North America On Street Vehicle Parking Meter Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Parking Meter (Single Space) and Parking Kiosks (Multi Space)) and Payment Type (Credit Card, Bills, and Coins)
Market Introduction
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.
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Market Overview and Dynamics
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.
Key Market Segments
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.
Major Sources and Companies Listed
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.
Reasons to buy report
- To understand the North America on street vehicle parking meter market landscape and identify market segments that are most likely to guarantee a strong return
- Stay ahead of the race by comprehending the ever-changing competitive landscape for North America on street vehicle parking meter market
- Efficiently plan M&A and partnership deals in North America on street vehicle parking meter market by identifying market segments with the most promising probable sales
- Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form North America on street vehicle parking meter market
- Obtain market revenue forecast for market by various segments from 2016-2028 in North America region.
North America On Street Vehicle Parking Meter Market Segmentation
North America On Street Vehicle Parking Meter Market -By Type
- Parking Meter (Single Space)
- Parking Kiosks (Multi Space)
North America On Street Vehicle Parking Meter Market -By Payment Type
- Credit Card
- Bills
- Coins
North America On Street Vehicle Parking Meter Market – By Country
- US
- Canada
- Mexico
North America On Street Vehicle Parking Meter Market – Company Profiles
- Duncan Solutions
- Flowbird
- IPS Group, Inc.
- J.J. MacKay Canada Limited (MacKay Meters)
- Metric Group Ltd.
- Meypar S.L.
- Parking BOXX Inc.
- Ventek International
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. North America On Street Vehicle Parking Meter Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. On Street Vehicle Parking Meter Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Rapid Growth in Urbanization
5.1.2 Increasing Demand for Smart Parking Solutions
5.2 Market Restraints
5.2.1 Rising Focus on Off-Street Parking and Emergence of New Payment Technologies
5.3 Market Opportunities
5.3.1 Growing Adoption of the Parking Meters in Developing Nations
5.4 Future Trends
5.4.1 Integration of Internet of Things in On Street Parking Meters
5.5 Impact Analysis of Drivers and Restraints
6. On Street Vehicle Parking Meter – North America Market Analysis
6.1 North America On Street Vehicle Parking Meter Market Overview
6.2 North America On Street Vehicle Parking Meter Market Revenue Forecast and Analysis
7. North America On Street Vehicle Parking Meter Market Analysis – By Type
7.1 Overview
7.2 Parking Meter (Single Space)
7.2.1 Overview
7.2.2 North America Parking Meter (Single Space) Market Revenue and Forecasts to 2028 (US$ Million)
7.3 Parking Kiosks (Multi Space)
7.3.1 Overview
7.3.2 North America Parking Kiosks (Multi Space) Market Revenue and Forecasts to 2028 (US$ Million)
8. North America On Street Vehicle Parking Meter Market Analysis – By Payment Type
8.1 Overview
8.2 Credit Card
8.2.1 Overview
8.2.2 North America Credit Card Market Revenue and Forecasts to 2028 (US$ Million)
8.3 Bills
8.3.1 Overview
8.3.2 North America Bills Market Revenue and Forecasts to 2028 (US$ Million)
8.4 Coins
8.4.1 Overview
8.4.2 North America Coins Market Revenue and Forecasts to 2028 (US$ Million)
9. North America On Street Vehicle Parking Meter Market – Country Analysis
9.1 North America: On Street Vehicle Parking Meter Market
9.1.1 North America: On Street Vehicle Parking Meter Market, By Country
9.1.1.1 United States: On Street Vehicle Parking Meter Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.1.1 United States: On Street Vehicle Parking Meter Market, By Type
9.1.1.1.2 United States: On Street Vehicle Parking Meter Market, By Payment type
9.1.1.2 Canada: On Street Vehicle Parking Meter Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.2.1 Canada: On Street Vehicle Parking Meter Market, By Type
9.1.1.2.2 Canada: On Street Vehicle Parking Meter Market, By Payment type
9.1.1.3 Mexico: On Street Vehicle Parking Meter Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.3.1 Mexico: On Street Vehicle Parking Meter Market, By Type
9.1.1.3.2 Mexico: On Street Vehicle Parking Meter Market, By Payment type
10. North America On Street Vehicle Parking Meter Market - Covid-19 Impact Analysis
10.1 Overview
10.2 North America: Impact Assessment of Covid-19 Pandemic
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
12. Company Profile
12.1 Duncan Solutions
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Flowbird
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 IPS Group, Inc.
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 J.J. MacKay Canada Limited (MacKay Meters)
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 Metric Group Ltd.
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Meypar S.L.
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 Parking BOXX Inc.
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 Ventek International
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Word IndexLIST OF TABLES
Table 1. North America On street vehicle parking meter Market Revenue and Forecast to 2028 (US$ Million)
Table 2. United States: On Street Vehicle Parking Meter Market, By Type– Revenue and Forecast to 2028 (US$ Million)
Table 3. United States: On Street Vehicle Parking Meter Market, By Payment type – Revenue and Forecast to 2028 (US$ Million)
Table 4. Canada: On Street Vehicle Parking Meter Market, By Type– Revenue and Forecast to 2028 (US$ Million)
Table 5. Canada: On Street Vehicle Parking Meter Market, By Payment type – Revenue and Forecast to 2028 (US$ Million)
Table 6. Mexico: On Street Vehicle Parking Meter Market, By Type– Revenue and Forecast to 2028 (US$ Million)
Table 7. Mexico: On street Vehicle Parking Meter Market, By Payment type – Revenue and Forecast to 2028 (US$ Million)
Table 8. List of AbbreviationLIST OF FIGURES
Figure 1. On Street Vehicle Parking Meter Market Segmentation
Figure 2. On Street Vehicle Parking Meter Market Segmentation – By Country
Figure 3. North America On Street Vehicle Parking Meter Market Overview
Figure 4. Parking Meter (Single Space) Segment held the Largest Share of On Street Vehicle Parking Meter Market
Figure 5. Credit Card Segment held the Largest Share of On Street Vehicle Parking Meter Market
Figure 6. US to Show Great Traction During Forecast Period
Figure 7. North America– PEST Analysis
Figure 8. On-Street Vehicle Parking Meter Market– Ecosystem Analysis
Figure 9. Expert Opinion
Figure 10. On Street Vehicle Parking Meter Market Impact Analysis of Drivers and Restraints
Figure 11. North America On street vehicle parking meter Market Revenue Forecast and Analysis (US$ Million)
Figure 12. North America On Street Vehicle Parking Meter Market Breakdown by Type, 2020 & 2028 (%)
Figure 13. North America Parking Meter (Single Space) Market Revenue and Forecasts to 2028 (US$ Million)
Figure 14. North America Parking Kiosks (Multi Space) Market Revenue and Forecasts to 2028 (US$ Million)
Figure 15. North America On Street Vehicle Parking Meter Market Breakdown by Payment type, 2020 & 2028 (%)
Figure 16. North America Credit Card Market Revenue and Forecasts to 2028 (US$ Million)
Figure 17. North America Bills Market Revenue and Forecasts to 2028 (US$ Million)
Figure 18. North America Coins Market Revenue and Forecasts to 2028 (US$ Million)
Figure 19. North America: On Steet Vehicle Parking Meter Market, by Key Country – Revenue (2020) (USD Million)
Figure 20. North America: On Street Vehicle Parking Meter Market Revenue Share, By Country (2020 and 2028)
Figure 21. United States: On Street Vehicle Parking Meter Market – Revenue and Forecast to 2028 (US$ Million)
Figure 22. Canada: On street vehicle parking meter Market – Revenue and Forecast to 2028 (US$ Million)
Figure 23. Mexico: On street vehicle parking meter Market – Revenue and Forecast to 2028 (US$ Million)
Figure 24. Impact of Covid-19 Pandemic in North American Country Markets- Duncan Solutions
- Flowbird
- IPS Group, Inc.
- J.J. MacKay Canada Limited (MacKay Meters)
- Metric Group Ltd.
- Meypar S.L.
- Parking BOXX Inc.
- Ventek International
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