The latest report by IMARC Group, titled “Parking Meter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, offers a comprehensive analysis of the industry, which comprises insights on the global parking meter market report. The global market size reached US$ 5.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 6.8 Billion by 2028, exhibiting a growth rate (CAGR) of 4.58% during 2023-2028.
A parking meter is a mechanical or electronic device used to regulate and collect fees for parking in public or private parking spaces. They are typically found along the curbs of streets, in parking lots, and in urban areas where parking is in demand. The primary purpose of parking meters is to manage the availability of parking spaces, prevent overcrowding, and generate revenue for local governments or parking authorities. To use a parking meter, a motorist typically inserts coins into a prepaid parking card or uses a mobile app to pay for a specified parking time. The meter displays the remaining time, and when it expires, enforcement personnel may issue parking tickets or citations to vehicles that have exceeded their paid time limit. Parking meters are vital in regulating urban parking, ensuring turnover, and maintaining traffic flow in busy areas. In recent years, parking meters have transitioned to digital and mobile payment systems, allowing for more convenient and efficient parking management while reducing the need for physical coins.
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Parking Meter Market Trends and Drivers:
The global parking meters market is primarily driven by the escalating demand for efficient parking management systems due to rapid urbanization and population growth in cities. Moreover, the rising need to alleviate congestion, ensure parking availability, and generate revenue for municipalities has accelerated the adoption of parking meters. Apart from this, the ongoing advancement in parking meter technology, including the integration of smart meters with digital payment options and mobile apps that enhance user convenience and encourage compliance with parking regulations, has catalyzed market growth. Moreover, the development of eco-friendly and solar-powered parking meters owing to the rising concern for environmental sustainability as it aligns with green initiatives in urban areas is propelling market growth. Additionally, the implementation of stringent traffic regulations and the increasing need to reduce illegal parking instances are other major growth-inducing factors. Furthermore, the significant expansion of tourism and hospitality sectors post-pandemic has escalated the utilization of parking meters in tourist-heavy areas, thereby contributing to market growth.
Report Segmentation:
The report has segmented the market into the following categories:
Technology Insights:
- Parking Meter (Single Space)
- Parking Kiosks (Multi Space)
Parking Mode Insights:
- Pay and Display
- Plate
- Space
- Others
Application Insights:
- Government Institutions
- Hospitals
- Parks
- Transit Systems
- Malls and Stadiums
- Others
Regional Insights:
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East & Africa
Competitive Landscape With Key Players:
- Flowbird, IPS Group Inc
- J.J. MacKay Canada Limited
- LocoMobi Inc
- METRIC Group Ltd
- Parking BOXX, POM Inc.
- Ventek International
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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