street parking a boost
On-Street Parking is the preferred method amongst both drivers and governments. On-street parking does not require much infrastructure and staffing investment. Since the costs of Off-Street parking are significantly higher, so are the fees, making it a less popular choice compared to the lower fees of on-street parking.
Street Parking is also more convenient and often takes less time (since it does not require the entry-exit method off-street parking) than parking in isolated Off-Street lots.
It also helps save space and construction expenses for authorities. The presence of on-street parking can also help authorities looking to slow down traffic- since cars parked on the street reduce the visual impression of space on the road, as well as provide obstacles cars must avoid, speed control improves.
However, the lack of availability of these spots, aesthetic concerns, and safety concerns regarding cyclists and pedestrians traveling next to parked cars are bound to be restraints for On-Street Parking demand, and thus for on-street parking meters.
Smart meters to drive demand through new forms of pricing
According to a study, 30% of traffic issues are caused by drivers dealing with inefficient parking solutions. Smart technologies in Parking meters are making parking more convenient and fee collection more effective, thus providing benefits to both drivers and authorities and driving demand.
Smart Parking Meters can keep track of large amounts of data regarding cars parked. They can conveniently keep track of the number of users, time per user, track coins and other forms of payment, specific occupancy and vacancy times, and revenue over days.
Authorities can use this information to create rules and regulations, as well as track defaulters and determine the time and place at which patrol and towing personnel need to be deployed. AI-powered meters can benefit users by alerting them of upcoming defaults, allowing them to prevent these defaults by extending time on even mobile apps and finding vacant lots to park in.
Automatic penalizing can also help reduce the burden on personnel as tickets can automatically be generated, updated on official databases, and issued to owners much more quickly. These meters can also be solar powered, have the availability to accept various types of payments, and even support dynamic pricing.
Principal Consultant
Dynamic pricing to help authorities and users shape demand
Dynamic pricing, through which rates can be adjusted and changed over different periods of time based on historic demand, is an emerging trend in parking pricing. The prices can either be pre-set based on historic trends about demand at specific places or fluctuate in real time. Authorities are looking favorably to these trends since they can significantly influence travel decisions and traffic issues.
Under dynamic pricing methods, users are motivated to look for alternative methods such as public transport or plan different timings. If implemented alongside investments in efficient public transport and investment in infrastructure for active transport (like bike lanes and pedestrian-friendly sidewalks), this can help traffic congestion and allow essential services to flow faster.
The replacement of old meters with meters that can support dynamic pricing, as well as scheduled replacements is expected to be a driver to demand in the on-street vehicle parking meter market.
Asia-Pacific is an emerging market, with a market share of 22.4% and a CAGR of 8.2% in the upcoming decade. In January 2021, Hong Kong’s HKT and Flowbird were awarded contracts to create deploy and manage a new set of parking systems for the government to replace the existing set of parking meters.
The new meters allow varied modes of payment, allow for even off-site payment of fees through the HKeMeter app and have sensors that can sense when a space is free and relay this information to users.
In Beijing, 3 prominent districts (Dongcheng, Xicheng, and Tongzhou) implemented electric Parking meters in 2019. Over 13,000 meters were installed, with the aim being to organize over 160 roads and around 13,644 parking spaces.
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Government support means the US will continue to be the largest component
The US is the leading market for On Street Vehicle Parking Meter Demand, having witnessed a CAGR of 8.3% during 2017 to 2022, with a predicted CAGR of 21.5%. The absolute dollar growth for the USA is US$ 208 Million, with forecasted market size of US$ 441.3 Million by 2032. Several cities across the US have come up with innovative parking solutions.
San Francisco under the SFpark initiative implemented a parking management system with various features. The parking meters use dynamic, demand-responsive pricing that changes according to the location and demand at a particular time. The API is also open to the public, both in terms of the data and the source code.
There is a mobile app that uses data from sensors to let drivers know when and where parking spaces are available. The meters themselves are modern- with the option of paying through phones as well.
Single-space parking meters are the top type in the market, having witnessed a CAGR of 8.4%, with a forecasted CAGR of 7.2%. Single space meters are beneficial since they provide a visual reminder to pay, maintenance issues affect only the singular parking lot concerned, and the convenience of paying exactly at the space a vehicle is parked.
However, multi-space kiosks may grow as the use of parking apps, which allow for remote payments and sensors in individual parking lots to detect defaults and availability increases.
Credit Card Payments are the key component of revenue, with a CAGR of 8.1% in 2017 to 2032 and a forecasted CAGR of 6.8%. While paying by Cash is the historic method, it has numerous disadvantages, with the most significant one being that paying by cash requires the owner to have spare change on them while parking.
Cash machines often get jammed, and theft is harder to deal with in the case of physical cash payments. Developments such as smart meters which accept official city cards, and contactless and QR code payments, are expected to shape future demand.
Street Vehicle Parking Meter providers are largely aiming at developing smarter meters to meet demand. The key companies operating in the on-street vehicle parking meter market include Ditech SRL, Duncan Solutions, IEM SA, IPS Group, Inc., MacKay Meters, MEYPAR, S.L., Parking BOXX Inc., Ventek International, Flowbird, METRIC GROUP Ltd. among others.
Some of the recent developments by key providers of On Street Vehicle Parking Meter are as follows:
Similarly, recent developments related to companies manufacturing On Street Vehicle Parking Meter have been tracked by the team at Future Market Insights, which is available in the full report.
The global On Street Vehicle Parking Meter market was valued at US$ 590.7 Million in 2021 and is expected to grow to US$ 1.3 Billion by 2032.
The On Street Vehicle Parking Meter industry is set to witness a growth rate of 7.3% over the forecast period and be valued at US$ 1.3 Billion by 2032.
Ditech SRL, Duncan Solutions, IEM SA, IPS Group, Inc., MacKay Meters, MEYPAR, S.L., Parking BOXX Inc., Ventek International, Flowbird, and METRIC GROUP Ltd. are the key suppliers of On Street Vehicle Parking Meter.
On Street Vehicle Parking Meter by credit card has been driving the demand.
United States of America, United Kingdom, China, Japan, and South Korea are expected to drive the most sales growth of On Street Vehicle Parking Meter.
The market in the US accounts for 33.9% of the global market share.
1. Executive Summary | On Street Vehicle Parking Meter Market 1.1. Global Market Outlook 1.2. Demand-side Trends 1.3. Supply-side Trends 1.4. Technology Roadmap Analysis 1.5. Analysis and Recommendations 2. Market Overview 2.1. Market Coverage / Taxonomy 2.2. Market Definition / Scope / Limitations 3. Market Background 3.1. Market Dynamics 3.1.1. Drivers 3.1.2. Restraints 3.1.3. Opportunity 3.1.4. Trends 3.2. Scenario Forecast 3.2.1. Demand in Optimistic Scenario 3.2.2. Demand in Likely Scenario 3.2.3. Demand in Conservative Scenario 3.3. Opportunity Map Analysis 3.4. Investment Feasibility Matrix 3.5. PESTLE and Porter’s Analysis 3.6. Regulatory Landscape 3.6.1. By Key Regions 3.6.2. By Key Countries 3.7. Regional Parent Market Outlook 4. Global On Market Analysis 2017 to 2021 and Forecast, 2022 to 2032 4.1. Historical Market Size Value (US$ Billion) Analysis, 2017 to 2021 4.2. Current and Future Market Size Value (US$ Billion) Projections, 2022 to 2032 4.2.1. Y-o-Y Growth Trend Analysis 4.2.2. Absolute $ Opportunity Analysis 5. Global On Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Type 5.1. Introduction / Key Findings 5.2. Historical Market Size Value (US$ Billion) Analysis By Type, 2017 to 2021 5.3. Current and Future Market Size Value (US$ Billion) Analysis and Forecast By Type, 2022 to 2032 5.3.1. Parking Meter (Single Space) 5.3.2. Parking Kiosks (Multi Space) 5.4. Y-o-Y Growth Trend Analysis By Type, 2017 to 2021 5.5. Absolute $ Opportunity Analysis By Type, 2022 to 2032 6. Global On Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Payment Type 6.1. Introduction / Key Findings 6.2. Historical Market Size Value (US$ Billion) Analysis By Payment Type, 2017 to 2021 6.3. Current and Future Market Size Value (US$ Billion) Analysis and Forecast By Payment Type, 2022 to 2032 6.3.1. Credit Card 6.3.2. Bills 6.3.3. Coins 6.4. Y-o-Y Growth Trend Analysis By Payment Type, 2017 to 2021 6.5. Absolute $ Opportunity Analysis By Payment Type, 2022 to 2032 7. Global On Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region 7.1. Introduction 7.2. Historical Market Size Value (US$ Billion) Analysis By Region, 2017 to 2021 7.3. Current Market Size Value (US$ Billion) Analysis and Forecast By Region, 2022 to 2032 7.3.1. North America 7.3.2. Latin America 7.3.3. Europe 7.3.4. Asia Pacific 7.3.5. Middle East and Africa 7.4. Market Attractiveness Analysis By Region 8. North America On Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 8.1. Historical Market Size Value (US$ Billion) Trend Analysis By Market Taxonomy, 2017 to 2021 8.2. Market Size Value (US$ Billion) Forecast By Market Taxonomy, 2022 to 2032 8.2.1. By Country 8.2.1.1. United Kingdom 8.2.1.2. Canada 8.2.2. By Type 8.2.3. By Payment Type 8.3. Market Attractiveness Analysis 8.3.1. By Country 8.3.2. By Type 8.3.3. By Payment Type 8.4. Key Takeaways 9. Latin America On Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 9.1. Historical Market Size Value (US$ Billion) Trend Analysis By Market Taxonomy, 2017 to 2021 9.2. Market Size Value (US$ Billion) Forecast By Market Taxonomy, 2022 to 2032 9.2.1. By Country 9.2.1.1. Brazil 9.2.1.2. Mexico 9.2.1.3. Rest of Latin America 9.2.2. By Type 9.2.3. By Payment Type 9.3. Market Attractiveness Analysis 9.3.1. By Country 9.3.2. By Type 9.3.3. By Payment Type 9.4. Key Takeaways 10. Europe On Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 10.1. Historical Market Size Value (US$ Billion) Trend Analysis By Market Taxonomy, 2017 to 2021 10.2. Market Size Value (US$ Billion) Forecast By Market Taxonomy, 2022 to 2032 10.2.1. By Country 10.2.1.1. Germany 10.2.1.2. United Kingdom 10.2.1.3. France 10.2.1.4. Spain 10.2.1.5. Italy 10.2.1.6. Rest of Europe 10.2.2. By Type 10.2.3. By Payment Type 10.3. Market Attractiveness Analysis 10.3.1. By Country 10.3.2. By Type 10.3.3. By Payment Type 10.4. Key Takeaways 11. Asia Pacific On Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 11.1. Historical Market Size Value (US$ Billion) Trend Analysis By Market Taxonomy, 2017 to 2021 11.2. Market Size Value (US$ Billion) Forecast By Market Taxonomy, 2022 to 2032 11.2.1. By Country 11.2.1.1. China 11.2.1.2. Japan 11.2.1.3. South Korea 11.2.1.4. Malaysia 11.2.1.5. Singapore 11.2.1.6. Australia 11.2.1.7. Rest of Asia Pacific 11.2.2. By Type 11.2.3. By Payment Type 11.3. Market Attractiveness Analysis 11.3.1. By Country 11.3.2. By Type 11.3.3. By Payment Type 11.4. Key Takeaways 12. Middle East and Africa Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 12.1. Historical Market Size Value (US$ Billion) Trend Analysis By Market Taxonomy, 2017 to 2021 12.2. Market Size Value (US$ Billion) Forecast By Market Taxonomy, 2022 to 2032 12.2.1. By Country 12.2.1.1. GCC Countries 12.2.1.2. South Africa 12.2.1.3. Israel 12.2.1.4. Rest of Middle East and Africa 12.2.2. By Type 12.2.3. By Payment Type 12.3. Market Attractiveness Analysis 12.3.1. By Country 12.3.2. By Type 12.3.3. By Payment Type 12.4. Key Takeaways 13. Key Countries On Market Analysis 13.1. United Kingdom 13.1.1. Pricing Analysis 13.1.2. Market Share Analysis, 2021 13.1.2.1. By Type 13.1.2.2. By Payment Type 13.2. Canada 13.2.1. Pricing Analysis 13.2.2. Market Share Analysis, 2021 13.2.2.1. By Type 13.2.2.2. By Payment Type 13.3. Brazil 13.3.1. Pricing Analysis 13.3.2. Market Share Analysis, 2021 13.3.2.1. By Type 13.3.2.2. By Payment Type 13.4. Mexico 13.4.1. Pricing Analysis 13.4.2. Market Share Analysis, 2021 13.4.2.1. By Type 13.4.2.2. By Payment Type 13.5. Rest of Latin America 13.5.1. Pricing Analysis 13.5.2. Market Share Analysis, 2021 13.5.2.1. By Type 13.5.2.2. By Payment Type 13.6. Germany 13.6.1. Pricing Analysis 13.6.2. Market Share Analysis, 2021 13.6.2.1. By Type 13.6.2.2. By Payment Type 13.7. United Kingdom 13.7.1. Pricing Analysis 13.7.2. Market Share Analysis, 2021 13.7.2.1. By Type 13.7.2.2. By Payment Type 13.8. France 13.8.1. Pricing Analysis 13.8.2. Market Share Analysis, 2021 13.8.2.1. By Type 13.8.2.2. By Payment Type 13.9. Spain 13.9.1. Pricing Analysis 13.9.2. Market Share Analysis, 2021 13.9.2.1. By Type 13.9.2.2. By Payment Type 13.10. Italy 13.10.1. Pricing Analysis 13.10.2. Market Share Analysis, 2021 13.10.2.1. By Type 13.10.2.2. By Payment Type 13.11. Rest of Europe 13.11.1. Pricing Analysis 13.11.2. Market Share Analysis, 2021 13.11.2.1. By Type 13.11.2.2. By Payment Type 13.12. China 13.12.1. Pricing Analysis 13.12.2. Market Share Analysis, 2021 13.12.2.1. By Type 13.12.2.2. By Payment Type 13.13. Japan 13.13.1. Pricing Analysis 13.13.2. Market Share Analysis, 2021 13.13.2.1. By Type 13.13.2.2. By Payment Type 13.14. South Korea 13.14.1. Pricing Analysis 13.14.2. Market Share Analysis, 2021 13.14.2.1. By Type 13.14.2.2. By Payment Type 13.15. Malaysia 13.15.1. Pricing Analysis 13.15.2. Market Share Analysis, 2021 13.15.2.1. By Type 13.15.2.2. By Payment Type 13.16. Singapore 13.16.1. Pricing Analysis 13.16.2. Market Share Analysis, 2021 13.16.2.1. By Type 13.16.2.2. By Payment Type 13.17. Australia 13.17.1. Pricing Analysis 13.17.2. Market Share Analysis, 2021 13.17.2.1. By Type 13.17.2.2. By Payment Type 13.18. Rest of Asia Pacific 13.18.1. Pricing Analysis 13.18.2. Market Share Analysis, 2021 13.18.2.1. By Type 13.18.2.2. By Payment Type 13.19. GCC Countries 13.19.1. Pricing Analysis 13.19.2. Market Share Analysis, 2021 13.19.2.1. By Type 13.19.2.2. By Payment Type 13.20. South Africa 13.20.1. Pricing Analysis 13.20.2. Market Share Analysis, 2021 13.20.2.1. By Type 13.20.2.2. By Payment Type 13.21. Israel 13.21.1. Pricing Analysis 13.21.2. Market Share Analysis, 2021 13.21.2.1. By Type 13.21.2.2. By Payment Type 13.22. Rest of the Middle East and Africa 13.22.1. Pricing Analysis 13.22.2. Market Share Analysis, 2021 13.22.2.1. By Type 13.22.2.2. By Payment Type 14. Market Structure Analysis 14.1. Competition Dashboard 14.2. Competition Benchmarking 14.3. Market Share Analysis of Top Players 14.3.1. By Regional 14.3.2. By Type 14.3.3. By Payment Type 15. Competition Analysis 15.1. Competition Deep Dive 15.1.1. Ditech SRL 15.1.1.1. Overview 15.1.1.2. Product Portfolio 15.1.1.3. Profitability by Market Segments 15.1.1.4. Sales Footprint 15.1.1.5. Strategy Overview 15.1.1.5.1. Marketing Strategy 15.1.2. Duncan Solutions 15.1.2.1. Overview 15.1.2.2. Product Portfolio 15.1.2.3. Profitability by Market Segments 15.1.2.4. Sales Footprint 15.1.2.5. Strategy Overview 15.1.2.5.1. Marketing Strategy 15.1.3. IEM SA 15.1.3.1. Overview 15.1.3.2. Product Portfolio 15.1.3.3. Profitability by Market Segments 15.1.3.4. Sales Footprint 15.1.3.5. Strategy Overview 15.1.3.5.1. Marketing Strategy 15.1.4. IPS Group, Inc. 15.1.4.1. Overview 15.1.4.2. Product Portfolio 15.1.4.3. Profitability by Market Segments 15.1.4.4. Sales Footprint 15.1.4.5. Strategy Overview 15.1.4.5.1. Marketing Strategy 15.1.5. J.J. MacKay Canada Limited (MacKay Meters) 15.1.5.1. Overview 15.1.5.2. Product Portfolio 15.1.5.3. Profitability by Market Segments 15.1.5.4. Sales Footprint 15.1.5.5. Strategy Overview 15.1.5.5.1. Marketing Strategy 15.1.6. MEYPAR, S.L. 15.1.6.1. Overview 15.1.6.2. Product Portfolio 15.1.6.3. Profitability by Market Segments 15.1.6.4. Sales Footprint 15.1.6.5. Strategy Overview 15.1.6.5.1. Marketing Strategy 15.1.7. Parking BOXX Inc. 15.1.7.1. Overview 15.1.7.2. Product Portfolio 15.1.7.3. Profitability by Market Segments 15.1.7.4. Sales Footprint 15.1.7.5. Strategy Overview 15.1.7.5.1. Marketing Strategy 15.1.8. Ventek International 15.1.8.1. Overview 15.1.8.2. Product Portfolio 15.1.8.3. Profitability by Market Segments 15.1.8.4. Sales Footprint 15.1.8.5. Strategy Overview 15.1.8.5.1. Marketing Strategy 15.1.9. Flowbird 15.1.9.1. Overview 15.1.9.2. Product Portfolio 15.1.9.3. Profitability by Market Segments 15.1.9.4. Sales Footprint 15.1.9.5. Strategy Overview 15.1.9.5.1. Marketing Strategy 15.1.10. METRIC Group Ltd 15.1.10.1. Overview 15.1.10.2. Product Portfolio 15.1.10.3. Profitability by Market Segments 15.1.10.4. Sales Footprint 15.1.10.5. Strategy Overview 15.1.10.5.1. Marketing Strategy 16. Assumptions & Acronyms Used 17. Research Methodology
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On Street Vehicle Parking Meter Market
