Technological advancements, particularly in smart parking solutions, are crucial in reshaping the on-street vehicle parking meter market. Smart meters integrated with cashless payments, real-time data collection, and remote management capabilities are increasingly being adopted in major cities across the globe. Governments and municipalities are also focusing on reducing traffic congestion and improving urban infrastructure, which is further propelling demand for parking meters.
Drivers and Opportunities:
The global rise in urban populations and the rapid growth of vehicles in metropolitan areas have led to an increasing demand for on-street parking solutions. As cities expand, the need for efficient and technologically advanced parking meters is becoming more critical. The integration of digital payment methods, such as contactless cards and mobile apps, provides users with a seamless experience, further accelerating market growth.
The market is also benefitting from the growing adoption of smart city initiatives, where IoT-based parking meters play a pivotal role in optimizing space utilization and reducing traffic congestion. These trends are expected to present lucrative opportunities for manufacturers and service providers in the coming years.
Key Takeaways from Market Study:
- The global on-street vehicle parking meter market is projected to reach USD 1,540.2 million by 2034.
- The market is anticipated to grow at a CAGR of 7.6% between 2024 and 2034.
- Increasing urbanization and the need for efficient parking management are major growth drivers.
- Smart parking meters with cashless payments and real-time data collection are gaining popularity.
- North America and Europe remain key regions for market growth, while Asia-Pacific presents new opportunities.
"Rising urban populations and the resulting demand for parking management solutions are key drivers of growth in the on-street vehicle parking meter market. With smart city initiatives gaining momentum worldwide, this market is expected to experience significant innovation and expansion over the next decade." opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI)
Component Insights:
The on-street vehicle parking meter market comprises various components, including hardware, software, and services. Hardware, which includes the physical meters and sensors, holds a significant share of the market. However, software solutions are rapidly gaining traction due to the growing need for real-time data analytics and remote monitoring capabilities. Service providers offering maintenance and support solutions are also integral to market growth.
Who is the Biggest Vendor of the On-Street Vehicle Parking Meter Market in the World?
One of the leading vendors in the on-street vehicle parking meter market is Parkeon (now Flowbird), known for its innovative and high-quality parking management solutions. Flowbird has a strong global presence and offers a wide range of parking meter solutions integrated with advanced technologies like cloud-based services and mobile payment systems.