Transparency Market Research has observed that the global parking meter market is expected to witness intense competition in the coming years. Several leading players are focusing on differentiating their products through innovation. Some of the key players in the global market are Cale Access AB, CivicSmart, Inc., LocoMobi Inc, IPS Group, Inc., J.J. MacKay Canada Limited, Parkeon S.A.S., and METRIC Group Ltd. In the foreseeable future, companies will also partner with service providers to stay ahead of the competition.
According to the research report, the global parking meter market is expected to be worth US$16,454.1 mn by the end of 2025 as the market surges at a CAGR of 6.95% between 2017 and 2025. Though North America is one of the key leading regions of the market, Asia Pacific has identified as prominent regional market. The report estimates Asia Pacific to register highest CAGR during the forecast period. Meanwhile, the low maintenance cost of multi space parking meters is projected make it the leading technology in the global parking meter market.
Monetization of Parking Spaces acts as an Incentive to Several End Users
Parking meters have become a commonality in recent years due to the growing demand for organized parking systems and management. These meters have also helped end users monetize parking spaces. The earning made through parking meters is ploughed in back in by end users for creating better parking spaces. Thus, the obvious opportunity of monetizing parking has lured several end users to install efficient parking meters. The need for parking meter is seen to be intensifying in times when number of vehicles is soaring, especially in the urban areas. In light of this reason, parking meters are being installed in parking areas of transit stations, stadiums, libraries, tourist attractions, universities, hospitals, and civic buildings. The latest addition of smart parking meters to the existing technologies has upped the game for many vendors as these automated responses are helping in eliminating human error.
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The integration of IoT and other advancement in technologies has enabled parking meters to generate efficient solutions to issues such as congestions. In coming years, several developing countries are expected to install new-age parking meters to solve congestion related issues. The pressing issue of traffic congestion in various parts of the world has led to increasing fuel consumption and unhealthy levels of population. Thus, automated solutions to help vehicle owners to find parking spots is expected to resolve several troubles of growing urban traffic.
Lack of Funds for Installations to Hamper Market Growth
Despite the strong market drivers the global parking meter market is being stymied by a few challenges. For instance, the lack of financial support for installing smart parking solutions is expected to be a major challenge for the market. Developing countries are still try to understand the benefits of IoT to actually make its full integration in various walks of life. Thus, the slow pace of development in various parts of the world is also identified as a key hindrance to the global market.
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