Download Sample, Impact of Urbanisation on Parking Meter Market and the Rise of Smart Solutions and Government Regulations
Urbanisation has a major impact on the parking meter market because with more people living in cities, there is a result of fewer vehicles in cities, and a higher demand for parking, as, worldwide, annually, around 90 million new motor vehicles are sold. With more people owning and using vehicles, especially in an urban city with higher population density and vehicle ownership, along with limited parking spots, it creates a high congestion factor for the city's parking lots and buildings. It is an inefficient use of space and citizens' time, as modern analysis now points out that cruising for parking contributes about 14% of the vehicles on the road and generates almost an additional 50% of time loss that results in congestion.
Parking meters are an effective means of regulating and utilising available parking spots, while not only regulating parking but also creating a revenue stream for municipalities. The advancement of technology has enabled the transition to smart parking solutions are changing the face of the vehicle parking meter industry. Smart parking meters that leverage IoT connectivity, sensors, and real-time data provide enhanced features at a much higher level than traditional systems. The use of mobile payment systems, mobile apps that offer real-time calculations of parking availability, and even route navigation for finding available parking reduces the time spent driving around searching for parking spots.
City administrators with smart parking systems can optimise potential parking space occupancy while also acquiring data to help with future spatial planning. As smart meters are being deployed more broadly (e.g., there are currently 25% of the parking meters in San Francisco that are smart meters), municipalities are investing their parking resources in smart parking solutions to improve driver experience and overall efficiency. Government regulations help to promote growth in the vehicle parking meter market.
Several cities have implemented laws that require vehicle parking meters to be established in high-demand parking areas, such as the commercial district, the airport, and public spaces, to manage parking. Oftentimes, regulations are tied frequently to a local government generating revenue and maintaining asset bases provided by their government. In cities like New York, parking meters can generate hundreds of millions of dollars in revenue every year, funding a range of public works. Moreover, issuing parking meters also improves the efficient use of parking spaces in parking lots and commercial/office areas to lessen the overcrowding associated with those areas and enable turnover, which is essential to the success of many local businesses.
Parking meters are an effective means of regulating and utilising available parking spots, while not only regulating parking but also creating a revenue stream for municipalities. The advancement of technology has enabled the transition to smart parking solutions are changing the face of the vehicle parking meter industry. Smart parking meters that leverage IoT connectivity, sensors, and real-time data provide enhanced features at a much higher level than traditional systems. The use of mobile payment systems, mobile apps that offer real-time calculations of parking availability, and even route navigation for finding available parking reduces the time spent driving around searching for parking spots.
City administrators with smart parking systems can optimise potential parking space occupancy while also acquiring data to help with future spatial planning. As smart meters are being deployed more broadly (e.g., there are currently 25% of the parking meters in San Francisco that are smart meters), municipalities are investing their parking resources in smart parking solutions to improve driver experience and overall efficiency. Government regulations help to promote growth in the vehicle parking meter market.
Several cities have implemented laws that require vehicle parking meters to be established in high-demand parking areas, such as the commercial district, the airport, and public spaces, to manage parking. Oftentimes, regulations are tied frequently to a local government generating revenue and maintaining asset bases provided by their government. In cities like New York, parking meters can generate hundreds of millions of dollars in revenue every year, funding a range of public works. Moreover, issuing parking meters also improves the efficient use of parking spaces in parking lots and commercial/office areas to lessen the overcrowding associated with those areas and enable turnover, which is essential to the success of many local businesses.
Opportunities in Vehicle Parking Meter Market with Smart Solutions, EV Charging, and Subscription Models
Smart cities present a huge opportunity for the vehicle parking meter industry. This is mainly due to the greater need for effective urban mobility solutions driven by real-time data. Smart parking meters, functioning with smart city infrastructure (IoT devices, cloud management, etc.), are able to drastically improve traffic congestion, promote traffic flow, and enhance the use of parking spaces. The use of sensors, data analysis, collaborating mobile applications, etc., creates a smart parking system that allows for real-time reporting of parking spots, allows remote payment for parking, and dynamic pricing based on demand.
This will make it a good investment scenario for local municipalities interested in improving the experience for citizens, reducing emissions from cruising cars, and improving the flow of traffic. This market segment appears ready for some commercialisation in driving innovation and demand for smart cities by municipalities. Due to the accelerating transition to electric vehicles (EVs) globally, parking meter providers have a real opportunity to seize the rising demand for EV charging infrastructure. Parking meter providers may be able to adapt the long-standing model of the parking metered space, to not only register payment for parking of conventional vehicles, but also charge for electric vehicles.
There are opportunities to differentiate pricing models for EVs, add features such as measuring energy consumed for EV charging, and real-time availability of charging stations, and integrate and allow cloud-based mobile payment solutions. This junction of EV deployment and expansion of charging networks through EV-friendly parking solutions is especially important in urban centres where congestion levels in the number of electric vehicles are greatest, and charging network expansion is most needed. Providers can capitalise on the continued growth of green mobility alternatives and sustainability ambitions, program delivery for council and urban centre policies.
The development of subscription-based parking models represents a new perspective within the parking meter space, particularly in cities where parking is expensive and scarce. The majority of parking today is a pay-as-you-go process that leaves drivers frustrated after they search for a parking space and stare at prices attached to those spaces that may not reflect supply and demand. This model has utility for commuters, residents, and business owners who consistently need a place to park but may find the hassle of paying each day and connecting with availability all at once increases an already stressful daily commute. For cities, these models offer the potential for predictable revenue and traffic congestion, while also contributing to the efficiency of space in some cities. As the congestion in cities increases, this model becomes significantly more attractive to municipalities as well as their constituents.
This will make it a good investment scenario for local municipalities interested in improving the experience for citizens, reducing emissions from cruising cars, and improving the flow of traffic. This market segment appears ready for some commercialisation in driving innovation and demand for smart cities by municipalities. Due to the accelerating transition to electric vehicles (EVs) globally, parking meter providers have a real opportunity to seize the rising demand for EV charging infrastructure. Parking meter providers may be able to adapt the long-standing model of the parking metered space, to not only register payment for parking of conventional vehicles, but also charge for electric vehicles.
There are opportunities to differentiate pricing models for EVs, add features such as measuring energy consumed for EV charging, and real-time availability of charging stations, and integrate and allow cloud-based mobile payment solutions. This junction of EV deployment and expansion of charging networks through EV-friendly parking solutions is especially important in urban centres where congestion levels in the number of electric vehicles are greatest, and charging network expansion is most needed. Providers can capitalise on the continued growth of green mobility alternatives and sustainability ambitions, program delivery for council and urban centre policies.
The development of subscription-based parking models represents a new perspective within the parking meter space, particularly in cities where parking is expensive and scarce. The majority of parking today is a pay-as-you-go process that leaves drivers frustrated after they search for a parking space and stare at prices attached to those spaces that may not reflect supply and demand. This model has utility for commuters, residents, and business owners who consistently need a place to park but may find the hassle of paying each day and connecting with availability all at once increases an already stressful daily commute. For cities, these models offer the potential for predictable revenue and traffic congestion, while also contributing to the efficiency of space in some cities. As the congestion in cities increases, this model becomes significantly more attractive to municipalities as well as their constituents.
Recent Trends in the Vehicle Parking Meter Industry
- Mobile applications with contactless payment options are providing a better experience for users to facilitate payment options.
- Parking meters with dynamic pricing systems enable price adjustments based on demand, location, and the hour of the day.
- Parking meters have electric vehicle charging stations integrated into them to efficiently adapt to EV growth.
- The smart city projects are integrating new stall-based parking meters as part of a broader urban management strategy.
- Parking meters with cloud-based platforms to centralise management and enable multiple locations to work together.
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Rising Threats from Smartphone Parking Solutions and Autonomous Vehicles to the Parking Meter Market
The increasing face of smartphone-based parking apps is a significant threat to traditional vehicle parking meter systems. Mobile apps like ParkMobile, PaybyPhone, and Parkopedia let consumers find available parking spaces, pay for parking, and add time to parking remotely, only using their phones. In major metropolitan areas, it's been established that using these parking apps can reduce the time to find a parking space by 30-50%, and reduce congestion in "business zones" by 10%. As long as smartphone users find the process convenient to use and a more flexible alternative, they will continue to become the easiest and most popular choice for consumers to park their vehicles and pay for that parking in urbanised markets.
Additionally, many also have special functions like dynamic pricing, which can use real-time demand to fluctuate the cost that consumers will pay to park their vehicles. The growth of autonomous vehicles (AVs) heralds a potential long-term threat to the vehicle parking meter industry. As vehicles outfitted with artificial intelligence become increasingly common, the possibility of them dropping people off at a location and then finding alternate parking either in a more efficient location or further from the high-traffic area may cause significant changes to the demand for parking in higher traffic areas.
Autonomous vehicles are expected to be equipped with the capability to source parking much further away from the centre of the passenger's demand area, potentially leading to decreased congestion, fewer vehicles looking for parking in prime urban locations, and thus less of a need for parking. Autonomous vehicles could make it more prevalent for parking behaviour to shift from taking the nearest available parking to taking the closest available source of transportation, taking customers away from a parking meter's doorstep.
Additionally, many also have special functions like dynamic pricing, which can use real-time demand to fluctuate the cost that consumers will pay to park their vehicles. The growth of autonomous vehicles (AVs) heralds a potential long-term threat to the vehicle parking meter industry. As vehicles outfitted with artificial intelligence become increasingly common, the possibility of them dropping people off at a location and then finding alternate parking either in a more efficient location or further from the high-traffic area may cause significant changes to the demand for parking in higher traffic areas.
Autonomous vehicles are expected to be equipped with the capability to source parking much further away from the centre of the passenger's demand area, potentially leading to decreased congestion, fewer vehicles looking for parking in prime urban locations, and thus less of a need for parking. Autonomous vehicles could make it more prevalent for parking behaviour to shift from taking the nearest available parking to taking the closest available source of transportation, taking customers away from a parking meter's doorstep.
Innovations and Strategies Shaping the Vehicle Parking Meter Market with IoT, AI, and EV Charging Solutions
The market for vehicle parking meters is continuing to evolve with significant changes, strategies, and innovations put in place by market players in response to the needs of urban mobility. Market players are now implementing innovative technologies, such as IoT, AI, and adopting cloud-based solutions for parking meter systems. Many market players have strategically collaborated with municipalities and smart city initiatives, which comprise integrated solutions that optimise space management and minimise traffic congestion.
Recently, there has been a trend toward environmentally sustainable, solar-powered meters, and with the popularisation of electric vehicles (EVs), many market players appear to be implementing multi-space meters that are designed for EV charging stations. Additionally, some market players are exploring data analytics in predicting demand for parking and efficient management of parking assets. As a result, urban parking management is shifting into a new function that is more efficient and/or client-focused.
Recently, there has been a trend toward environmentally sustainable, solar-powered meters, and with the popularisation of electric vehicles (EVs), many market players appear to be implementing multi-space meters that are designed for EV charging stations. Additionally, some market players are exploring data analytics in predicting demand for parking and efficient management of parking assets. As a result, urban parking management is shifting into a new function that is more efficient and/or client-focused.
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North America Leading Vehicle Parking Meter Market with Over 270 Million Registered Vehicles and Smart Solutions
The North American vehicle parking meter market, led primarily by the United States, has a sizable share due to urbanisation fueled by a large volume of vehicle ownership. Every year, the number of vehicles on the road continues to increase, as in the US, there are more than 270 million registered vehicles. There are serious traffic congestion problems due to parking constraints in large cities such as New York, San Francisco, and Chicago, and where good parking solutions are necessary to achieve effectively organised parking. Smart parking systems are becoming more popular with governments today, and the technology we see in today's meters includes mobile payments.
Battling to control supply and demand of parking in many municipalities, alongside the growing push towards privatising parking in some municipalities, changed the demand for parking meters to supply a new demand for high-tech parking meters. Europe is still an active market for vehicle parking meters, especially in urbanised countries due to population density, such as Germany, the UK, France, and Italy. With a high population density and limited available parking, demand for mobility solutions for parking management exists in cities like London, Paris, and Berlin. There is a move to smart parking meters with mobile payment methods and sensors that can monitor whether a parking space is occupied or available.
Also impacting growth in the market is municipal smart city & sustainability regulation. In the UK and Germany, municipalities have adopted an innovative dynamic pricing method and traffic or parking data collection in real-time to improve both traffic flows and parking times. Automated parking solutions and parking guidance systems are gaining traction in major urban areas. The Asia-Pacific region is growing quickly in terms of the parking meter market, thanks to speedy urbanization, expanding vehicles, and government-sponsored smart city programs.
Traffic congestion and parking issues continue to plague cities like Beijing, Tokyo, Seoul, and Mumbai, and demand for different valuations of the parking experience will only increase. The Indian market is growing extremely fast, with the motor vehicle population expanding nearly 400% from 55 million in 2001 to 210 million in 2015. The growth rate of the population in Delhi is only about 1%, while the growth rate of motor vehicles is about 7%. China and Japan are leaders in incorporating smart parking meters and sensor-based systems, driven by governmental investments in urban infrastructural upgrades and ongoing technological advancement.
The report provides a detailed overview of the vehicle parking meter market insights in regions including North America, Latin America, Europe, Asia-Pacific, and the Middle East and Africa. The country-specific assessment for the vehicle parking meter market has been offered for all regional market share, along with forecasts, market scope estimates, price point assessment, and impact analysis of prominent countries and regions. Throughout this market research report, Y-o-Y growth and CAGR estimates are also incorporated for every country and region to provide a detailed view of the vehicle parking meter market. These YoY projections on regional and country-level markets brighten the political, economic, and business environment outlook, which is anticipated to have a substantial impact on the growth of the vehicle parking meter market. Some key countries and regions included in the vehicle parking meter market report are as follows:
Battling to control supply and demand of parking in many municipalities, alongside the growing push towards privatising parking in some municipalities, changed the demand for parking meters to supply a new demand for high-tech parking meters. Europe is still an active market for vehicle parking meters, especially in urbanised countries due to population density, such as Germany, the UK, France, and Italy. With a high population density and limited available parking, demand for mobility solutions for parking management exists in cities like London, Paris, and Berlin. There is a move to smart parking meters with mobile payment methods and sensors that can monitor whether a parking space is occupied or available.
Also impacting growth in the market is municipal smart city & sustainability regulation. In the UK and Germany, municipalities have adopted an innovative dynamic pricing method and traffic or parking data collection in real-time to improve both traffic flows and parking times. Automated parking solutions and parking guidance systems are gaining traction in major urban areas. The Asia-Pacific region is growing quickly in terms of the parking meter market, thanks to speedy urbanization, expanding vehicles, and government-sponsored smart city programs.
Traffic congestion and parking issues continue to plague cities like Beijing, Tokyo, Seoul, and Mumbai, and demand for different valuations of the parking experience will only increase. The Indian market is growing extremely fast, with the motor vehicle population expanding nearly 400% from 55 million in 2001 to 210 million in 2015. The growth rate of the population in Delhi is only about 1%, while the growth rate of motor vehicles is about 7%. China and Japan are leaders in incorporating smart parking meters and sensor-based systems, driven by governmental investments in urban infrastructural upgrades and ongoing technological advancement.
The report provides a detailed overview of the vehicle parking meter market insights in regions including North America, Latin America, Europe, Asia-Pacific, and the Middle East and Africa. The country-specific assessment for the vehicle parking meter market has been offered for all regional market share, along with forecasts, market scope estimates, price point assessment, and impact analysis of prominent countries and regions. Throughout this market research report, Y-o-Y growth and CAGR estimates are also incorporated for every country and region to provide a detailed view of the vehicle parking meter market. These YoY projections on regional and country-level markets brighten the political, economic, and business environment outlook, which is anticipated to have a substantial impact on the growth of the vehicle parking meter market. Some key countries and regions included in the vehicle parking meter market report are as follows:
| North America | United States, Canada |
| Latin America | Brazil, Mexico, Argentina, Colombia, Chile, Rest of Latin America |
| Europe | Germany, United Kingdom, France, Italy, Spain, Russia, Poland, Netherlands, Belgium, Sweden, Austria, Slovakia, Hungary, Romania, Czech Republic, Rest of Europe |
| Asia Pacific | China, India, Japan, South Korea, Australia & New Zealand, Indonesia, Malaysia, Vietnam, Thailand, Rest of Asia Pacific |
| MEA | GCC Countries, South Africa, Egypt, Turkey, Morocco, Nigeria, Iran, Rest of MEA |
Vehicle Parking Meter Market Research Report Covers In-depth Analysis on:
- Vehicle parking meter market detailed segments and segment-wise market breakdown
- Vehicle parking meter market dynamics (Recent industry trends, drivers, restraints, growth potential, opportunities in the vehicle parking meter industry)
- Current, historical, and forthcoming 10-year market valuation in terms of vehicle parking meter market size (US$ Mn), volume (Units), share (%), Y-o-Y growth rate, and CAGR (%) analysis
- Vehicle parking meter market demand analysis
- Vehicle parking meter market pricing analysis over the forecast period (by key segment and by region)
- Vehicle parking meter market regional insights with region-wise market breakdown
- Competitive analysis – key companies profiling, including their market share, product offerings, and competitive strategies.
- Latest developments and innovations in the vehicle parking meter market
- Regulatory landscape by key regions and key countries
- Supply chain and value chain analysis in the vehicle parking meter market
- Vehicle parking meter market sales and distribution strategies
- A comprehensive overview of the parent market
- A detailed viewpoint on the vehicle parking meter market forecast by countries
- Mergers and acquisitions in the vehicle parking meter market
- Essential information to enhance market position
- Robust research methodology
- Frequently Asked Questions -
What does a vehicle parking meter market research report typically include?
A vehicle parking meter market research report usually includes analysis of market trends, product innovations, regional demand patterns, competitive landscape, technological developments, and future growth opportunities across different application segments.
Why is market research important for vehicle parking meter manufacturers?
Market research helps manufacturers understand evolving consumer preferences, identify profitable segments, evaluate technological advancements, and plan production and marketing strategies for sustainable business growth in the vehicle parking meter industry.
Which end-users or sectors commonly utilize vehicle parking meters?
Vehicle parking meters are primarily utilized by municipal corporations, commercial complexes, airports, universities, hospitals, and private parking operators seeking to manage parking spaces efficiently and generate steady revenue.
