Parking Meter Apps Market Research Report 2021-2031
The parking meter apps market size is projected to reach US$ 324.58 million by 2031 from US$ 79.5 million in 2023. The market is expected to register a CAGR of 19.23% during 2023–2031. The development of smart cities and green buildings is likely to remain a key trend in the market.
Parking Meter Apps Market Analysis
The main advantage of vehicle parking apps for consumers is that they save a significant amount of time before getting to work. Many people find it difficult to obtain a parking space before boarding a bus or train or near their office. Car parking applications save time by allowing you to discover a parking space ahead of time. Parking meter apps remain popular for a reason: they perform effectively when integrated with solutions such as parking enforcement, correct signage, mobile parking payment apps, and, of course, regular maintenance and technical support to ensure revenue collection at all times.
Parking Meter Apps Market Overview
Parking applications provide customers with optimum parking by locating the best and closest place available at their selected location, saving resources and effort. These apps assist in quickly filling parking lots and ensuring that space is correctly and productively utilized. Parking is a major issue in numerous countries. Every year, more and more cars are added to the streets, limiting parking space. People who prefer to commute in their vehicles have a difficult time finding parking. Because of the rising parking problem, smart parking apps have been launched that allow one to book their parking spot before you even arrive. Smart parking is a rapidly increasing and widely utilized smart city solution around the world. Universities, airports, shopping malls, and civic garages are among the few organizations that have recognized the value and benefits of auto parking apps.
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Parking Meter Apps Market: Strategic Insights
Market Size Value in US$ 62.2 million in 2021 Market Size Value by US$ 234.2 million by 2028 Growth rate CAGR of 18.7% from 2021 to 2028 Forecast Period 2021-2028 Base Year 2021
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Parking Meter Apps Market: Strategic Insights
| Market Size Value in | US$ 62.2 million in 2021 |
| Market Size Value by | US$ 234.2 million by 2028 |
| Growth rate | CAGR of 18.7% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Parking Meter Apps Market Drivers and Opportunities
Significant Rise in Number of Vehicles on Road to Favor Market
According to the World Economic Forum, by 2040, the global number of cars on the road and kilometers flown by planes will nearly triple. Cars are expected to number two billion by 2040, while air transport kilometers will total 20 trillion during the same period. Municipalities can employ parking meters to enforce their integrated on-street parking policy, which is typically tied to their traffic and mobility management policies. Still, they can also be used to generate income.
Development of Smart Parking Meter Apps
A smart parking meter communicates continually with a central parking platform, sending parking data to be processed and evaluated. Parking operators require robust analytical and decision-making tools to help them run their facilities efficiently. The smart parking dashboard processes all data received from smart parking meters, tracking every transaction. Subsequently, the dashboard can be used to analyze statistics such as sales by period, region, payment type, etc. Parking operators can improve efficiencies, reduce revenue leakages, and provide customers with a pleasant parking and payment experience by incorporating smart technology, such as parking meters, into their facilities. Thus, the development of smart parking systems creates an opportunity for the growth of the market.
Parking Meter Apps Market Report Segmentation Analysis
Key segments that contributed to the derivation of the parking meter apps market analysis are platform and end user.
- Based on the platform, the parking meter apps market is segmented into Android and iOS.
- Based on end users, the parking meter apps market is segmented into personal and businesses.
Parking Meter Apps Market Share Analysis by Geography
The geographic scope of the parking meter apps market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America. North America is a technologically advanced region. The region is increasingly adopting various digital solutions. The government across the region is deploying advanced solutions to modernise the parking. For example, in May 2024, the Department of Transportation began the statewide rollout of improved, modern parking meters in Upper Manhattan. For starters, the new meters, which are now located at West 166th Street and St. Nicholas Avenue, feature a pay-by-plate technology that allows vehicles to enter their license plates rather than displaying a receipt in the window. Such instances across North America drive the growth of the parking meter apps market.
Parking Meter Apps Market Report Scope
Parking Meter Apps Market News and Recent Developments
The parking meter apps market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the parking meter apps market are listed below:
- IEM Group introduced a new generation of PrestoInteractif parking meters with a 7-inch color touch screen. The slim design, internal steel structure and electronic locks, and IK10 compliance make the product highly efficient to maintain for service and operations personnel.
(Source: IEM Group, September 2021)
- EasyPark completed the acquisition of PARK NOW Group, transferring all assets and liabilities from the shareholders of BMW Group and Daimler Mobility AF to EasyPark Group. Through this acquisition, the company aims to grow further and become a global pioneer in digital parking, electrical vehicle charging and mobility services.
(Source: EasyPark, June 2021)
Parking Meter Apps Market Report Coverage and Deliverables
The “Parking Meter Apps Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Parking meter apps market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Parking meter apps market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Parking meter apps market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the parking meter apps market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Platform, and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The market is expected to register a CAGR of 19.23% during 2023–2031.
The global parking meter apps market is expected to reach US$ 324.58 million by 2031.
The leading players operating in the global parking meter apps market are IEM SA, INRIX, Inc., ParkMate, Parkopedia, Arrive (ParkWhiz), ParkMobile, LLC, PASSPORT LABS, INC., Flowbird, PayByPhone, and EasyPark.
The development of smart cities and green buildings to play a significant role in the global parking meter apps market in the coming years.
A significant rise in the number of vehicles on the road is the major factors that propel the global parking meter app market.
North America region dominated the parking meter apps market in 2023.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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