Rapid use of technology to contribute toward success of smart city development projects fuels demand for multispace parking meters
Albany NY, United States, May 23, 2022 (GLOBE NEWSWIRE) -- Analysts at TMR estimate the multispace parking meter market to clip a CAGR of 8.8% during the forecast period from 2021 to 2031. Increase in number of vehicles on roads, growth of transportation industry, and rise in investments in smart city projects in developing countries is fuelling the growth of multispace parking meter market.
Modern parking solutions are an integral element of smart city planning and environmental development program aimed to reduce traffic, air, and noise pollution and make cities more liveable.
Increasing urban population is compelling authorities for effective use of resources to render city services. Need for smooth flow of traffic to prevent congestion in crowded areas is leading governments to shift to smart parking solutions.
Smart parking systems reduce time required for drivers to search for parking spaces and enable effective use of parking spaces. Smart parking solutions include multispace parking meters for users to pay for selected time period. Multispace parking meters also enable parking managers to offer real-time reporting, implement dynamic pricing, enable more efficient parking enforcement, and increase revenue generation.
North America is anticipated to witness substantial growth in the multispace parking meter market during the forecast period. Rapid adoption of technology to render city services, rising traffic congestion issues, and awareness for advanced parking systems fuels demand for multispace parking meter in the region.
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Multispace Parking Meter Market – Key Findings of the Report
Increasing urban mobility is attracting authorities to invest in parking infrastructure and generate revenue in return. Parking is typically the second or third revenue generating source for a city, with smart parking solutions increasingly becoming more prevalent with long term vision for effective parking management solution.
Significance of digitization for increasing affordability of technology to manage various resources is helping generate revenues from existing resources. This is increasingly resulting in traditional single parking meter technology to replace digital multispace parking meter.
Backed by advanced technology, multispace parking meters features to reduce driver’s time, reduce congestion and associated carbon emission, and enable easier parking payments.
Growing adoption of technologically advanced devices among city dwellers to support smart city development projects is creating opportunities in multispace parking meters market. Multispace parking meters enable real-time reporting, online payment, and more efficient parking management.
Prospects of hefty investments from city governmentsin the U.S to upgrade infrastructurefor improved quality of life to provide ample opportunities in multispace parking meter market
Consistent adoption of advanced technology is leading manufacturers to offer advanced multispace parking meter models. This has led to the development of a single device with improved functionalities, increased performance characteristics and reduced risk of malfunctioning.
North America is a leading region in the multispace parking meter market, and is projected to expand at a CAGR of 12.8% during the forecast period, asserts TMR guide to multispace parking meter market.
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Multispace Parking Meter Market – Growth Drivers
Growing urban populations compelling the need for advanced parking systems to prevent traffic congestion and effective use of parking spaces is fuelling the growth of multispace parking meter market
Technological ability for dynamic pricing, real-time reporting, increased enforcement of efficient parking, and increased revenue generation stimulates demand for multispace parking meters
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Multispace Parking Meter Market – Key Players
Some of the key players operating in the multispace parking meter market are;
IPS Group Inc.
J.J. Mackay Limited
METRIC Group Ltd.
Shenzhen Horoad Electronic Technology Development Co. Ltd.
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The multispace parking meter market is segmented as follows;
Multispace Parking Meter Market, by Type
On-street Multispace Meters
Off-street Multispace Meters
Multispace Parking Meter Market, by Payment Mode
Payment Cards (Debit Card, Credit Card, etc.)
Multispace Parking Meter Market, by End-use
Malls & Stadiums
Others (Institutions, Residential, etc.)
Multispace Parking Meter Market, by Region
Rest of Europe
Asia Pacific (APAC)
Rest of Asia Pacific
Middle East & Africa (MEA)
Rest of Middle East & Africa
Rest of South America
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