Parking Meter Market – Increasing Efficiency to Manage Heavy Traffic to Boost Parking Meter Market
The global parking meter market is largely fragmented due to the presence of large number of players in the market. According the Transparency Market Research (TMR), the players operating in the market are constantly working to provide customized solutions at cost effective prices for their customers. These players are also getting into strategic alliances and collaborations, which will help them in strengthening their reach in global market and penetrate their roots in regional market. The global parking meter market has numerous players, Cale Access AB, METRIC Group Ltd, CivicSmart, Inc., J.J. MacKay Canada Limited, Parkeon S.A.S., LocoMobi Inc, Ventek International, and Worldwide Parking, Inc. to name some of the players working effectively in this market.
The author of the report, states that the global parking meter market is expected to reach a valuation of US$ 16.45 bn throughout the forecast period 2017-2025. The market is estimated to grow at a CAGR of 6.95% during the forecast tenure. On the basis of technology, parking kiosks – multi space parking meters dominate the parking meter market by holding highest revenue share and provide low maintenance cost for the customers. Based on geography, North America is leading the market with the highest number of share in the market. Rising population in emerging economies is expected to rise growth opportunities in Asia Pacific in next few years.
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Increasing Efficiency to Manage Heavy Traffic to Boost Parking Meter Market
Globally, the need for parking meter has grown because of rising automobile industry creating a demand for advanced parking solutions. Parking meter can be used for revenue collection and by giving automatic indication to maintain the flow of traffic. Imposing street policies and use of smart parking devices by municipalities will benefit the parking meter market. Stadiums, libraries, tourist places, transit station, educational institutions and universities, civic buildings, and hospitals have created a high demand for better parking solutions. Moreover, inclusion of IoT-based services imposed in congested or public places that helps finding place for parking are expected to rise the demand for parking meter system. Thus, high demand for better parking management in both public and private agencies to expand the global parking meter market in near future.