The global parking meter market is largely fragmented due to the presence of large number of players in the market. According the Transparency Market Research (TMR), the players operating in the market are constantly working to provide customized solutions at cost effective prices for their customers. These players are also getting into strategic alliances and collaborations, which will help them in strengthening their reach in global market and penetrate their roots in regional market. The global parking meter market has numerous players, Cale Access AB, METRIC Group Ltd, CivicSmart, Inc., J.J. MacKay Canada Limited, Parkeon S.A.S., LocoMobi Inc, Ventek International, and Worldwide Parking, Inc. to name some of the players working effectively in this market.
The author of the report, states that the global parking meter market is expected to reach a valuation of US$ 16.45 bn throughout the forecast period 2017-2025. The market is estimated to grow at a CAGR of 6.95% during the forecast tenure. On the basis of technology, parking kiosks – multi space parking meters dominate the parking meter market by holding highest revenue share and provide low maintenance cost for the customers. Based on geography, North America is leading the market with the highest number of share in the market. Rising population in emerging economies is expected to rise growth opportunities in Asia Pacific in next few years.
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Globally, the need for parking meter has grown because of rising automobile industry creating a demand for advanced parking solutions. Parking meter can be used for revenue collection and by giving automatic indication to maintain the flow of traffic. Imposing street policies and use of smart parking devices by municipalities will benefit the parking meter market.
Stadiums, libraries, tourist places, transit station, educational institutions and universities, civic buildings, and hospitals have created a high demand for better parking solutions. Moreover, inclusion of IoT-based services imposed in congested or public places that helps finding place for parking are expected to rise the demand for parking meter system. Thus, high demand for better parking management in both public and private agencies to expand the global parking meter market in near future.
Advanced parking meter has the ability to accept payment while displaying amount, which has grown need for parking meter market across the globe. In addition, growing demand for advanced technology and rising disposable income have triggered the need for parking meters, and is expected to flourish the market during the during the course of.
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Lack of Technological Advancement in Emerging Economies to Restrict Market Growth
On the contrary, lack of financial support for establishing developed and efficient parking system may hamper the growth of the market. As compared to developed economies, developing economies still struggles to incorporate advanced technologies, which increases the difficult setup smart parking meter in these countries. However, growing demand for vehicles across nations require proper and systematic systems for parking. Changing living and working ways with fast moving global economies have also increased the demand for parking meter market.