Parking Meter Market Outlook – 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.
COVID-19 scenario analysis
- The pandemic has affected the investments into a modern Internet of Things (IoT) and Smart City infrastructure, which lay the foundation for a data-driven decision-making process rather than relying on vague guesstimates.
- The COVID-19 pandemic and associated semi-confinement had a significant and measurable impact on people’s parking behavior and mobility patterns in general.
- The real-time monitoring of parking bays through vehicle detection sensors combined with revenue statistics from parking meters allows policymakers and enforcement teams to precisely analyze on-street parking behavior, which is now to be completely changed after the pandemic.
- The parking enforcement has been officially paused from the lockdown across the globe, companies now to think of more innovative ideas for the huge gatherings of vehicles as encountering the social distancing causes into play.
Top impacting factors: market scenario analysis, trends, drivers, and impact analysis
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.
The parking meter market trends are as follows:
Growing traffic congestion by vehicles
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.
Increasing need for parking meters to manage parking spaces
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 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.
Questions answered in the parking meter market research report:
- Which are the leading players active in the parking meter market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What are the projections for the future that would help in taking further strategic steps?
Parking Meter Market Report Highlights
By Parking Mode
Key Market Players
J.J. MacKay Canada Limited, CivicSmart, Inc., LocoMobi Inc, Cale Access AB, Parking BOXX, Ventek International, Parkeon S.A.S., POM Inc., Worldwide Parking, Inc., IPS Group, Inc., METRIC Group Ltd