The Asia Pacific parking meter apps market is expected to grow from US$ 8.64 million in 2021 to US$ 30.29 million by 2028; it is estimated to grow at a CAGR of 19.6% from 2021 to 2028.
Technological advancements in parking management systems, such as the Internet of Things (IoT) and e-payments through apps, are enhancing consumer experience and boosting parking meter apps’ adoption. Furthermore, the growing demand for electric vehicles is encouraging city authorities to deploy smart parking stations having enhanced connectivity to modern technologies. Access to real-time parking data would save drivers’ time on finding parking space for their vehicles, along with reducing traffic congestion. With the ever-increasing penetration of smartphones and availability of mobile applications integrated with different features, it has become possible for vehicles users to navigate towards vacant parking spaces, which is one of the significant factors boosting the parking meter apps market.
A rise in consumer demand for expensive safety features is encouraging manufacturers to invest in high-end technological solutions and services into their products. The car industry was the first economic victim of COVID-19 pandemic in China with the shutdown of major automotive production sites and manufacturing plants of companies such as GM, Honda, Nissan, and Renault in the Hubei Province. Other countries in Asia Pacific recorded dramatic double-digit drops in vehicle sales due to their dependency on the automotive and automotive component market in China, as well as interruptions caused by the pandemic. There is a growing trend of technologies that reduce contact between people and surfaces such as payment systems, elevator buttons, and door handles, and it will further rise amid the COVID-19 pandemic. Thus, post lockdown, the market started to experience considerable growth in parking meter apps deployment. Also, China’s transition toward a high-tech market, flexibility in the Japanese manufacturing sector, and adequate government support and business strategies in India are among the key factors that would contribute to a rapid recover of Asia Pacific from the tremors of the pandemic.
With the new advancements and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the Asia Pacific parking meter apps market. The number of cars being manufactured and bought is increasing steadily in developed and developing regions. Industry experts anticipate most of this growth to happen in emerging markets such as China and India, owing to the rapid increase in population. With a surge in the number of vehicles, people are facing issues such as traffic congestion and parking space insufficiency. Hence, there is a massive requirement for an efficient and effective parking infrastructure across the region. The growing procurement of vehicles among the consumers is compelling governments as well as private organizations to focus more on developing parking solutions enabled with advanced technologies, such as parking meter apps, parking guidance solutions, and parking reservation solutions, which can be implemented on the road as well as in building parking areas. As per MarkLines Data Center, the annual sales of new vehicles in the US are recorded to be ~12 million. The region is characterized by substantial growth in economies and high disposable income among the masses, which are the crucial factors contributing to continuous growth in vehicle sales. Along with these factors, consumers’ demand for comfort and convenience has propelled the adoption of parking meter apps that save the time of occupants.
Asia Pacific Parking Meter Apps Market Revenue and Forecast to 2028 (US$ Million)
Asia Pacific Parking Meter Apps Market Segmentation
Asia Pacific Parking Meter Apps Market – By Platform
- Android
- iOS
Asia Pacific Parking Meter Apps Market – By End-User
- Personal
- Businesses
Asia Pacific Parking Meter Apps Market – By Country
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
Asia Pacific Parking Meter Apps Market Strategic Insights
Asia Pacific Parking Meter Apps Market Report Highlights
| Report Attribute | Details |
| Market size in 2021 | US$ 8.64 Million |
| Market Size by 2028 | US$ 30.29 Million |
| CAGR (2021 - 2028) | 19.6% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Platform
|
|
Regions and Countries Covered
|
|
| Asia-Pacific | China, India, Japan, Australia, Rest of Asia-Pacific |
| Market leaders and key company profiles |
|
Asia Pacific Parking Meter Apps Market Country and Regional Insights
