Press release
Multispace Parking Meter Market is expected to exceed the value of US$ 1 Bn by the end of 2031
Modern parking solutions are an integral element of smart city planning and environmental development program aimed to reduce traffic, air, and noise pollution and make cities more liveable.
Increasing urban population is compelling authorities for effective use of resources to render city services. Need for smooth flow of traffic to prevent congestion in crowded areas is leading governments to shift to smart parking solutions.
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Smart parking systems reduce time required for drivers to search for parking spaces and enable effective use of parking spaces. Smart parking solutions include multispace parking meters for users to pay for selected time period. Multispace parking meters also enable parking managers to offer real-time reporting, implement dynamic pricing, enable more efficient parking enforcement, and increase revenue generation.
North America is anticipated to witness substantial growth in the multispace parking meter market during the forecast period. Rapid adoption of technology to render city services, rising traffic congestion issues, and awareness for advanced parking systems fuels demand for multispace parking meter in the region.
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Multispace Parking Meter Market - Key Findings of the Report
Increasing urban mobility is attracting authorities to invest in parking infrastructure and generate revenue in return. Parking is typically the second or third revenue generating source for a city, with smart parking solutions increasingly becoming more prevalent with long term vision for effective parking management solution.
Significance of digitization for increasing affordability of technology to manage various resources is helping generate revenues from existing resources. This is increasingly resulting in traditional single parking meter technology to replace digital multispace parking meter.
Backed by advanced technology, multispace parking meters features to reduce driver's time, reduce congestion and associated carbon emission, and enable easier parking payments.
Growing adoption of technologically advanced devices among city dwellers to support smart city development projects is creating opportunities in multispace parking meters market. Multispace parking meters enable real-time reporting, online payment, and more efficient parking management.
Prospects of hefty investments from city governmentsin the U.S to upgrade infrastructurefor improved quality of life to provide ample opportunities in multispace parking meter market. Consistent adoption of advanced technology is leading manufacturers to offer advanced multispace parking meter models. This has led to the development of a single device with improved functionalities, increased performance characteristics and reduced risk of malfunctioning. North America is a leading region in the multispace parking meter market, and is projected to expand at a CAGR of 12.8% during the forecast period, asserts TMR guide to multispace parking meter market.
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Multispace Parking Meter Market - Growth Drivers
Growing urban populations compelling the need for advanced parking systems to prevent traffic congestion and effective use of parking spaces is fuelling the growth of multispace parking meter market
Technological ability for dynamic pricing, real-time reporting, increased enforcement of efficient parking, and increased revenue generation stimulates demand for multispace parking meters
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Multispace Parking Meter Market - Key Players
Some of the key players operating in the multispace parking meter market are;
Flowbird Group
IPS Group Inc.
Kinouwell Tech
POM Inc.
Ventek International
Hectronic
J.J. Mackay Limited
METRIC Group Ltd.
IEM SA
Shenzhen Horoad Electronic Technology Development Co. Ltd.
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The multispace parking meter market is segmented as follows;
Multispace Parking Meter Market, by Type
On-street Multispace Meters
Off-street Multispace Meters
Multispace Parking Meter Market, by Payment Mode
Cash
Payment Cards (Debit Card, Credit Card, etc.)
Mobile Payment
Multispace Parking Meter Market, by End-use
Government Institutions
Hospitals
Parks
Transit Systems
Malls & Stadiums
Others (Institutions, Residential, etc.)
Multispace Parking Meter Market, by Region
North America
U.S.
Canada
Mexico
Europe
U.K.
Germany
France
Italy
Russia
Rest of Europe
Asia Pacific (APAC)
China
India
Japan
South Korea
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
GCC Countries
South Africa
North Africa
Rest of Middle East & Africa
South America
Brazil
Argentina
Rest of South America
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