Vehicle Parking Meter Market Size Worth $8.42 Billion By 2032 | CAGR: 4.71%

Vehicle Parking Meter Market Size Worth $8.42 Billion By 2032 | CAGR: 4.71%

The global vehicle parking meter market size is expected to reach USD 8.42 billion by 2032, according to a new study by Polaris Market Research. The report “Vehicle Parking Meter Market Share, Size, Trends, Industry Analysis Report, By Product Type (Legacy Meters, and Smart Meters); By End-Use; By Technology; By Region; Segment Forecast, 2023- 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Internet of Things-based technology offers the necessary remedy so that operations like discovering parking spaces may be carried out automatically, making the installation of parking management services easier. Each parking space may have a smart auto parking system that uses the internet of things and includes sensors and embedded systems. The user can then monitor the availability of every parking place and select the best one. A smart parking meter can be used to calculate expenses and send them to the user, or the individual can see the length of time that they spent parking from the software.

Furthermore, major participants are also working on the development of IoT-based vehicle parking meters which is also boosting the market growth. For instance, in January 2021, Hong Kong introduces the HKeMeter, a smart parking meter powered by sensors. To help drivers locate available parking spots, real-time data will be made available through three channels: the new mobile app "HKeMeter," the mobile, the web versions of "HKeMobility," & Public Sector Information Portal. Additionally, it supports a variety of payment methods and HKeMeter for both on-site and remote parking fee payment.

Additionally, in January 2022,  the Transport Department of the Hong Kong has finished replacing approximately 9,800 old Octopus based card-operated parking meters with in-built sensor units as part of the city's smart transportation projects. Therefore, the demand for parking meters with IoT and payment features is rising quickly because it is so simple to make payments, which is what is anticipated to propel the parking meter market's expansion.

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Additionally, the increase in non-residential locations, such as malls, multiplexes, and hospitals, where parking spaces are shared, is what is mostly driving demand for these meters. Another benefit of using parking meters is simpler access to services and payment facilitation. This is expected to present entrepreneurs with expansion prospects in the near future. These meters are also required by the government throughout the evaluation phase for security reasons.

Vehicle Parking Meter Market Report Highlights

  • Public and private institutions segment is anticipated to grow at a higher CAGR over the forecast period. Due to the high degree of comfort offered by these systems, the demand for VPM solutions in public institutions like government or corporate offices is anticipated to increase significantly throughout the projected period.
  • Parking meters segment accounted for major global revenue share. Growing public concern about environmental pollution has led to an increase in government measures to promote the use of smart parking meters as a way to alleviate traffic and cut emissions.
  • Asia-Pacific is expected to grow at a highest CAGR over the projected period. The expansion of the automotive sector brought on by the strong demand for cars is creating prospects for parking solutions, which in turn is propelling the parking meter market.
  • The global players include Cale Access, CivicSmart, Ditech SRL, Duncan Solutions, EcoLumina Technologies, LocoMobi, LAZ Parking, Meisel Holdings, METRIC Group, MEYPAR, Parkeon, POM Inc., ParkMobile, Ventek International, and Worldwide Parking

Polaris Market Research has segmented the Vehicle Parking Meter market report based on product type, technology, end-use, and region:

Vehicle Parking Meter, Product Type Outlook (Revenue - USD Billion, 2019 - 2032)

  • Legacy Meters
  • Smart Meters

Vehicle Parking Meter, End-Use Outlook (Revenue - USD Billion, 2019 - 2032)

  • Parking Streets
  • Malls and Stadiums
  • Parks
  • Hospitals
  • Public and Private Institutions
  • Others

Vehicle Parking Meter, Technology Type Outlook (Revenue - USD Billion, 2019 - 2032)

  • Parking Meter
  • Parking Kiosks

Vehicle Parking Meter, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa