Report : 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
According to the latest research report titled “On Street Vehicle Parking Meter Market Forecast to 2028 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to grow from US$ 590.7 million in 2021 to US$ 1,138.8 million by 2028, and it is expected to grow at a CAGR of 8.6% during 2021–2028.
APAC On street vehicle parking meter Market to Register Highest CAGR During Forecast Period
The growth of the on street vehicle parking meter market in APAC is attributed to the increase in sales of passenger vehicles. This is due to the presence of major automotive vehicle manufacturing industries across China, India, and Japan. China, Japan, Australia, India, and South Korea are the major contributors to the development of the on street vehicle parking meter market in the region. Rapid technological developments, digitalization of economies, and adequate government support for setting up smart parking technologies for streets are contributing to the market growth. Further, the India and China are leading automotive manufacturing hubs contributing major share in vehicles production and sale. Rising population of Asian region and increasing disposable income are enhanced the vehicles consumption in the countries like India, China, Japan, and South Korea. Also, the India and China are major consumer of two wheelers creating major demand for smart on street solutions. The ongoing government support to the automotive manufacturing industry is expected to propel the growth of the on street vehicle parking meter market in the region. . Also, there is a presence of major automotive manufacturers such as Suzuki, Mitsubishi, Hyundai-Kia, Nissan, Tata Motors Limited, Lexus, and Toyota, in the region. These major automotive companies are expected to positively influence the market as the increased sale will ultimately create demand for parking meters
Key Findings of Study:
Asia Pacific is expected to have the fastest growth rate, owing to a robust automotive sector supported by the growing smart infrastructure development in countries such as China, India, and South Korea. Rising focus towards the deployment of smart solution to resolve traffic congestions in countries like Australia, Malaysia, Taiwan, and Thailand has boosted the market growth. For instance, in February 2021, Brisbane City of Australia has removed the coin payment option from parking meters. The city is offering multiple payment options in smart parking meters such as mobile phone payments, debit or credit card payment, and Tap N Go facilities to initiate contactless payment.
The COVID-19 outbreak brought the entire business sector to a halt, causing major ban intercity travels in APAC. This caused the low revenue generation for the parking industry. Thus, the overall decline of business and intercity travel activities has hampered the demand for on street vehicle parking meter across APAC during the first two quarters of 2020. However, as the economies in the region started reopening, the business activities, commercial places, and intercity travels have slowly resumed is supporting the APAC on street vehicle parking meter market growth.