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Parking Meter Market Exhibiting a Healthy 6.95% CAGR, Over the Forecast Period of 2017 to 2025

03-21-2018 06:36 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Transparency Market Research

/ PR Agency: Transparency Market Research
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.

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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.

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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.

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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.

About TMR

Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

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