Report : Asia Pacific Parking Meter Apps Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Platform (Android and iOS) and End-User (Personal and Businesses)
The Android Segment to Dominate Asia Pacific Parking Meter Apps Market during 2021-2028
According to a new market research study on “Asia Pacific parking meter apps market to 2028 – COVID-19 Impact and Regional Analysis and Forecast – by Platform, End-User and Country,” is expected to reach US$ 30.29 million by 2028 from US$ 8.64 million in 2021. The market is estimated to grow at a CAGR of 19.6% from 2021 to 2028. The report provides trends prevailing in the Asia Pacific parking meter apps market along with the drivers and restraints pertaining to the market growth. Rising number of vehicles on road, and rising incorporation of smart technologies are major factors driving the growth of the Asia Pacific parking meter apps market. However, lesser reach in developing and underdeveloped countries may hinder the growth of Asia Pacific parking meter apps market.
A rise in consumer demand for expensive safety features is encouraging manufacturers to invest in high-end technological solutions and services into their products. The car industry was the first economic victim of COVID-19 pandemic in China with the shutdown of major automotive production sites and manufacturing plants of companies such as GM, Honda, Nissan, and Renault in the Hubei Province. Other countries in Asia Pacific recorded dramatic double-digit drops in vehicle sales due to their dependency on the automotive and automotive component market in China, as well as interruptions caused by the pandemic. There is a growing trend of technologies that reduce contact between people and surfaces such as payment systems, elevator buttons, and door handles, and it will further rise amid the COVID-19 pandemic. Thus, post lockdown, the market started to experience considerable growth in parking meter apps deployment. Also, China’s transition toward a high-tech market, flexibility in the Japanese manufacturing sector, and adequate government support and business strategies in India are among the key factors that would contribute to a rapid recover of Asia Pacific from the tremors of the pandemic.
The market for Asia Pacific parking meter apps is segmented into platform, end-user and country. Based on platform, the market is segmented into android and iOS. In 2020, the android segment held the largest share in Asia Pacific parking meter apps market. Based on end-user, the Asia Pacific parking meter apps market is divided into personal and businesses. The personal segment is expected to be the fastest growing segment over the forecast period. Based on country, the Asia Pacific parking meter apps market is segmented into China, India, Japan, South Korea and rest of Asia Pacific. In 2020, China held the largest share in Asia Pacific parking meter apps market. Furthermore, in this present scenario of COVID 19 pandemic, the Asia Pacific parking meter apps market has been facing difficulties and several countries have suffered heavily. The manufacturing sectors in the Asia Pacific countries have been experiencing low production and a weak supply chain. Thereby, impacting the market for parking meter apps.
IEM S.A.; INRIX, Inc.; ParkMate; Parkopedia; Arrive (ParkWhiz); Passport Labs, Inc.; Flowbird; and EasyPark are some of the leading companies in the Asia Pacific parking meter apps market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.
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