Global Multispace Parking Meter Market Size to grow by USD 1.3 Bn in 2030.

Press Release

The multispace parking meter market is projected to grow USD 1.3 Bn in 2030, at a CAGR of 8.8%.

High parking demand is generated by public infrastructure such transit stations, libraries, stadiums, tourist attractions, civic buildings, universities, and hospitals, which is a primary driver for the parking metre market. Vehicle-related traffic congestion is a serious problem in both developed and developing countries. IoT-based technology provides the essential solution, automating operations such as finding a parking space, allowing parking management solutions to be installed more quickly.

Consumers can employ multispace parking metres to create real-time repotting, online payment options, and better parking management. The market is being driven by digitization, technological advancements, and an increase in end-user technology usage. Technology has become more cost-effective in managing various resources as a result of digital growth, and it has also assisted in increasing revenue from current resources. Carbon emissions can also be regulated in high-traffic locations by using these multispace parking metres. In high-traffic locations, smart parking technologies are extensively employed to maximise parking spot utilisation.

As the urban population grows, there is a greater need for resource management that is efficient. Governments are implementing multispace parking metres to alleviate traffic congestion in congested locations. These multispace parking metres allow you to make the most of your parking spot. These parking metres have an interactive design and are simple to use. The emergence and quick acceptance of smart parking systems in congested regions has reduced the amount of time it takes a car to look for a parking spot. Governments in many developing nations are increasing their investment in the installation of multispace parking metres, which is assisting in market expansion.

The on-street parking segment has dominated the market share in 2020 of global multispace parking meter market owing to the increase in the number of on-street vehicles, the transportation industry's growth, and government investments in smart parking systems by various emerging nations. The mobile payment segment has dominated the market share in 2020 of global multispace parking meter market owing to the increasing digitalization and rapid urbanization across the developing regions. People nowadays prefer mobile payments in every sector. North America region is dominating the market share of global multispace parking meter market owing to the presence of major players along with the technological advancements. Technological developments, increased automotive production, rising traffic congestion difficulties, and increased awareness of innovative parking system technologies are some of the primary reasons driving market growth.

Key Developments:

January 2022- Flowbird Group made a strategic move by getting into a partnership with the city of Des Moines, Iowa, U.S., to upgrade its smart multispace technology for parking system. The company with its local distributors and service provider, Baker Group, is in the process of implementing a smart multispace pay station solution offering several exciting features to drivers.

January 2020- CivicSmart, Inc. entered into a contract with the City of Colorado Springs, CO, U.S. to upgrade the City Smart Parking program. The company had selected to upgrade the City's current smart meters with Liberty Next Gen (LNG) smart parking meters to provide new meter housings. The city has installed vehicle detection sensors to provide real-time information about on-street occupancy and availability to advance the complexity of the City parking program.

June 2019- Flowbird Group acquired 100% of Yellowbrick International by completing the acquisition of remaining 30% share. The acquisition helped Flowbird to consolidate its position in the digital parking market.