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Parking meter is a device that is used for collecting money for a vehicle to be parked in a particular space for a restricted time as well as it used to maintain the parking availability in private, public and commercial spaces. These meters have various payment option such as pay by card, pay by phone, or cash. The main purpose of installing parking meters is to regulate the parking spaces, avoid traffic jams and improve the traffic flow. These meters can be installed in a single space or multiple spaces conferring to the requirement of end use department. Public infrastructure such as hospitals, government institutions, malls & stadiums, tourist attractions, transit stations, and public parks are in high demand for parking spaces and can generate large amount of revenues from parked vehicles. Moreover, technology based on the Internet of Things provides the required solution in which tasks such as finding parking spaces can be performed automatically, thus facilitating the installation of parking management solutions.
Key Market Driver -
The increasing traffic congestion along with the growing need for parking meters for managing parking spaces is expected to drive the growth of the market in the forecast period.
Key Market Restraint -
Lack of financial support to install parking meters may retrain the growth of the market during the forecast period.
Globally, the Parking Meter market is segmented by technology type, by application type, by parking mode type, and by geographic coverage. The technology type is further segmented into parking meter and parking kiosks. The parking kiosks (multi space) segment holds the largest share in the global market and is expected to retain the largest share throughout the forecast period owing to the growing demand for parking kiosks with low maintenance cost associated with this technology. The application type is further segmented into hospitals, parks, government institutions, transit systems, malls and stadiums.
Due to the easy access to payment, the demand for parking meters is rapidly increasing, which in turn is expected to drive the growth of the parking meter market. Additionally, in some countries, the parking management services are developing new solutions in order to reduce the parking jamming and also provide reserved parking spaces. For the safety purposes, parking meters are also required in the government institutions, which is an additional factor that has accelerated the growth of the parking meter market during the evaluation period. The parking mode type is further segmented into plate, space, pay and display. The pay and display segment holds the major share in the global market owing to the high penetration of this mode and the ease of access that the mode provides.
Major players operating in the global Parking Meter market include Parking BOXX, Ventek International and Worldwide Parking, Inc., Cale Access AB, IPS Group, Inc., MacKay Canada Limited, Parkeon S.A.S., LocoMobi Inc, CivicSmart, Inc., and J.J. POM Inc.among others.
Geographically, the Parking Meter market is segmented into North America, Europe, Asia Pacific, and the rest of the world. North America accounts for the largest share in the global market owing to the high installation rate of smart parking meters in countries such as Canada and USA. Also, the government regulation to control the parking congestion is estimated to boost the demand for parking meter market over the forecast period. Europe holds a second largest share in the parking meter market especially in the EU nations, owing to the growing concern regarding parking spaces. Asia-Pacific is estimated to witness a highest CAGR during the forecast period owing to the increasing population in the developing countries including India and China. Moreover the technological advancements, increasing adoption of smart devices and leveraged demand for these systems from the emerging markets is expected to boost the parking meter market in this region. Furthermore, the rise in the automotive industry owed to high demand for automobiles are generating opportunities for the parking solutions which is ultimately driving the parking meter market. Latin America, Middle East and Africa are also expected to grow significantly owing to the increasing urbanization and rise in the economic growth in the coming years.
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By Technology Type
By Application Type
By Parking Mode Type
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