Parking Meter Market Parking Kiosks (Multi Space)], Parking Mode (Pay & Display, Plate, Space) 2021-2027

The parking meter is a device used for collecting revenue in exchange for parking a vehicle at a particular place for a limited time. The municipalities use parking meters due to integrated on-street parking policy regarding traffic and mobility management policies. Parking meters are mostly installed in high traffic places such as government institutions, hospitals, public parks, malls & stadiums, and are used to generate revenue from parked vehicles. They can be used as a tool for enforcing the street parking policy by municipalities, as parking meters are 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 a major driver for the 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 a boost to the installation of parking management solutions.

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Major Market Players:
Cale Access AB, CivicSmart, Inc., IPS Group, Inc., LocoMobi Inc, J.J. MacKay Canada Limited, METRIC Group Ltd, Parkeon S.A.S., Parking BOXX, POM Inc., Ventek International, and Worldwide Parking, Inc.

Some of the factors that boost the market growth are growing traffic congestion by vehicles and increasing need for parking meters to manage parking spaces. However, lack of financial support to install parking meters could be acting as a challenge for the market. Conversely, growing urbanization and infrastructure development in emerging regions are expected to offer lucrative opportunities for the market during the forecast period.

Owning to increasing automobiles, the traffic congestion has increased with rise in population across the globe. In addition, the total vehicle miles traveled of a vehicle is not growing with increasing population due to more intensive use of each vehicle in a family. Hence, it results in traffic congestion across the country, which makes huge problems while parking due to the crowing of vehicles. The growing traffic in most of developed economies is expected to boost the parking meter market during the forecast period.

Parking is considered to be the key component of the transportation program in the city which has addressed huge problems over the past decade with increase in the number of vehicles. Moreover, huge gathering across the cities in educational institutes, entertainment uses, religious institutions, commercial activities, and special events programs undergo the need for parking meters to manage the flow of vehicles in the parking. Hence, the increasing demand in various huge gathering places is boosting the growth of the parking meter market.

Key benefits of the report:
• This study presents the analytical depiction of the parking meter market industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the parking meter market share.
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the parking meter market scenario.
• Porter's five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in the coming years.

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