Parking Meter Market Outlook Scenario Planning & Strategic Insights for 2034

Parking Meter Market Outlook, Size, Growth Factors and Key Trends

The parking meter market is forecasted to expand from USD 4.02 billion in 2025 to USD 7.10 billion by 2034, growing at a CAGR of 6.53% from 2025 to 2034.

Introduction

The parking meter market is a prominent branch of the automotive industry. This industry deals in manufacturing and distribution of parking meters around the world. There are different types of meters developed in this sector comprising of single-space meters, multi-space meters, pay and display meters. These meters finds application in various sectors consisting of hospitals, parks, government institutions, transit systems, malls and stadiums and some others. The rapid urbanization in different parts of the world has boosted the industrial expansion. This market is predicted to grow significantly with the rise of the transportation industry across the globe.

• According to the Our World in Data, the global urban population in 2020 was 4.4 billion in 2020 that increased to 4.61 billion in 2023.

Highlights of the Parking Meter Market

• North America held the largest share of the parking meter market due to the growing adoption of advanced technologies for managing traffic in this region.
• Asia Pacific is expected to grow with the highest CAGR due to the rapid urbanization in this region.
• The single-space segment held the largest share of the market due to the rising use of single-space parking meters in urban areas. 
• The digital display segment led the industry due to the increasing use of smart display meters for parking management operations.

Key Metrics and Overview

Parking Meter: Trends & Stats

• Numerous governmental organizations are deploying advanced parking meters that provides enhanced security and improved accuracy. For instance, in April 2024, NYC DOT launched modern parking meters. These parking meters are designed for parking management across the New York City.
• Several market players are partnering with transportation authorities for integrating for enhancing parking management activities in different parts of the world. For instance, in September 2024, Flowbird Group announced partnership with Southeastern Pennsylvania Transportation Authority (SEPTA). This partnership is done for launching advanced commuter parking system in Philadelphia.
• According to the United Nations Department of Economic and Social Affairs, around 68% of the global population is expected to live in urban areas in 2050.
• According to the Our World in Data, around 88% people of Brazil lived in urban areas during 2023.

Industry Leader Announcement

In December 2024, Lance Spicer, the CEO of Hot Springs announced that, “With anything new, there's always things to learn and that's something we're going to be mindful of as we roll out this parking program. It's going to be new to the residents, new to our visitors, but it's also something that's new to city staff and to our Hot Springs Police Department as well.”

Geographical Insights

North America held the largest share of the parking meter market. The rising adoption of advanced solutions for traffic management in the U.S. and Canada has boosted the industrial expansion. Also, the growing sales of vehicles coupled with rapid urbanization in this region has played a crucial role in shaping the market in a positive direction. Moreover, the presence of various market players such as T2 Systems, Cubic Transportation Systems, PayByPhone Technologies and some others is driving the growth of the parking meter market in this region.

Competitive Landscape

The parking meter market is a competitive industry with the presence of several dominating players. Some of the prominent companies in this industry consists of Amano, Cale, IPS Group, Siemens, Urbiotica, QFree, Xylem Inc, PayByPhone Technologies, Parkeon, Swarco AG, T2 Systems, Cubic Transportation Systems, Flowbird and some others. These companies are constantly engaged in developing parking meters and adopting numerous strategies to maintain their dominance in this industry.

• According to the annual report of Siemens, the smart infrastructure segment generated a revenue of 3074 million euros in 2023 that increased to 3707 million euros in 2024.

Market Segmentations

By Type

• Single-space
• Multi-space
• Pay-and-display

By Payment Method

• Coins
• Contactless cards
• Mobile apps

By Display Type

• Mechanical
• Electronic
• Digital

By Usage

• On-street
• Off-street
• Airport
• Train station

By Region

• North America
• Europe
• South America
• Asia-Pacific
• Middle East and Africa