Albany, NY -- (SBWIRE) -- 01/24/2018 -- Introduction to Parking meter

Parking meter is a device used for collecting revenue in exchange for parking a vehicle at a particular place for limited time. Parking meters can be used as a tool for enforcing the street parking policy by municipalities. Parking meters are generally installed in high traffic areas. Parking meters 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 generate high parking demand which is major driver for parking meter market. Traffic congestion caused by vehicles is an alarming problem both in developed as well as developing countries. IoT based technology provides the required solution where tasks such as finding a parking space are automated giving boost to installation of parking management solutions.

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The global parking meter market is expected to expand at a CAGR of 6.95% during the forecast period from 2017 to 2025 and is expected to reach US$16,454.1 mn by 2025.

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Multi Space Parking Technology to Remain Popular During Forecast Period

The global parking meter market can be segmented on the basis of technology, parking mode, application and region.

In terms of technology, parking meter market can be divided into parking meter (single space), parking kiosks (multi space).

In terms of application, the market can be classified into government institutions, hospitals, parks, transit systems, malls & stadiums and others (institutions, residential etc.). Among application, parks are expected to generate high demand for parking and in turn parking meters due to increasing disposable income among the growing population.

Asia Pacific to Lead Global Market as Automotive Industry Gains Momentum

Geographically, 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.