Parking Meter Apps Market is Projected CAGR of 17.1% during 2022 – 2032 | Report by FMI
Global Parking Meter Apps Market was valued at US$ 73.8 Mn in 2022 and is expected to reach US$ 358 Mn by 2032, find Future Market Insights (FMI) in a recent market survey. The market is a projected CAGR of 17.1% during 2022 – 2032. As per the findings of the report, individual users, among other End Users will garner significant demand in the market as the bulk of revenue will be generated through them. Revenue through individual users grew at a CAGR of 18.7% during 2017 – 2021.
However, businesses are increasingly deploying the parking meter app solutions for the ease of employees, and are expected to contribute a large share in the market.
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Increasing in number of vehicles on roads boosts the Global Demand for Parking Meter Apps
With the increasing number of vehicles on the road, the pandemic has increased the need for contactless parking payment solutions and raised the relevance of digital payments in parking meter apps, providing greater growth opportunities for the market players in parking meter apps. Although, these apps have made parking easier for the users leading to the growth of the global Parking Meter Apps Market, the high construction costs required for maintenance and providing parking space results in high operating costs, slowing the growth of the global Parking Meter Apps Market in the developing nations.
The US Continues being the Largest Revenue Stream for Parking Meter Apps Market
The United States has the largest market for Parking Meter Apps, which is projected to reach a valuation of US$ 121.5 Mn by 2032. From 2017 to 2021, the market in the US grew at a CAGR of 18.4%. Between 2022 and 2032, the US is expected to be a market with a US$ 94.7 Mn absolute dollar opportunity.
Most of the key cities offer parking payment apps, according to the parking and transport ticketing company Flowbird. Services like ParkWhiz, SpotHero, and Parking Panda offer reservations for parking spots in the key US cities. In many cities in the US, there are also valet apps such as Luxe, Zwayo, SpotLight Parking and Veer, to make the process more accessible.
“The addition of advanced features, such as auto-payment options and voice guidance enabled through smartphone apps, are likely to drive the demand for more innovative solutions in Parking Meter Apps.” comments an analyst at Future Market Insights.
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Parking Meter Apps Market: Competition Insights
The Parking Meter App Market is getting quite competitive recently. Some of the key players of the industry are IEM SA, INRIX, Inc., ParkMate, Parkopedia, Arrive (ParkWhiz), ParkMobile, LLC, PASSPORT LABS, INC., Flowbird, PayByPhone, EasyPark, Parking Panda, Streetline, BestParking, Waze, HONK, JustPark, and Telpark.
Some of the key developments in the parking meter apps market include the following:
- In May 2021, three separate smartphone apps will be made accessible by the Public Parking Authority of Pittsburgh so that cars can pay for parking time. In order to provide users with more mobile app options than only the Go Mobile PGH app powered by Parkmobile, the Flowbird and Meter Feeder apps will soon be offered as payment options.
- In February 2021, Denver launched a new parking meter app that allows contactless payments and time extensions within the specified limits. The app sends users a text notification when their parking session is about to expire, which can assist individuals to avoid receiving parking citations. Without having to go back to the parking meter, people may use the app to add money and extend their parking within the allotted time.
- In February 2021, a new web app from ParkMobile that enables users to instantly pay for parking on a mobile web browser has been developed. For those who wish to pay for parking contactless but do not want to download a feature-rich mobile app, ParkMobile is offering another choice with this online app.
- In February 2020 The Memphis Area Transit Authority (MATA) in the United States has contracted Amco S.A. to build an automated parking fare collection system.
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More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the Parking Meter Apps Market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals extensive growth in Parking Meter Apps Market by Platform (Android and iOS); and by End User (Personal and Businesses), across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
Key Segments Covered In Parking Meter Apps Market Survey
Parking Meter Apps Market by Platform:
Parking Meter Apps Market by End User:
Parking Meter Apps Market by Region:
- North America
- Latin America