As per MRFR analysis, the Parking Meter Market Size was estimated at 3.93 (USD Billion) in 2022. The Parking Meter Market Industry is expected to grow from 4.09(USD Billion) in 2023 to 5.8 (USD Billion) by 2032. The Parking Meter Market CAGR (growth rate) is expected to be around 3.96% during the forecast period (2024 - 2032).
The parking meter market is driven by increasing urbanization and the growing number of vehicles worldwide, leading to a surge in parking demand. The advent of smart parking meters with advanced features such as mobile payments, real-time occupancy monitoring, and data analytics is also fueling market growth.
Opportunities lie in the integration of parking meters with smart city initiatives, including traffic management systems and parking guidance applications. The market is also expected to benefit from the growing adoption of electric vehicles, as smart parking meters can facilitate charging infrastructure and optimize parking availability.
Recent trends include the rapid adoption of contactless and mobile payment options, the integration of artificial intelligence (AI) for license plate recognition and automated enforcement, and the development of solar-powered parking meters for sustainable operation.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The increasing number of vehicles on the road has led to a growing demand for efficient parking management solutions. Parking meters provide a convenient and cost-effective way to manage parking, helping to reduce congestion and improve traffic flow. The growing adoption of smart parking meters, which offer features such as real-time parking availability and mobile payment options, is further driving the growth of the parking meter market. The growing urbanization and the increasing number of commercial and residential complexes are also contributing to the growth of the parking meter market.As cities become more densely populated, the need for efficient parking management solutions becomes more critical. Parking meters help to ensure that parking is used efficiently and fairly, reducing the frustration and inconvenience associated with finding a parking space. The growing awareness of environmental sustainability is also driving the demand for parking meters. Parking meters can help to reduce traffic congestion, which in turn can lead to reduced emissions and improved air quality.Additionally, smart parking meters can provide data on parking usage, which can be used to improve parking management and reduce the environmental impact of parking. Key Market Trends The growing demand for efficient parking management solutions is expected to drive the growth of the parking meter market over the forecast period. The increasing adoption of smart parking meters is expected to fuel the growth of the parking meter market. The growing urbanization and the increasing number of commercial and residential complexes are expected to contribute to the growth of the parking meter market.
The parking meter market is witnessing significant technological advancements. The adoption of smart parking meters is growing rapidly, as these meters offer a range of benefits over traditional parking meters. Smart parking meters are equipped with sensors that can detect when a vehicle is parked in a space, and they can communicate with mobile apps to allow users to pay for parking remotely. This convenience is expected to drive the growth of the parking meter market. In addition to smart parking meters, other technological advancements are also having a positive impact on the parking meter market. For example, the development of new materials and manufacturing techniques is leading to the production of more durable and vandal-resistant parking meters. Additionally, the integration of solar panels into parking meters is reducing the need for external power sources, making them more environmentally friendly and cost-effective. Key Market Trends The adoption of smart parking meters is expected to drive the growth of the parking meter market over the forecast period. The development of new materials and manufacturing techniques is expected to lead to the production of more durable and vandal-resistant parking meters. The integration of solar panels into parking meters is expected to reduce the need for external power sources, making them more environmentally friendly and cost-effective.
Government regulations are playing a significant role in the growth of the parking meter market. In many cities, the installation of parking meters is mandatory, and the regulations governing their use are becoming increasingly strict. This is due to the growing recognition of the importance of efficient parking management in reducing traffic congestion and improving air quality. In addition to mandating the installation of parking meters, governments are also implementing other regulations that are having a positive impact on the parking meter market.For example, some cities are offering incentives to businesses that install smart parking meters, and others are implementing policies that encourage the use of public transportation. These regulations are expected to drive the growth of the parking meter market over the forecast period. Key Market Trends The growing number of government regulations mandating the installation of parking meters is expected to drive the growth of the parking meter market over the forecast period. Government incentives for businesses that install smart parking meters are expected to drive the adoption of these meters. Government policies that encourage the use of public transportation are expected to reduce the demand for parking, which could have a negative impact on the parking meter market.
The Parking Meter Market is segmented by Meter Type into Single-space, Multi-space, and Pay-and-display. Among these, the Single-space segment held the largest market share in 2023 and is expected to continue its dominance during the forecast period. The growth of this segment can be attributed to the increasing adoption of single-space parking meters in urban areas to manage parking spaces more efficiently. Single-space parking meters allow individual drivers to pay for parking in a specific space, reducing the chances of parking violations and disputes.According to market data, the Single-space segment is projected to account for over 40% of the Parking Meter Market revenue by 2032. The Multi-space segment is also expected to witness significant growth over the forecast period due to its increasing adoption in commercial and public parking facilities. Multi-space parking meters allow multiple drivers to pay for parking in a designated area, making them suitable for large parking lots and garages. The growth of the parking industry, particularly in emerging economies, is expected to drive the demand for multi-space parking meters.The Pay-and-display segment, which involves drivers purchasing a ticket from a central machine and displaying it on their vehicle, is expected to experience steady growth during the forecast period. This segment is particularly popular in areas with limited parking spaces and high traffic volumes. The increasing adoption of pay-and-display parking meters in tourist destinations and city centers is expected to contribute to the segment's growth. Overall, the Meter Type segment plays a crucial role in understanding the dynamics of the Parking Meter Market.The increasing adoption of smart parking technologies, such as mobile payment and license plate recognition, is expected to further drive the growth of the market in the coming years.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The Parking Meter Market segmentation by Payment Method showcases distinct consumer preferences and technological advancements. Coins, as a traditional payment method, still hold a significant market share due to their familiarity and ease of use. However, contactless cards and mobile apps are gaining popularity, driven by the convenience and efficiency they offer. Contactless cards provide a touch-free payment experience, reducing transaction time and enhancing hygiene. Mobile apps, on the other hand, offer a seamless user experience, allowing users to pay for parking, extend their sessions, and receive notifications remotely.The integration of smart technologies into parking meters is expected to further drive the adoption of contactless cards and mobile apps, contributing to the overall growth of the Parking Meter Market revenue.
Display Type Segment Insights and Overview The Parking Meter Market is segmented by display type into mechanical, electronic, and digital. Among these, the digital display type segment is projected to witness the highest growth rate during the forecast period. The increasing adoption of advanced technologies, such as mobile payment and touchscreen interfaces, is driving the growth of this segment. In 2023, the digital display type segment accounted for approximately 30% of the Parking Meter Market revenue. The growing demand for user-friendly and convenient parking solutions is expected to further fuel the growth of this segment, reaching an estimated market valuation of USD 1.8 billion by 2032.The electronic display type segment is also expected to experience significant growth, owing to the rising popularity of solar-powered parking meters and the integration of sensors and other advanced features. The mechanical display type segment, on the other hand, is anticipated to witness a gradual decline in market share due to its limited functionality and higher maintenance costs.
The usage segment of the Parking Meter Market is categorized into on-street, off-street, airport, and train station. On-street parking meters are commonly found in urban areas and are managed by local authorities. Off-street parking meters are typically located in private parking lots or garages and are managed by the property owner or operator. Airport and train station parking meters cater to travelers and commuters, offering short-term and long-term parking options. In 2023, the on-street segment held the largest share of the Parking Meter Market revenue, accounting for approximately 55%.The widespread adoption of on-street parking meters in urban areas, particularly in densely populated cities, drives this dominance. Off-street parking meters are expected to witness steady growth over the forecast period, driven by the increasing number of private parking facilities and the need for efficient parking management in commercial and residential areas. The airport and train station segments are projected to experience moderate growth, influenced by the recovery of the travel and tourism industry and the growing demand for convenient parking options at transportation hubs.
The regional segmentation of the Parking Meter Market offers valuable insights into the market's geographic distribution and growth dynamics. North America emerged as the dominant regional market in 2023, accounting for approximately 38.2% of the global revenue. This dominance is attributed to the region's advanced infrastructure, high urbanization rates, and widespread adoption of smart parking technologies. Europe followed closely behind, capturing around 26.5% of the market share, owing to its well-developed transportation networks and growing focus on sustainable mobility.The APAC region is expected to witness the fastest growth over the forecast period 2024-2032, with a CAGR of 4.7%, driven by rapid urbanization, increasing vehicle ownership, and government initiatives to improve parking management. South America and MEA are anticipated to make significant contributions to the global market, with their respective market shares projected to reach 12.3% and 8.1% by 2032. These regions present growth opportunities due to their expanding urban populations, rising disposable incomes, and growing investments in smart city infrastructure.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Major players in the Parking Meter Market industry are continuously focusing on expanding their global reach and strengthening their product portfolios. Leading Parking Meter Market players are adopting various strategies such as mergers and acquisitions, partnerships, and collaborations to gain a competitive edge and expand their market share. The Parking Meter Market industry is characterized by the presence of both global and local players. Key players in the Parking Meter Market include companies like Amano Corporation, Swarco AG, Flowbird Group, Scheidt & Bachmann, Parkeon, and Siemens among others. The competitive landscape of the Parking Meter Market is expected to remain fragmented in the coming years, with the entry of new players and the expansion of existing players.Amano Corporation, a leading player in the Parking Meter Market, offers a wide range of parking solutions, including parking meters, pay-and-display machines, and automated parking systems. The company has a strong presence in the Asia-Pacific region and is expanding its reach in Europe and North America. Swarco AG, another major player in the Parking Meter Market, provides intelligent traffic management solutions, including parking meters, sensors, and software.
The company has a global presence and is focused on developing innovative solutions to meet the evolving needs of the parking industry. Flowbird Group, a leading provider of parking solutions, offers a comprehensive range of products and services, including parking meters, pay-and-display machines, and parking management software. The company has a strong presence in Europe and is expanding its reach in other regions.Scheidt & Bachmann, a global provider of parking solutions, offers a wide range of products, including parking meters, pay-and-display machines, and parking management systems. The company has a strong presence in Europe and is expanding its reach in other regions. Parkeon, a leading provider of parking solutions, offers a wide range of products, including parking meters, pay-and-display machines, and parking management software. The company has a strong presence in Europe and is expanding its reach in other regions. Siemens, a leading provider of parking solutions, offers a wide range of products, including parking meters, pay-and-display machines, and parking management software. The company has a strong presence in Europe and is expanding its reach in other regions.
The Parking Meter Market is projected to reach USD 5.8 billion by 2032, exhibiting a CAGR of 3.96% during the forecast period. Increasing urbanization and the growing number of vehicles on the road are major factors driving market growth. Smart parking solutions, such as mobile payment and real-time parking availability, are gaining traction, offering convenience and efficiency to users. Key players in the market include Amano Corporation, Parkeon, and Swarco AG. Recent developments include the launch of solar-powered parking meters and the integration of IoT technology for remote monitoring and data analytics. Governments worldwide are implementing smart city initiatives that incorporate parking management systems, further fueling market growth.
| Report Attribute/Metric | Details |
| Market Size 2022 | 3.93 (USD Billion) |
| Market Size 2023 | 4.09 (USD Billion) |
| Market Size 2032 | 5.8 (USD Billion) |
| Compound Annual Growth Rate (CAGR) | 3.96% (2024 - 2032) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year | 2023 |
| Market Forecast Period | 2024 - 2032 |
| Historical Data | 2019 - 2022 |
| Market Forecast Units | USD Billion |
| Key Companies Profiled | T2 Systems, Cubic Transportation Systems, Amano, Cale, IPS Group, Siemens, PayByPhone Technologies, Parkeon, Swarco AG, Urbiotica, QFree, Xylem Inc, Flowbird |
| Segments Covered | Meter Type, Payment Method, Display Type, Usage ,Regional |
| Key Market Opportunities | Smart Parking Mobile Payment Integration Data Analytics Parking Enforcement Automation IoT Integration |
| Key Market Dynamics | Smart city initiatives Growing urbanization Advancements in technology Rise in vehicle ownership Stringent regulations |
| Countries Covered | North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The global Parking Meter Market is expected to reach a valuation of USD 5.8 billion by 2032, expanding at a CAGR of 3.96% from 2024 to 2032.
Factors driving the growth of the Parking Meter Market include increasing urbanization, rising disposable income, and growing demand for convenient parking solutions.
North America is expected to hold the largest market share in the Parking Meter Market, followed by Europe and Asia-Pacific.
Major applications of parking meters include on-street parking, off-street parking, and commercial parking.
Key competitors in the Parking Meter Market include Amano Corporation, Flowbird Group, Parkeon, and Cubic Transportation Systems.
Key trends shaping the Parking Meter Market include the integration of smart technologies, the rise of shared mobility, and the increasing adoption of mobile payment solutions.
Challenges faced by the Parking Meter Market include vandalism, fraud, and the need for ongoing maintenance.
The global Parking Meter Market is expected to reach a valuation of USD 5.8 billion by 2032.
Key growth opportunities for the Parking Meter Market include the expansion of smart cities, the development of new parking technologies, and the growing adoption of mobile payment solutions.
Key market segments in the Parking Meter Market include type (single-space meters, multi-space meters, and pay-and-display meters), technology (mechanical meters, electronic meters, and smart meters), and application (on-street parking, off-street parking, and commercial parking).
Team Lead - Research she holds an experience of about 6+ years in market research and business consulting, working under the spectrum of information communication technology, telecommunications and semiconductor domains. aarti conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. her expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc.
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