On Street Vehicle Parking Meter Market Size, Trends and Growth Analysis by 2027

The global market for on-street vehicle parking meters is projected to expand significantly, increasing from US$ 590.7 million in 2021 to US$ 1,138.8 million by 2028. This growth represents a compound annual growth rate (CAGR) of 8.6% over the period from 2021 to 2028.

On-street parking solutions have a well-established presence in developed countries, where there is a strong inclination towards modern technological solutions, resulting in a higher adoption rate. However, the landscape is changing as developing nations, particularly India and China, are becoming increasingly attractive to market players due to advancements in technology and growing awareness of modern parking solutions. Governments in these developing regions are making significant investments in the parking sector to tackle issues such as traffic congestion, the availability of parking spaces, and the reduction of vehicle-induced air pollution.

For example, in April 2021, the Transport Department of the Hong Kong Special Administrative Region Government awarded a contract worth US$ 680 million to Flowbird and HKT as part of a smart city initiative aimed at developing digital on-street parking systems. This initiative includes the installation of approximately 12,000 new parking meters throughout Hong Kong, which will provide digital payment options and real-time information on parking availability. Such initiatives highlight the growing emphasis on smart parking solutions, which are expected to create significant growth opportunities in the market in the years ahead.

In India, the government has launched new smart city projects that involve the installation of smart parking meters in rapidly developing cities such as Bengaluru, Chennai, and Mumbai. These parking meters are designed to offer users a variety of payment options, enhancing the overall parking experience. The increasing focus on smart parking solutions in developing countries is a key driver of market growth.

Several prominent companies are active in the on-street vehicle parking meter market, including Ditech SRL, Duncan Solutions, IEM SA, IPS Group, Inc., J.J. MacKay Canada Limited (MacKay Meters), MEYPAR, S.L., Parking BOXX Inc., and Ventek International.

The overall market size for on-street vehicle parking meters has been determined through a combination of primary and secondary research methods. The research process began with extensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data relevant to the market. This approach also aimed to provide a comprehensive overview and forecast of the on-street vehicle parking meter market across various segments and regions.

Additionally, numerous primary interviews were conducted with industry participants and experts to validate the collected data and gain deeper analytical insights into the market. The interviewees included industry professionals such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders who specialize in the on-street vehicle parking meter sector.

In conclusion, the on-street vehicle parking meter market is poised for substantial growth, driven by technological advancements and increased investment from governments in both developed and developing nations. The shift towards smart parking solutions is expected to play a crucial role in addressing urban challenges related to parking and traffic management, thereby enhancing the overall efficiency of urban mobility.