Report : North America On Street Vehicle Parking Meter Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Parking Meter (Single Space) and Parking Kiosks (Multi Space)) and Payment Type (Credit Card, Bills, and Coins)
Credit Cards Segment to Dominate North America On Street Vehicle Parking Meter Market during 2021-2028
According to a new market research study on “North America 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$ 489.11 million by 2028 from US$ 267.44 million in 2021. The market is estimated to grow at a CAGR of 7.8% from 2021 to 2028. The report provides trends prevailing in the North America on street vehicle parking meter market along with the drivers and restraints pertaining to the market growth. Rapid growth in urbanization and increasing demand for smart parking solutions are major factors driving the growth of the North America on street vehicle parking meter market. However, rising focus on off-street parking and emergence of new payment technologies may hinder the growth of North America on street vehicle parking meter market.
Amid the COVID-19 pandemic, the demand for smart parking technologies increased significantly owing to the surge in demand for contactless payment. This demand has stabilized the use of parking kiosks (multi-space) at some extent. However, the pandemic negatively impacted the on street vehicle parking meter market during the first two quarters of 2020. The demand resumed with the continuation of economic activities in 2021. Thus, the North American market is projected to recover in the coming months and the subsequent years as parking kiosks (multi-space) are more widely adopted in the urban areas.
The market for North America 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 North America on street vehicle parking meter market. Based on payment type, the North America 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 North America on street vehicle parking meter market is divided into US, Canada and Mexico. In 2020, US held the largest share in North America on street vehicle parking meter market. Furthermore, in this present scenario of COVID 19 pandemic, the North America on street vehicle parking meter market has been facing difficulties and several countries have suffered heavily. The manufacturing sectors in the North America 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.; J.J. MacKay Canada Limited (MacKay Meters); Meypar, S.L.; Metric Group Ltd.; Parking BOXX Inc.; and Ventek International are some of the leading companies in the North America 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.