Global Vehicle Parking Meter Market Size Anticipated to Reach USD 8.42 Billion By 2032, at a CAGR of 4.71%: Polaris Market Research

NEW YORK, June 19, 2023 /PRNewswire/ -- A latest research report [115+] pages with 360-Degree visibility, titled "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" published by Polaris Market Research in its research repository.

"According to research report, the global vehicle parking meter market size/share was valued at USD 5.40 Billion in 2022 and is expected to touch USD 8.42 Billion By 2032, growing at a CAGR of 4.71% during the forecast period."

What is Vehicle Parking Meters? How Big is Vehicle Parking Meter Market?

·  Report Overview

A vehicle parking meter is a device utilized to garner money in response to the right to park a vehicle in a specific place for a restricted amount of time. The rapidly rising demand for vehicle parking meter market can be attributed to them being utilized by municipalities as an instrument for implementing their unsegregated on-street parking approach, normally linked to their traffic and portability management policies but are also utilized for proceeds.

The trail for paid parking solution is probable to usher in one of the parking meters at proximity. The growing demand for the market can be attributed to them facilitating intimate collaboration and multi-payment arrangements and additionally upraise the user experience. Speedy modernization and demand for an automobile from domestic to commercial quarters notably escalate parking blockage, which in turn pushes the demand.

Request Sample Copy of Vehicle Parking Meter Market Research Report @ https://www.polarismarketresearch.com/industry-analysis/vehicle-parking-meter-market/request-for-sample

(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, Table of Contents, Graphical introduction of regional analysis, Top players in the market with their revenue analysis and our research methodology.)

Our Sample Report May Includes:

• 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
• 115+ Pages Research Report (Inclusion of Updated Research).
• Provide Chapter-wise guidance on Request.
• 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends.
• Includes Updated List of table & figures.
• Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.

Some of the Top Market Players Are:

• Cale Access
• CivicSmart
• Ditech SRL
• Duncan Solutions
• EcoLumina Technologies
• Flowbird
• IEM SA
• IPS Group
• J.J. MacKay Meters
• LocoMobi
• LAZ Parking
• Meisel Holdings
• METRIC Group
• MEYPAR
• Parkeon
• POM Inc.
• ParkMobile
• Parking BOXX
• Ventek International
• Worldwide Parking

For Additional Information on Key Players, Request to Download Sample Pages Here: https://www.polarismarketresearch.com/industry-analysis/vehicle-parking-meter-market/request-for-sample

Key Market Drivers

• Increase in shared parking spaces: The bulk of demand for these meters is propelled by the escalation in external places such as multiplexes, malls, and hospitals where the parking spaces are shared. The vehicle parking meter market size is expanding due to the undemanding approach to services, and attendance of disbursement is another benefit of selecting parking meters. This is engaged to unfurl growth opportunities for makers in the time to come. These meters are also enforced by the government for safety motives over the assessment period.
• Escalated disposable income: The vehicle parking meter market sales are soaring as the escalated automotive utilization, escalated disposable income that uplifts yearly car sales, and the requirement to seize contemporary technologies for superior traffic management are some of the critical elements.
• License plate recognition technology: Vehicle park management is rendered viable by the usage of license plate recognition (LPR) technology. This technology withdraws car license plate numbers from representation. It is feasible to conveniently stop auto theft and ticket peddling by using this smart parking system.
• Acquisition of superior traffic movement: The trend to utilize superior technology and instrument to acquire suitable traffic movement is increasing the demand for the market in the forecast period.

Top Trends Influencing the Market

• Positioning in single or multiple spaces: Positioning car parking meters is deliberated to handle parking spots in a manner that lessens traffic jams and improvises traffic flow. Relying on the needs of the client-based industry, these meters can be positioned in single or multiple spaces. To sanction that drivers recompense for the time they disburse in parking places, smart parking meters are needed in present condition due to the growing modernization and demand for automobiles from home to mercantile sectors, which notably aggravates parking congestion.
• Self-contained parking places: In some countries, parking management businesses generate modern propositions to reduce parking congestion and contribute to self-contained parking places. Another factor that has propelled to the demand of the industry in the course of the evaluation period is the need for parking meters at government provisions for security reasons covering several verticals.
• Improved security measures: Hospitals are growingly in want of VPM solutions because of the several advantages they offer involving coherence of usage and improved security measures that guarantee accurate meter readings while protecting patient particulars endured on the hospital EHR systems.

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Segmental Analysis

• The smart meters segment is anticipated to witness the speediest development

Based on product type, the smart meters segment is anticipated to witness the speediest development. Vehicle parking meter market demand is on the rise as it receives cash or tokens for vehicles to recompense for parking. Normally the meter is located at proximity to the garage or parking lot's access. Homogenous to traditional parking meter, it functions by having cars pay only for the time it is still on the meter.

• The parking kiosks segment dominated the market

Based on technology, the parking kiosks segment dominated the market. Vehicle parking meter market trends include the increasing demand for paying kiosks with technology's cost-effective maintenance prices. A parking meter encompassing two or more spaces can harbor many vehicles. It assists by adding additional parking spots for cars and garnering a bill for these extra spots.

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Vehicle Parking Meter Market: Report Scope & Segmentation

 

Geographic Overview

North America: This region held the largest vehicle parking meter market share due to the region's speedy acceptance of smart parking meters in countries such as Canada and the USA. Increasing urbanization and advancement of configuration in developing regions are additional factors boosting the market expansion.

Europe: This region has the second largest share in the market due to growing concerns over parking spots, especially among EU countries. The prediction period is anticipated to have the largest CAGR in Asia Pacific because of the increasing population of surfacing nations such as India and China.

Browse the Detail 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" with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/vehicle-parking-meter-market

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Recent Developments

• In March 2021, EasyPark Group stated that it intends to acquire Park Now Group to broaden the reach of its digital parking and transportation services.

FAQs

• What is the expected industry size of the market?
• Who are the top market players?
• Which region contributes notably towards the market?
• What will be the expected CAGR of the market during the forecast period?
• What are the key segments in the market?
• What are the major factors driving the demand for the market?
• Why this market has a high growth potential?

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

By Product Type Outlook

• Legacy Meters
• Smart Meters

By End Use Outlook

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

By Technology Outlook

• Parking Meter (Single Space)
• Parking Kiosks (Multi Space)

By Region Outlook

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

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About Polaris Market Research:

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SOURCE Polaris Market Research