Automotive & Transportation / Parking Meter Market - Growth, Trends And Forecast (2022 - 2027) By Types, By Application, By Regions And By Key Players - FLOWBIRD, POM Inc., Hectronic, Kinouwell Tech
Parking Meter Market - Growth, Trends And Forecast (2022 - 2027) By Types, By Application, By Regions and By Key Players - FLOWBIRD, POM Inc., Hectronic, Kinouwell Tech
Acknowledging the kind of traction gained by this market, recently published a study report asserts the global Parking Meter Market size is projected to accrue voluminously by 2027 registering a phenomenal CAGR of around 12.4% during the review period (2022 to 2027).
Parking Meter Market Overview
Parking meters are mostly installed in high traffic areas. These are part of both public and private agencies’ parking management solutions. Public infrastructure such as transit stations, libraries, stadiums, tourist attractions, civic buildings, universities and hospitals produce high parking demand which is main driver for market. Traffic congestion caused by vehicles is an alarming problem both in developed as well as emerging countries. IoT based technology delivers the essential solution where tasks such as finding a parking space are automated giving boost to installation of parking management solutions.
Some of the aspects that boost the parking meters market growth are growing traffic congestion by vehicles and increasing need for parking meters to manage parking spaces. However, deficiency of financial support to install parking meters could be acting as a challenge for the market. Equally, rising urbanization and infrastructure development in developing regions are anticipated to offer lucrative opportunities for the market during the forecast period 2022-2027. Owning to growing automobiles, the traffic congestion has enlarged with rise in population across the globe. In addition, the total vehicle miles traveled of a vehicle is not growing with increasing population due to more intensive use of each vehicle in a family. Hence, it results in traffic congestion across the country, which makes huge problems while parking due to the crowing of vehicles. The growing traffic in most of developed economies is anticipated to boost the parking meter market during the forecast period.
Industry News:
14 September 2021:The Italian data protection authority ('Garante') announced, that it had fined the Flowbird Italia Srl €30,000 for various privacy shortcomings in relation to parking meters located in Rome. In particular, the Garante outlined that the ATAC S.p.A., a service provider contracted by the Municipality of Rome to manage the parking lots and implement a technological update to parking meters to offer new services and introduce new payment methods, had subcontracted Flowbird.
What are the major Applications, Types and Regions for Parking Meter Market?
By Type, it is segmented into
Parking Meter Market (Single Space)
Parking Kiosks (Multi Space)
Others
By Applications it is segmented into
Government Institutions
Hospitals
Parks
Transit Systems
Malls & Stadiums
Others
Parking Meter Market Regional Analysis
Asia-Pacific is expected to witness highest CAGR during the forecast period owing to growing population in the emerging economies such as China and India. Factors such as technological developments, rising adoption of smart devices and increased demand for these devices from emerging markets are expected to drive parking meter market in the coming years. Moreover, growing automotive industry due to high demand for automotive are generating high demand for parking solutions which is also driving the parking meter market. The intensifying traffic congestions and need for effective parking systems to address parking concerns are providing several growth opportunities for parking meter market over the forecast period.
All these factors greatly affect the Parking Meter Market growth. It further aims at providing complete overview on detailed assessment of significant features of different industries including sales volume, market revenue, and demand size, sales growth, pricing analysis and changing market growth factors in regions such as Follows,
North America
US
Canada
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Rest of the World
Middle East & Africa
Latin America
What is our Parking Meter Market report scope?
Report Attributes
Report Details
Forecast Period 2022 to 2028 CAGR
CAGR of 12.4% during the review period (2022 to 2027).
Yes, the report can be customized as per your needs
Key Takeaways from this parking meter Report
Evaluate Parking Meter Market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level - for product types, end use applications and by different industry verticals.
Understand the different dynamics influencing the market - growth driving factors, specific challenges and hidden opportunities.
Get in-depth insights on your competitor performance – revenue, shares, business strategies, financial benchmarking, product benchmarking, SWOT analysis and more.
Analyze the sales and distribution channels across geographies to enhance top-line revenues.
Understand the demanding supply chain with a deep dive on the value augmentation at each, in order to optimize value and bring efficiencies in your processes.
Get a quick outlook on the Parking Meter Market entropy - M&A's, deals, partnerships, product launches of all key players for the past 4 years.
Evaluate the import-export statistics, supply-demand and competitive landscape for more than top 20 countries globally for the market.
All our reports are custom made to your company needs to a certain extent, we do provide 5 free consulting hours along with purchase of each report, and this will allow you to request any additional data to customize the report as your needs.
Frequently Asked Questions
What is the study period of this market?
The Parking Meter Market is studied from 2017 - 2027.
What is the growth rate of Parking Meter Market?
The Parking Meter Market is growing at a CAGR of 12.4% over the next 5 years.
SECONDARY RESEARCH Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
PRIMARY RESEARCH Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
MARKET ENGINEERING The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
EXPERT VALIDATION The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.
