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Oct 18, 2024

Global On-Street Vehicle Parking Meter Market Set to Reach USD 1,540.2 Million by 2034 with a 7.6% CAGR | Future Market Insights, Inc.

The global on-street vehicle parking meter market is segmented on type, payment type, and geographic regions. Based on type, the on-street vehicle parking meter market is segmented into Parking Meter

The global on-street vehicle parking meter market is segmented on type, payment type, and geographic regions. Based on type, the on-street vehicle parking meter market is segmented into Parking Meter (Single Space) and Parking Kiosks (Multi Space). Similarly, on the basis of payment type, the market is segmented into credit card, bills, and coins. Geographically, the global on-street vehicle parking meter market is segmented into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South America (SAM).

NEWARK, DE / ACCESSWIRE / October 16, 2024 / The global on-street vehicle parking meter market is on a steady growth trajectory, with revenue expected to rise from USD 740.4 million in 2024 to USD 1,540.2 million by 2034, reflecting a compound annual growth rate (CAGR) of 7.6%. Increasing urbanization, coupled with the rising number of vehicles on the road, has necessitated efficient parking management solutions, which is one of the primary drivers of market growth.

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.

On-Street Vehicle Parking Meter Market: Report Scope

Parameter

Details

Market Size (2024)

USD 740.4 Million

Forecast Market Size (2034)

USD 1,540.2 Million

CAGR (2024 to 2034)

7.6%

Key Regions

North America, Europe, Asia-Pacific

Key Components

Hardware, Software, Services

Biggest Vendor

Flowbird (formerly Parkeon)

Market's Prime Determinants of Growth, Trends, and Opportunities:

Several factors contribute to the growth of the on-street vehicle parking meter market, including the expansion of urban areas, increasing traffic congestion, and the need for effective parking management. The adoption of smart city initiatives is creating new growth avenues as cities invest in advanced parking infrastructure. Trends such as contactless payments, IoT-based sensors, and real-time parking data are driving market innovation.

Furthermore, governments across the globe are emphasizing sustainable urban mobility, with parking meters playing a vital role in reducing carbon footprints by minimizing idle vehicle times.

These companies are focusing on technological advancements, mergers and acquisitions, and geographical expansion to strengthen their market presence and capture new opportunities.

Growth Drivers:

Urbanization: Rapid urban growth is leading to increased demand for efficient parking solutions, driving the market forward.

Technological Advancements: The integration of smart meters with digital payment methods and real-time data analytics is accelerating market growth.

Sustainability: Cities are increasingly focusing on sustainable transportation solutions, where parking meters play a role in reducing traffic congestion and carbon emissions.

In-Depth Market Analysis: A Complete Reporthttps://www.futuremarketinsights.com/reports/on-street-vehicle-parking-meter-market

Key Companies & Market Share Insights:

Prominent players in the on-street vehicle parking meter market include:

Flowbird (Parkeon)

CivicSmart

Siemens Mobility

IPS Group

METRIC Group

Key Segments of Market Report

By Type:

In terms of type, the industry is divided into parking meters (single-space) and parking kiosks (multi-space).

By Payment Type:

Credit cards, bills, and coins are the three payment types in the market.

By Region:

The market is spread across North America, Latin America, Western Europe, East Asia, South Asia and Pacific, and the Middle East and Africa.

Author By:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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SOURCE: Future Market Insights, Inc.

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