Report : North America 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 North America Parking Meter Apps Market during 2021-2028
According to a new market research study on “North America 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$ 107.69 million by 2028 from US$ 32.86 million in 2021. The market is estimated to grow at a CAGR of 18.5% from 2021 to 2028. The report provides trends prevailing in the North America parking meter apps market along with the drivers and restraints pertaining to the market growth. Significant rise in number of vehicles on road, and rising adoption of smart technologies are major factors driving the growth of the North America parking meter apps market. However, limited awareness in developing and underdeveloped countries may hinder the growth of North America parking meter apps market.
The North America economy experienced substantial implications in 2020, and the impacts are projected to last for some time. The electronics, semiconductors, and the automobile industry have been affected by the COVID-19 outbreak. A sharp decline in the growth of the aforementioned industries hampers the parking meter apps market growth. Factory closures, travel and trade restrictions, and border closures have had a negative impact on the operations of many commercial and corporate facilities around the region. Due to a significant downturn in the parking industry revenue in 2020, the demand for new parking solutions has lowered, which is limiting the market growth. However, with ease of travel restriction, the parking industry started to regain its momentum. The importance of parking meter app has been increased due to the COVID-19 pandemic as contactless parking payment solutions are preferred by consumers. Thus, in 2021, the market witnessed significant demand for parking meter apps.
The market for North America 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 North America parking meter apps market. Based on end-user, the North America 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 North America parking meter apps market is segmented into US, Canada and Mexico. In 2020, US held the largest share in North America parking meter apps market. Furthermore, in this present scenario of COVID 19 pandemic, the North America parking meter apps 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 parking meter apps.
INRIX, Inc.; Parkopedia; Arrive (ParkWhiz); ParkMobile, LLC; Passport Labs, Inc.; Flowbird; PayByPhone and EasyPark are some of the leading companies in the North America 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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