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.
The key companies operating in the on street vehicle parking meter market include Ditech SRL; Duncan Solutions; IEM SA; IPS Group, Inc.; J.J. MacKay Canada Limited (MacKay Meters); MEYPAR, S.L.; Parking BOXX Inc.; and Ventek International.
The overall size of the on street vehicle parking meter market has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the on street vehicle parking meter market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the on street vehicle parking meter market.
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