Leading players are currently focusing on providing cost competitive and customized solutions to the customers.
Albany, NY -- (SBWIRE) -- 01/04/2018 -- The need for a parking meter is seen to be intensifying in times when number of vehicles is soaring, especially in the urban areas. It is well known that traffic congestion caused by vehicles is an alarming problem both in developed as well as developing countries. In this case, IoT based technology provides the required solution where tasks such as finding a parking space are automated giving a boost to installation of parking management solutions, parking meter is one of them. Market Research Hub (MRH) has freshly announced the addition of a study titled "Parking Meter Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025" to its wide database, which offers precise forecast analysis on market growth in the coming years. In addition, the report offers an in-depth analysis of the market drivers, restraints, and growth opportunities. Using these factors, the study identifies various trends prominent in the industry which are expected to influence the market growth during the forecast period from 2017 to 2025.
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Market Introduction and Key Highlights
Parking meter is a device used for collecting fare in exchange for parking a vehicle at a specific place for limited time. They are now a 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 cause high parking demand which is major driver for parking meter market. According to the research key highlights, the global parking meter market is expected to increase at a CAGR of 6.95% during the forecast period from 2017 to 2025 and is further anticipated to reach US$16,454.1 mn by the end of 2025.
Geographically, parking meter market can be divided into North America, Europe, Asia-Pacific, Middle East & Africa and South America. Of these, 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. On the other hand, North America is expected to hold the largest share. Prime factors such as rising adoption of smart devices and demand for these devices from emerging markets are expected to drive parking meter market in the coming years. Also, growing automotive industry is generating high demand for parking solutions, which has led to adoption of parking meters.
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The report has been further analyzed on the basis of major segments, such as technology, parking mode and application. In terms of technology, parking meter market can be divided into parking meter (single space), parking kiosks (multi-space). Due to greater penetration of pay & display and ease of access, pay & display held the largest market share in 2016, on the basis of parking mode.
Analysts have also 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 major players in the global parking meter market with the significant developments are LocoMobi Inc, METRIC Group Ltd, Ventek International, Cale Access AB, CivicSmart, Inc., IPS Group, Inc., J.J. MacKay Canada Limited, Parkeon S.A.S., Parking BOXX, POM Inc., and Worldwide Parking, Inc.
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