The global On street Vehicle Parking Meter Market was valued at US$ 590.7 Mn in 2021 and is expected to reach US$ 1.3 Bn by 2032, finds Future Market Insights (FMI) in a recent market survey. As per the findings of the report, Single Space Parking Meters will remain pivotal for the market as the bulk of revenue will be generated through this category, with a forecasted CAGR of 7.2%.
On-street parking is a popular choice when compared to off-street, owing to the lower setup costs, lower infrastructure requirements, ease of use for users, and traffic control opportunities.
Single-space Parking meters to contribute the most to revenue
Single-space Parking meters are the top type in the market due to their historic use and benefits like the provision of a visual reminder to pay, the fact that only on lot is affected when a meter is damaged, and the reduction of theft. Multi space kiosks and kiosks that allow remote payments are expected to witness growth as well/
How will the US Continue being the Nucleus of Global On Street Vehicle Parking Meter Demand?
“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. There are several cities across the country that have come up with their own solutions. San Francisco, for example, implemented the SFPark initiative, which uses dynamic pricing and provides several other features, such as a mobile app that shows vacancies, and makes data and the source code open to the public for the interest of those who wish to come up with ideas for further innovation.
“On-street Vehicle Parking Meter manufacturers nowadays are closely working on coming up with modern solutions and adapting to new payment methods.” comments an analyst at Future Market Insights.
On street Vehicle Parking Meter Market: Competition Insights
On 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, and METRIC GROUP Ltd. among others.
Some of the recent developments by key providers of On Street Vehicle Parking Meter are as follows:
- In February 2022, Duncan Solutions signed a deal with Townsville, Queensland to replace the city’s old parking meters. The new meters will be equipped with a solar panel, sun by solar power and work with a mobile app that will allow users to pay remotely. Number Plates will be the basis for ticketing, to eliminate the need for placing physical tickets in the car for enforcement personnel to view.
- In May 2022, New Jersey’s Flowbird signed a deal with the City of Columbus to replace the city’s meters with parking kiosks. The kiosks will run using licence plates as identification and allows payment by both card and coins.
- In June 2021, ParkMobile announced a partnership with the Parking authority of the City of Elizabeth, New Jersey, which enables parkers to pay for their use of a parking space through a mobile app.
More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the On-street vehicle parking meter Market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals extensive growth in On-street vehicle parking meter in terms of Type (Parking Meter, Parking Kiosks) By Payment Type (Credit Card, Bills, Coins), across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
For More Info@ https://www.futuremarketinsights.com/reports/on-street-vehicle-parking-meter-market
About Future Market Insights (FMI)
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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