DUBLIN--(BUSINESS WIRE)--The "Global On Street Vehicle Parking Meter Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Parking Meter (Single Space) and Parking Kiosks (Multi Space)), Payment Type (Credit card, Bills, and Coins), and Geography" report has been added to ResearchAndMarkets.com's offering.
The global on street vehicle parking meter market is expected to grow from US$ 590.7 million in 2021 to US$ 1,138.8 million by 2028; it is estimated to register a CAGR of 8.6% from 2021 to 2028.
On street parking has strong roots of deployment in developed nations as the peoples are keen towards a modern solution the adoption ratio is higher in developed countries. However, with rising technological advancement and awareness about modern technologies, developing nations like India and China attract numerous market players. The governments of developing nations are investing substantial capital in the parking industry to resolve traffic congestion, parking space availability issue, and reduce air pollution caused due to vehicles. For instance, in April 2021, the Transport Department ("TD") of the Hong Kong Special Administrative Region Government has awarded the contract of US$ 680 million to Flowbird and HKT under the smart city program to develop digital on-street parking systems. The program includes the installation of ~ 12,000 new parking meters across the streets of Hong Kong, offering digital payment and real-time parking vacancy information. Such an increasing focus on installing smart parking solutions has created substantial growth opportunities for the market in the coming years.
The government of India also initiated the new smart city projects under which smart parking meters are getting installed in emerging cities like Bengaluru, Chennai, and Mumbai, among others. The parking meters for on street parking locations are getting installed to facilitate users with varied payment options. Such a rising focus towards the smart parking solution from developing nations is propelling the market growth.
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Market Dynamics
Drivers
- Rapid Growth in Urbanization
- Increasing Demand for Smart Parking Solutions
Restraints
- Rising Focus on Off-Street Parking And Emergence of New Payment Technologies
Opportunities
- Growing Adoption of the Parking Meters in Developing Nations
Future Trends
- Integration Internet of Things in On Street Parking Meters
Companies Mentioned
- Ditech SRL
- Duncan Solutions
- Flowbird
- IEM Sa
- IPS Group, Inc.
- J.J. Mackay Canada Limited (Mackay Meters)
- Metric Group Ltd
- Meypar, S.L.
- Parking Boxx Inc.
- Ventek International
For more information about this report visit https://www.researchandmarkets.com/r/gi2wqp
