North America On Street Vehicle Parking Meter Market
The North America on street vehicle parking meter market is a highly fragmented market with the presence of considerable regional and local players providing numerous solutions for companies investing in the market arena. Lack of accessible parking and rising traffic congestions are creating demand for smart parking technology. Smart parking technology keeps evolving with digitalization in payment operations and parking meters advancements. The multi-space parking kiosks are grabbing significant attention in urban cities due to their convenience for payment methods. Governments and private place owners adopt multi-space parking kiosks to manage parking spaces efficiently and increase parking revenue. For instance, in 2019, Madison city’s parking division has completed the installation of 650 single-space smart meters by replacing the old on-street coin-only meters. Madison city is managing 46 parking spaces with these new smart meters. Such rising deployment of smart parking meters to replace the old single-space meters is driving the market growth. The parking authorities of the various countries are replacing the old parking meters with smart technology, and some of them are adopting the technology for the first time. For instance, the Portland Bureau of Transportation replaced all traditional single-space parking meters with a multi-space kiosk in 2016 to offers enhanced service for parking users.
Amid the COVID-19 pandemic, the demand for smart parking technologies increased significantly owing to the surge in demand for contactless payment. This demand has stabilized the use of parking kiosks (multi-space) at some extent. However, the pandemic negatively impacted the on street vehicle parking meter market during the first two quarters of 2020. The demand resumed with the continuation of economic activities in 2021. Thus, the North American market is projected to recover in the coming months and the subsequent years as parking kiosks (multi-space) are more widely adopted in the urban areas.
Strategic insights for the North America On Street Vehicle Parking Meter provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 267.44 Million |
| Market Size by 2028 | US$ 489.11 Million |
| Global CAGR (2021 - 2028) | 7.8% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The geographic scope of the North America On Street Vehicle Parking Meter refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The on street vehicle parking meter market in North America is expected to grow from US$ 267.44 million in 2021 to US$ 489.11 million by 2028; it is estimated to grow at a CAGR of 7.8% from 2021 to 2028. The increasing population count in urban cities has driven the vehicles sale. With rising disposable incomes, the population is keen to have their own vehicles for daily commute. Rapid growth in urbanization with the increasing sale of vehicles has led to the increased adoption of smart parking management solutions. The requirement of smart parking meters to efficiently manage available parking spaces has propelled the market growth. Therefore, these factors drive the on-street vehicle parking meter market growth to facilitate parking payment methods. In addition, the parking industry is playing a significant role in the country's economic growth with a generation of strong revenue. For instance, in October 2019, according to Investor Management Services, LLC the parking industry in the US generates more than US$ 20 million revenue per year through more than 105 million parking spaces. Conventional and intelligent parking technologies are playing a vital role in the parking industry's revenue growth. Hence, sustaining the growth of the parking industry in the urban region has led to the increasing adoption of on street vehicle parking meters. Also, the governments of various countries are enforcing strict regulations for street parking and meter monitoring, which boost the market growth.
Based on type, the parking meter (single space) segment accounted for the largest share of the North America on street vehicle parking meter market in 2020. Based on payment type, the credit card segment accounted for the largest share of the North America on street vehicle parking meter market in 2020.
A few major primary and secondary sources referred to for preparing this report on the North America on street vehicle parking meter market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report include Duncan Solutions; Flowbird; IPS Group, Inc.; J.J. MacKay Canada Limited (MacKay Meters); Meypar, S.L.; Metric Group Ltd.; Parking BOXX Inc.; and Ventek International.
The North America On Street Vehicle Parking Meter Market is valued at US$ 267.44 Million in 2021, it is projected to reach US$ 489.11 Million by 2028.
As per our report North America On Street Vehicle Parking Meter Market, the market size is valued at US$ 267.44 Million in 2021, projecting it to reach US$ 489.11 Million by 2028. This translates to a CAGR of approximately 7.8% during the forecast period.
The North America On Street Vehicle Parking Meter Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America On Street Vehicle Parking Meter Market report:
The North America On Street Vehicle Parking Meter Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America On Street Vehicle Parking Meter Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America On Street Vehicle Parking Meter Market value chain can benefit from the information contained in a comprehensive market report.
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