Asia Pacific On Street Vehicle Parking Meter Market
The Asia Pacific on street vehicle parking meter market is a highly fragmented market with the presence of considerable regional and local players providing numerous solutions for companies investing in the market arena. Smart parking technology is evolving with the rising number of cities suffering from traffic congestion and lack of parking space availability. The on street metering system has already grown by offering multiple payment options like cards, coins, and bills. However, street parking meters are getting integrated with the internet of things (IoT) technology to overcome parking space availability challenges. The IoT sensors provide information to the on-street parking metering system about vacant and occupied parking spaces. This information is further forwarded to vehicle users to find out the parking space availability in particular streets easily. The data generated through IoT technology is helping to manage parking operations effectively. Thus, on-street vehicle parking meters with IoT integration are becoming a future trend in the parking industry. For instance, in September 2020, Bengaluru city installed street parking meters with space sensors connected to them. The solution is an initiative for implementing smart parking technology in the city, covering ten streets with parking spaces for ~510 two-wheelers and 475 cars. The IoT technology has been evolving in the automotive industry with the advent of connected cars, expected to support market growth. The connected cars are supposed to communicate with parking meters to direct drivers towards the available spot and help in payment processing. Thus, considering the above factors, integration of IoT technology in parking meters is supposed to be a future trend, which will propel the market growth in the forecasted period.
The COVID-19 outbreak has brought business activities to a halt, causing major disruptions in parking industry. Thus, the overall decline of parking industry revenue hampered the demand for on street vehicle parking meters across Asia Pacific during the first two quarters of 2020. However, with the resumption of several economies in the region, the business activities in urban cities have slowly resumed, supporting the Asia Pacific on street vehicle parking meter market growth.
Strategic insights for the Asia Pacific On Street Vehicle Parking Meter provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 70.07 Million |
| Market Size by 2028 | US$ 152.52 Million |
| Global CAGR (2021 - 2028) | 10.2% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | Asia-Pacific
|
| Market leaders and key company profiles |
The geographic scope of the Asia Pacific On Street Vehicle Parking Meter refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The on street vehicle parking meter market in Asia Pacific is expected to grow from US$ 70.07 million in 2021 to US$ 152.52 million by 2028; it is estimated to grow at a CAGR of 10.2% from 2021 to 2028. The increasing population count in urban cities has driven the vehicles sale. With rising disposable incomes, the population is keen to have their own vehicles for daily commute. Rapid growth in urbanization with the increasing sale of vehicles has led to the increased adoption of smart parking management solutions. The requirement of smart parking meters to efficiently manage available parking spaces has propelled the market growth. In addition, the parking industry is playing a significant role in the country's economic growth with a generation of strong revenue. Conventional and intelligent parking technologies are playing a vital role in the parking industry's revenue growth. Hence, sustaining the growth of the parking industry in the urban region has led to the increasing adoption of on street vehicle parking meters. Also, the governments of various countries are enforcing strict regulations for street parking and meter monitoring, which boost the market growth.
Based on type, the parking meter (single space) segment accounted for the largest share of the Asia Pacific on street vehicle parking meter market in 2020. Based on payment type, the coins segment accounted for the largest share of the Asia Pacific on street vehicle parking meter market in 2020.
A few major primary and secondary sources referred to for preparing this report on the Asia Pacific on street vehicle parking meter market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report include Duncan Solutions; Flowbird; IEM SA; IPS Group, Inc.; Metric Group Ltd.; and Ventek International.
The Asia Pacific On Street Vehicle Parking Meter Market is valued at US$ 70.07 Million in 2021, it is projected to reach US$ 152.52 Million by 2028.
As per our report Asia Pacific On Street Vehicle Parking Meter Market, the market size is valued at US$ 70.07 Million in 2021, projecting it to reach US$ 152.52 Million by 2028. This translates to a CAGR of approximately 10.2% during the forecast period.
The Asia Pacific On Street Vehicle Parking Meter Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific On Street Vehicle Parking Meter Market report:
The Asia Pacific On Street Vehicle Parking Meter Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia Pacific On Street Vehicle Parking Meter Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia Pacific On Street Vehicle Parking Meter Market value chain can benefit from the information contained in a comprehensive market report.
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