Vehicle Parking Meter Market
Vehicle Parking Meter Market By Product Type (Legacy meters, Smart meters), By End-use (Parking Streets, Malls, Hospitals), By Regions (North America, Latin America, Western Europe, Eastern Europe) - Global Market Insights 2022 to 2032
Analysis of Vehicle Parking Meter Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Vehicle Parking Meter Market Outlook (2022 to 2032)
The hunt for paid parking solutions is likely to lead you to one of the parking meters near you. Parking meters have been beneficial since their evolution in terms of the reduced initial cost of capital. Furthermore, these parking meters are facilitating familiar interfaces and multi-payment systems that further elevate the user experience.
Vehicle parking machines are the devices that are used to maintain parking availability in public, private & commercial spaces. Furthermore, they collect cash and in exchange provide a particular place for a vehicle for a limited amount of time. This meter has many payment options such as pay by phone, pay by card, or cash.
The aim of installing vehicle parking meter is to regulate parking spaces in a manner that avoid traffic congestion and improves traffic circulation. These meters can install in single-space or multi-space according to the need of the end-use sector.
In the current scenario, rapid modernization and demand for an automobile from domestic to commercial sectors significantly increases parking congestion which in turn propels the demand.
smart parking meters are needed to ensure that drivers pay for the amount of time they spend in a parking spot. This helps to ensure that parking spots are available for those who need them, and it also helps to generate revenue for the city or town in which the meter is located. Additionally, parking meters can help to reduce traffic congestion by encouraging drivers to move their vehicles after a certain amount of time.
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Market Dynamics - Drivers of Demand
The majority of demand for these meters is driven by the rise in non-residential places such as malls, multiplexes, and hospitals where parking places are shared. The easier access to services and facilitation of payments is another advantage of opting for parking meters. This is set to open growth opportunities for manufacturers in the upcoming time. These meters are also demanded by the government for security purposes over the assessment period.
One of the primary factors driving the growth of the market is increasing the number of automobiles in use, high disposable income leading to improved sales of automobiles on a yearly basis, and the need to adopt advanced technology for improved traffic mobbing. Other factors promoting the growth of the market are growing urbanization and infrastructure development in emerging regions.
The repairing and maintenance of parking meters need skilled technicians to fix the problem and the complex electronic circuitry due to which they are to be replaced instead of repaired is one of the sighted factors that affect the global market. However, the trend to use better technology and equipment to get the proper traffic circulation results in increasing the demand for the market in the forecast period.
Trends In Smart Parking Meters
Smart parking meters can keep track of the precise number of cars parked there, show how long a car has been there, track coins, and-most importantly-don't let drivers leave their cars parked there beyond the allotted time has passed. Additionally, intelligent parking meters are capable of monitoring parking trends.
They document the periods of vacancy and occupancy as well as the income earned. In order to calculate the average parking activity on a weekly or monthly basis, including the number of vehicles parked in a space, the revenue generated, and the number of vehicles that exceeded their allotted time limit, this stored information can then be extracted using a hand-held remote device.
Pay and Display :
After parking, drivers approach the smart parking meter. They choose and pay for the desired parking period, and the Smart Parking Meter prints a ticket with the selected parking time on it. When using pay-and-display, Parkers return to their vehicle and leave the ticket on the dashboard. Enforcement personnel issue citations for vehicles parked longer than allowed after reviewing these Pay and Display System tickets.
Pay by Space :
Parking spaces are numbered in these meters and parkers will walk up to meters to select and pay for their desired time slot. Their parking space number is also required to be entered. This information is shown on the ticket, which the driver must exhibit before getting out of the car, along with the amount of time they have paid for parking.
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What are the opportunities for manufacturers in this industry?
License plate recognition (LPR) technology allows vehicle park management that works with image processing that extracts the license plate number of vehicles. The implementation of this intelligent parking system can successfully stop car theft and ticket trading.
It is practically impossible to conduct fraud because tickets and license plates must match at the points of entry and exit. Additionally, the license plate number can be utilized to calculate the entry time and issue a new ticket even in cases of lost tickets.
What are the issues with the vehicle parking meters?
Following are the functionality issues that users may encounter while using parking meters which if not addressed likely to deter the growth of this market in the forecast period.
- Malfunctioning Meters: Parking meters can malfunction due to a variety of reasons, such as power outages, incorrect programming, or physical damage. This can lead to inaccurate readings and incorrect charges for users.
- Unclear Instructions: Many parking meters have confusing instructions, making it difficult for users to understand how to use them. This can lead to frustration and incorrect payments.
- Limited Payment Options: Many parking meters only accept coins, which can be inconvenient for users who don’t have cash on hand.
Region Wise Insights
Among all regions, North America is expected to dominate the market, owing to the high installation rate of smart vehicle parking systems in the U.S. and Canada. This factor is coupled with the government’s initiation of controlling parking congestion. These factors are estimated to boost the demand for the market over the forecast period.
Europe holds a prominent share of the market especially in EU nations, due to increasing concern regarding a parking concern. The growing automotive fleet in the developing countries of Asia Pacific is expected to contribute a considerable share throughout the forecast period, due to growing urbanization and infrastructure development.
Latin America, the Middle East, and Africa are estimated to grow at a significant growth rate, owing to increasing urbanization and economic growth in the nearby future.
Vehicle Parking Meter Market: Segmentation
By Product Type :
- Legacy meters
- Smart meters
By End-use :
- Parking Streets
- Public & Private Institutions
By Region :
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific
- Australia & New Zealand
- Middle East and Africa
- GCC Countries
- S. Africa
- Northern Africa
- North America
- FAQs -
The majority of demand for these meters is driven by the rise in non-residential places such as malls, multiplexes, and hospitals where parking places are shared.
One of the primary factors driving the growth of the market is increasing the number of automobiles in use, and high disposable income leading to improved sales of automobiles.
In the European region, manufacturers may find the most opportunities in the market.