NEW YORK, Sept. 8, 2021 /PRNewswire/ -- According to new research study on "On Street Vehicle Parking Meter Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by type, payment type, and Geography," the market is expected to grow from US$ 590.7 million in 2021 to US$ 1,138.8 million by 2028; it is estimated to register a CAGR of 8.6% from 2021 to 2028.
The growing traffic congestion by vehicles and increasing number of automobiles are driving the growth of the on-street vehicle parking meter market. Furthermore, growing urbanization and infrastructure development in emerging economies are anticipated to create market opportunities for the on-street vehicle parking meter market during the forecast period. 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. According to the UN reports, urbanization in Europe is supposed to increase by ~83.7% by 2050. Also, as per EEA, 75% of the population in the EU prefers to live in urban areas. Therefore, these factors drive the on-street vehicle parking meter market growth to facilitate parking payment methods.
North America's technological advancements have made it a highly competitive market. The countries of the region are investing huge capitals for infrastructure development under smart city programs. North America is one of the leading region in automotive sector and holds highest share in electric vehicles consumption. Thus, the region owns one of the strongest potential for on street vehicle parking meter market. In addition, the users of on street parking mater in regions are comparatively higher to others region due enhanced awareness and knowledge about systems.
Amid the COVID-19 pandemic, the demand for smart parking technologies has 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 quarter of 2020. The demand resumed with the continuation of economic activities. Thus, the global market is projected to recover its demand in the coming months and the subsequent years as parking kiosks (multi-space) more widely adopted in the urban cities.
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Growing Adoption of the Parking Meters in Developing Nations to Propel On Street Vehicle Parking Meter Market Growth
On street parking has strong roots of deployment in developed nations as the peoples are keen towards a modern solution the adoption ratio is higher in developed countries. However, with rising technological advancement and awareness about modern technologies, developing nations like India and China attract numerous market players. The governments of developing nations are investing substantial capital in the parking industry to resolve traffic congestion, parking space availability issue, and reduce air pollution caused due to vehicles. For instance, in April 2021, the Transport Department ("TD") of the Hong Kong Special Administrative Region Government has awarded the contract of US$ 680 million to Flowbird and HKT under the smart city program to develop digital on-street parking systems.
On Street Vehicle Parking Meter Market: Type Overview
On street vehicle parking meters are designed the resolve the parking issues that happened in the urban localities. Parking problems have been a rising issue in urban cities, whether it may be developed or developing nations. Hence, to simplify the on street parking operation, demand for a parking meter is increasing. However, the parking meters are being offered in two types: Parking Meters (Single Space) and Parking Kiosks (Multi Space). Both the types have particular advantages as per the space and technology requirements.
On Street Vehicle Parking Meter Market: Competitive Landscape and Key Developments
Ditech SRL; Duncan Solutions; IEM SA; IPS Group, Inc.; J.J. MacKay Canada Limited (MacKay Meters); MEYPAR, S.L.; Parking BOXX Inc.; and Ventek International are among the key market players in the global on street vehicle parking meter market. The leading companies are focusing on the expansion and diversification of their market presence and acquisition of a new customer base, thereby tapping prevailing business opportunities.
In February 2021, Duncan Solutions have collaborated with Logan City Council in their trialing of an innovative solution to improve parking in the Beenleigh region with the help of setting a new smart parking system. The new smart parking system would advise drivers entering the Beenleigh CBD where parking spots are available.
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