Research details developments in the Vehicle Parking Meter Market future scenario by 2025

The global vehicle parking meter market size was estimated at USD 4.9 billion in 2019 and is expected grow with a CAGR of 5.6% over the forecasted period of 2020 to 2025. The worldwide market has experienced a significant growth due increase in adoption of parking meters for regulating the parking spaces to avoid traffic congestion and improve traffic circulation.

Moreover, the market will present promising growth possibilities, which are stemmed by the blend of various factors. Some of these factors are, surge in demand for parking meters in malls & stadiums, public parks, and various other public places; the growing number of vehicles; rapid urbanization; and alarming problem of traffic congestion in developed as well as developing countries. In addition, high disposable income has led to the improved sales of automobiles around the globe. This factor significantly boosts the demand for vehicle parking meter. However, the high initial investment hampers growth of the market to some extent.

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A vehicle parking meter is a compact device used for the collection of the money to park a vehicle for a certain amount of time. It maintains the parking availability in public, private, and commercial spaces. These devices are usually installed in high traffic areas including government institutions, public parks, hospitals, and malls & stadiums to generate revenue from parked vehicles.

The market is seeing extensive consolidations, product launches, geographical expansions, and acquisitions. These are embraced by the market players to accomplish upgraded portfolios and generate new revenue streams. For instance, in June 2020, Tata Elxsi, one of the leading providers of design and technology services for product engineering and solutions has developed new smart parking solutions to help save the hassle and time for drivers across the India to search for a parking slot and park the cars.

Market Insights:

Product Type Insights:

In view of Product types, the market has been portioned into legacy meters and smart meters. The legacy meters section is the biggest portion, regarding income, and may rule the innovation field, as far as size, by 2025.

The smart meters segment should observe impressive development and rule the market (regarding development rates) over the conjecture time frame. In any case, factors, for example, the proliferation of digital payment technologies and the increasing adoption of integrated automated solutions along with the several advancements in wireless technologies drives growth of the segment.

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Consolidations, product launches, and acquisitions, to accomplish enhanced coverage of vehicle parking meter and to improve product insurance portfolio, have advanced as a significant piece of the current vehicle parking meter industry. For example, in January 2020, Klaus Multiparking, one of the leading manufacturers of parking systems in the world collaborated with Lendlease, a multinational construction, property, and infrastructure company and MACE to develop MasterVario R3L, a fully automatic parking system at Rathbone Square, London.

End Use Insights

In light of end use, the market is categorized into government institutions, parks, hospitals, malls & stadiums, transit systems, and others. The government institutions section is the biggest portion, regarding income, and may rule the innovation field, as far as size, by 2025.

On the other hand, among the sub-segments, the parks is ready to observe highest growth rates. This is mainly attributed to the high demand for vehicle parking meter in the parks due to rising disposable income among the growing population.

The malls & stadiums and transit systems portions may observe critical development rates. This may be due to the emerging smart parking systems with the high level of flexibility and convenience along with mobile payment options.

Competitive Market Insights

The key business members of the market are Cale Access AB, CivicSmart, Inc., POM Inc., LocoMobi Inc, J.J. MacKay Canada Limited, METRIC Group Ltd, IPS Group, Inc., Parkeon S.A.S., Ventek International, Parking BOXX, and Worldwide Parking, Inc.

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This release was published on openPR.