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Global Parking Meter Market: Demand for Efficient Parking Systems in Urban Areas Drives Market, says TMR

Posted on Dec 06, 2017

Transparency Market Research has observed that the global parking meter market is expected to witness intense competition in the coming years. Several leading players are focusing on differentiating their products through innovation. Some of the key players in the global market are Cale Access AB, CivicSmart, Inc., LocoMobi Inc, IPS Group, Inc., J.J. MacKay Canada Limited, Parkeon S.A.S., and METRIC Group Ltd. In the foreseeable future, companies will also partner with service providers to stay ahead of the competition.

According to the research report, the global parking meter market is expected to be worth US$16,454.1 mn by the end of 2025 as the market surges at a CAGR of 6.95% between 2017 and 2025. Though North America is one of the key leading regions of the market, Asia Pacific has identified as prominent regional market. The report estimates Asia Pacific to register highest CAGR during the forecast period. Meanwhile, the low maintenance cost of multi space parking meters is projected make it the leading technology in the global parking meter market.

parking meter market

Monetization of Parking Spaces acts as an Incentive to Several End Users

Parking meters have become a commonality in recent years due to the growing demand for organized parking systems and management. These meters have also helped end users monetize parking spaces. The earning made through parking meters is ploughed in back in by end users for creating better parking spaces. Thus, the obvious opportunity of monetizing parking has lured several end users to install efficient parking meters. The need for parking meter is seen to be intensifying in times when number of vehicles is soaring, especially in the urban areas. In light of this reason, parking meters are being installed in parking areas of transit stations, stadiums, libraries, tourist attractions, universities, hospitals, and civic buildings. The latest addition of smart parking meters to the existing technologies has upped the game for many vendors as these automated responses are helping in eliminating human error.

The integration of IoT and other advancement in technologies has enabled parking meters to generate efficient solutions to issues such as congestions. In coming years, several developing countries are expected to install new-age parking meters to solve congestion related issues. The pressing issue of traffic congestion in various parts of the world has led to increasing fuel consumption and unhealthy levels of population. Thus, automated solutions to help vehicle owners to find parking spots is expected to resolve several troubles of growing urban traffic.

Lack of Funds for Installations to Hamper Market Growth

Despite the strong market drivers the global parking meter market is being stymied by a few challenges. For instance, the lack of financial support for installing smart parking solutions is expected to be a major challenge for the market. Developing countries are still try to understand the benefits of IoT to actually make its full integration in various walks of life. Thus, the slow pace of development in various parts of the world is also identified as a key hindrance to the global market.

This review is based on Transparency Market Research’s report, titled “Parking Meter Market (Technology - Parking Meter (Single Space), Parking Kiosks (Multi Space); Application - Government Institutions, Hospitals, Parks, Transit Systems, Malls and Stadiums and Others (Institutions and Residential); Parking Mode - Pay and Display, Plate, Space, and Others) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025”.

Market Segmentation:

Parking Meter Market Analysis, by Technology

  • Parking Meter (Single Space)
  • Parking Kiosks (Multi Space)

Parking Meter Market Analysis, by Application

  • Government Institutions
  • Hospitals
  • Parks
  • Transit Systems
  • Malls & Stadiums
  • Others (Institutions, Residential etc.)

Parking Meter Market Analysis, by Parking Mode

  • Pay & Display
  • Plate
  • Space
  • Others

Parking Meter Market Analysis, by Region

  • North America
    • The U.S.
    • Canada
    • Rest of North America
       
  • Europe
    • Germany
    • France
    • The U.K.
    • Rest of Europe
       
  • Asia-Pacific
    • Japan
    • China
    • India
    • Rest of Asia Pacific
       
  • Middle-East & Africa
    • GCC Countries
    • South Africa
    • Rest of MEA
       
  • South America
    • Brazil
    • Rest of South America

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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.

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