Parking Meter Market is expected to demonstrate bountiful growth opportunity in the coming years
The worldwide global parking meter market is expected to reach an evaluation of US$16,454.1 mn, exhibiting a healthy 6.95% CAGR, over the forecast period of 2017 to 2025. During this duration, the Asia Pacific region is anticipate to emerge as a leading regional market, on account of its surging population and technological progress.
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Application in Commercial Spaces to Propel Pay and Display Segment Further
The global market for parking meters has been bifurcated on the basis of the technology used, its application and the parking mode. Based on the mode of parking, the market is further segmented into plate, space and pay and display types, and others. Among these, the pay and display type of parking meters are anticipated to be the rage over the coming years. This could be accounted to the fact that pay and display types of parking meters are not only easy to utilize, but also have a high rate of penetration in the market. There are a number of commercial spaces where these type of parking meter are being used on a large basis such as shopping malls, movie theatres, airports, railways and hospitals.
Geographically, North America is anticipated to hold a principal position of the regional market, due to its high population density and immense usage of private vehicles. At the same time, Asia Pacific is prognosticated to showcase the highest demand for parking meters on the whole. The substantial demand for parking meters in this region stems from the surging automotive industry and the technological advances occurring in it, along with the rising usage of smart devices in the area. The perpetually incrementing population, along with its demand for transportation, leading to chaotic and mismanaged traffic is a vital factor contributing to the growth of this market.
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Incorporation of IoT to Offer Lucrative Growth Opportunity to Parking Meters Market
The integration of IoT and other advancement in technologies has enabled parking meters to generate efficient solutions to issues such as congestions. In coming years, several developing countries are expected to install new-age parking meters to solve congestion related issues. The pressing issue of traffic congestion in various parts of the world has led to increasing fuel consumption and unhealthy levels of population. Thus, automated solutions to help vehicle owners to find parking spots is expected to resolve several troubles of growing urban traffic.
However, a factor that may hamper market growth could be lack of financial support to contribute toward developing an efficient parking system. Emerging economies are still struggling with the incorporation of technology in this arena, and may thus be unable to reap the benefits of this technology in the forthcoming years.
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