Worldwide On Street Vehicle Parking Meter Industry to 2028 - Growing Adoption of the Parking Meters in Developing Nations Presents Opportunities

News provided by

Oct 21, 2021, 13:00 ET

DUBLIN, Oct. 21, 2021 /PRNewswire/ -- The "Global On Street Vehicle Parking Meter Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Parking Meter (Single Space) and Parking Kiosks (Multi Space) ), Payment Type( Credit card, Bills, and Coins ), and Geography" report has been added to ResearchAndMarkets.com's offering.

The global on street vehicle parking meter 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.

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. The program includes the installation of ~ 12,000 new parking meters across the streets of Hong Kong, offering digital payment and real-time parking vacancy information. Such an increasing focus on installing smart parking solutions has created substantial growth opportunities for the market in the coming years.

The government of India also initiated the new smart city projects under which smart parking meters are getting installed in emerging cities like Bengaluru, Chennai, and Mumbai, among others. The parking meters for on street parking locations are getting installed to facilitate users with varied payment options. Such a rising focus towards the smart parking solution from developing nations is propelling the market growth.

The key companies operating in the on street vehicle parking meter market include 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.

The overall size of the on street vehicle parking meter market has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the on street vehicle parking meter market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the on street vehicle parking meter market.

Reasons to buy

Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the on street vehicle parking meter market
Highlights key business priorities in order to assist companies to realign their business strategies
The key findings and recommendations highlight crucial progressive industry trends in the fall protection equipment market thereby allowing players across the value chain to develop effective long-term strategies
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
Scrutinize in-depth US market trends and outlook coupled with the factors driving the market, as well as those hindering it
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution

Key Topics Covered:

1. Introduction

2. Key Takeaways

3. Research Methodology

4. On street vehicle parking meter Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America
4.2.2 Europe
4.2.3 Asia-Pacific
4.2.4 Middle East and Africa
4.2.5 South America
4.3 Ecosystem Analysis
4.4 Expert Opinion

5. On Street Vehicle Parking Meter Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Rapid Growth in Urbanization
5.1.2 Increasing Demand for Smart Parking Solutions
5.2 Market Restraints
5.2.1 Rising Focus on Off-Street Parking And Emergence of New Payment Technologies
5.3 market Opportunities
5.3.1 Growing Adoption of the Parking Meters in Developing Nations
5.4 Future Trends
5.4.1 Integration Internet of Things in On Street Parking Meters
5.5 Impact Analysis of Drivers And Restraints

6. On Street Vehicle Parking Meter - Global Market Analysis
6.1 Global On Street Vehicle Parking Meter Market Overview
6.2 Global On Street Vehicle Parking Meter Market Revenue Forecast and Analysis
6.3 Market Positioning - Five Key Players

7. Global On Street Vehicle Parking Meter Market Analysis - By Type
7.1 Overview
7.2 Parking Meter (Single Space)
7.2.1 Overview
7.2.2 Global Parking meter (single space) Market Revenue and Forecasts to 2028 (US$ Million)
7.3 Parking Kiosks (Multi Space)
7.3.1 Overview
7.3.2 Global Parking Kiosks (Multi Space) Market Revenue and Forecasts to 2028 (US$ Million)

8. Global On Street Vehicle Parking Meter Market Analysis - By Payment Type
8.1 Overview
8.2 Credit card
8.2.1 Overview
8.2.2 Global Credit card Market Revenue and Forecasts to 2028 (US$ Million)
8.3 Bills
8.3.1 Overview
8.3.2 Global Bills Market Revenue and Forecasts to 2028 (US$ Million)
8.4 Coins
8.4.1 Overview
8.4.2 Global Coins Market Revenue and Forecasts to 2028 (US$ Million)

9. On Street Vehicle Parking Meter Market - Geographic Analysis

10. On Street Vehicle Parking Meter Market - Covid-19 Impact Analysis
10.1 Overview
10.2 North America: Impact Assessment of Covid-19 Pandemic
10.3 Europe: Impact Assessment of Covid-19 Pandemic
10.4 Asia Pacific: Impact Assessment of Covid-19 Pandemic
10.5 Middle East & Africa: Impact Assessment of Covid-19 Pandemic
10.6 South America Impact Assessment of Covid-19 Pandemic

11. Industry Landscape
11.1 Overview
11.2 Market Initiative
11.3 New Product Development

12. Company Profile
12.1 Ditech SRL
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Duncan Solutions
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Flowbird
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 IEM SA
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 IPS Group, Inc.
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 J.J. MacKay Canada Limited (MacKay Meters)
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 METRIC Group Ltd
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 MEYPAR, S.L.
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 Parking BOXX Inc.
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
12.10 Ventek International
12.10.1 Key Facts
12.10.2 Business Description
12.10.3 Products and Services
12.10.4 Financial Overview
12.10.5 SWOT Analysis
12.10.6 Key Developments

13. Appendix

For more information about this report visit https://www.researchandmarkets.com/r/i3famw

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

SOURCE Research and Markets