Credit Cards Segment to Dominate Europe On Street Vehicle Parking Meter Market during 2021-2028

According to a new market research study on “Europe On Street Vehicle Parking Meter Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast – by Type, Payment Type and Country,” is expected to reach US$ 410.24 million by 2028 from US$ 209.81 million in 2021. The market is estimated to grow at a CAGR of 8.7% from 2021 to 2028. The report provides trends prevailing in the Europe on street vehicle parking meter market along with the drivers and restraints pertaining to the market growth. Rapid increase in urbanization and an upsurge in the demand for smart parking solutions are major factors driving the growth of the Europe on street vehicle parking meter market. However, shifting focus towards off-street parking and emergence of new payment technologies may hinder the growth of Europe on street vehicle parking meter market.

In Europe, several countries witnessed an economic hit and a decline in business activities across the urban areas due to decrease in intercity travel activities in the first quarter of 2020. The impact of COVID-19 pandemic varied from country to country across Europe as countries such as Italy, France, and Russia witnessed a surge in the number of confirmed cases and subsequently imposed stringent and extended lockdowns. However, disrupted city operations in several European countries and fall in the demand for vehicles have been restraining the growth of the parking industry. However, the effect of this slowdown on parking sector is expected to revive and recover in 2021 as economic activities are regaining their pace and businesses are turning toward normalcy.

The market for Europe on street vehicle parking meter is segmented into type, payment type and country. Based on type, the market is segmented into parking meter (single space) and parking kiosks (multi space). In 2020, the parking meter (single space) segment held the largest share in Europe on street vehicle parking meter market. Based on payment type, the Europe on street vehicle parking meter market is divided into credit card, bills, and coins. The credit card segment is expected to be the fastest growing segment over the forecast period.  Based on country, the Europe on street vehicle parking meter market is divided into France, Germany, UK, Spain, Russia and rest of Europe. In 2020, Germany held the largest share in Europe on street vehicle parking meter market. Furthermore, in this present scenario of COVID 19 pandemic, the Europe on street vehicle parking meter market has been facing difficulties and several countries have suffered heavily. The manufacturing sectors in the Europe countries have been experiencing low production and a weak supply chain. Thereby, impacting the market for on street vehicle parking meter.

Ditech S.R.L.; Flowbird; IEM SA; IPS Group, Inc.; Meypar, S.L.; Metric Group Ltd. and Ventek International are some of the leading companies in the Europe on street vehicle parking meter 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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