Parking Meter (Single Space) Segment to Dominate Middle East and Africa On Street Vehicle Parking Meter Market during 2021-2028

According to a new market research study on “Middle East and Africa 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$ 71.11 million by 2028 from US$ 35.15 million in 2021. The market is estimated to grow at a CAGR of 9.2% from 2021 to 2028. The report provides trends prevailing in the Middle East and Africa on street vehicle parking meter market along with the drivers and restraints pertaining to the market growth. Growth in urbanization and rise in the need for smart parking solutions are major factors driving the growth of the Middle East and Africa on street vehicle parking meter market. However, an upsurge in the focus on off-street parking along with development of new payment technologies may hinder the growth of Middle East and Africa on street vehicle parking meter market.

The impact of COVID-19 pandemic varied from country to country across the Middle East and Africa as countries such as South Africa, UAE, Saudi Arabia, Qatar, and Kuwait witnessed a surge in the number of confirmed cases and subsequently imposed stringent and extended lockdowns. The region is projected to register a swift decline in its business activities in urban areas and this will have a negative impact on the on-street vehicle parking meter market. However, the countries are expected to overcome the swift drop in demand as the business activities resume their operational activities and demand for paring kiosks will increase.

The market for Middle East and Africa 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 Middle East and Africa on street vehicle parking meter market. Based on payment type, the Middle East and Africa 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 Middle East and Africa on street vehicle parking meter market is divided into South Africa, Saudi Arabia, UAE and rest of Middle East and Africa. In 2020, South Africa held the largest share in Middle East and Africa on street vehicle parking meter market. Furthermore, in this present scenario of COVID 19 pandemic, the Middle East and Africa on street vehicle parking meter market has been facing difficulties and several countries have suffered heavily. The manufacturing sectors in the Middle East and Africa countries have been experiencing low production and a weak supply chain. Thereby, impacting the market for on street vehicle parking meter.

Duncan Solutions; Flowbird; IPS Group, Inc.; Metric Group Ltd.; and Ventek International are some of the leading companies in the Middle East and Africa 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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