Parking meter is a device used for collecting revenue in exchange for parking a vehicle at a particular place for limited time. Parking meters can be used as a tool for enforcing the street parking policy by municipalities. Parking meters are generally installed in high traffic areas. Parking meters are part of both public and private agencies’ parking management solutions. Public infrastructure such as transit stations, libraries, stadiums, tourist attractions, civic buildings, universities and hospitals generate high parking demand which is major driver for parking meter market.
Traffic congestion caused by vehicles is an alarming problem both in developed as well as developing countries. IoT based technology provides the required solution where tasks such as finding a parking space are automated giving boost to installation of parking management solutions. The global parking meter market is expected to expand at a CAGR of 6.95% during the forecast period from 2017 to 2025 and is expected to reach US$16,454.1 mn by 2025.
Multi Space Parking Technology to Remain Popular During Forecast Period
The global parking meter market can be segmented on the basis of technology, parking mode, application and region. In terms of technology, parking meter market can be divided into parking meter (single space), parking kiosks (multi space). In 2016, Multi space parking meters holds the largest revenue share for parking meter market and is expected to retain the largest share throughout the forecast period due to high demand for parking kiosks owing to low maintenance cost associated with the technology.
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On the basis of parking mode, the parking meter market can be segmented into pay and display, plate, space and others. Due to greater penetration of pay & display and ease of access, pay & display held the largest market share in 2016. In terms of application, the market can be classified into government institutions, hospitals, parks, transit systems, malls & stadiums and others (institutions, residential etc.). Among application, parks are expected to generate high demand for parking and in turn parking meters due to increasing disposable income among the growing population.
Asia Pacific to Lead Global Market as Automotive Industry Gains Momentum
Geographically, parking meter market can be divided into North America, Europe, Asia-Pacific, Middle East & Africa and South America. North America is expected to hold largest share among global parking meter market. Asia-Pacific is expected to witness highest CAGR during the forecast period owing to growing population in the emerging economies such as China and India.
Factors such as technological developments, rising adoption of smart devices and increased demand for these devices from emerging markets are expected to drive parking meter market in the coming years. Moreover, growing automotive industry due to high demand for automotive are generating high demand for parking solutions which is also driving the parking meter market. The intensifying traffic congestions and need for effective parking systems to address parking concerns are providing several growth opportunities for parking meter market over the forecast period.
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Some of the major players in the global parking meter market with the significant developments are Cale Access AB, CivicSmart, Inc., IPS Group, Inc., LocoMobi Inc, J.J. MacKay Canada Limited, METRIC Group Ltd, Parkeon S.A.S., Parking BOXX, POM Inc., Ventek International and Worldwide Parking, Inc. among others. The global parking meter market is highly fragmented with number of companies operating in the segment. Leading players are currently focusing on providing cost competitive and customized solutions to the customers. Moreover, as part of this strategy, the companies are engaging in various strategic partnerships, acquisitions, focusing on expanding their business through new service additions and geographical presence.