According to “The Insight Partners” recent report on 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% during the forecast period. North America dominated the market in 2020 with a highest share. In 2020, North America held the largest revenue share of the global on street vehicle parking meter market, owing to the early adoption of smart parking technologies in the region. The market growth in Europe is attributed to the significant use of multi-space parking kiosks to facilitate the user with varied payment options. Asia-pacific is substantially contributing to the on street vehicle parking meter market, owing to the rising focus of the region towards smart technologies adoption for smart city projects. Also, the MEA and South and Central America regions are contributing significantly to the global on street vehicle parking meter market growth. Further, the rising number of vehicles in urban cities creates demand for smart parking technology to resolve traffic congestion and parking availability issues.
The growth of the on street vehicle parking meter market in the APAC region can be attributed to rising digitalization in payment options and the growing population. In addition, the region comprises major vehicle manufacturers across China, India, and Japan. Honda, Hyundai Motors, Tata Motors, Mitsubishi, and Kia are among the major vehicle manufacturers in the region. The increasing sale of vehicles, specifically in urban cities, creates demand for smart on street vehicle parking meters. Further, China is expected to hold the largest market share in the Asia Pacific market due to the high consumption of vehicles in urban areas. 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 that are profiled in this market study. In addition to these market players, there are several other global, regional, and local players operating in the global market ecosystem/value chain which were studied and analyzed during the course of the study to get a holistic view of the entire market. Further, in September 2020, IEM SA partnered with the parking operator Indigo and the Belgian distributor Krautli to 960 solar-powered and cashless parking meters in the city of Antwerp. The PrestoInteractif parking meters combine state-of-the-art technology and sustainability while delivering parking tickets and pollution-based authorizations to access the Low Emission Zone (LEZ). And, in May 2019, IPS Group, Inc. had renewed its partnership with city of Oxford, Mississippi for installing 118 new single-space smart parking meters to help manage parking demand in its downtown area.
Impact of COVID-19 Pandemic on On-Street Vehicle Parking Meter Market
The COVID-19 pandemic has led to disruptions in parking industries due to restrictions on intercity traveling and office operations; the ratio of vehicles for parking lots is meager. A sharp decline in the growth of parking users due to the pandemic has delayed or postponed the planned investment for parking management, which lowered the on street vehicle parking meter market growth. However, the importance of digital payments in parking meters and requirement of automated on street parking system has been highlighted which created a lucrative growth opportunity for the market.
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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.
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