Parking Meter (Single Space) Segment to Dominate Asia Pacific On Street Vehicle Parking Meter Market during 2021-2028
According to The Insight Partners market research study on “Asia Pacific On Street Vehicle Parking Meter Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast – by Type, Payment Type and Country,” is expected to reach US$ 152.52 million by 2028 from US$ 70.07 million in 2021. The market is estimated to grow at a CAGR of 10.2% from 2021 to 2028. The report provides trends prevailing in the Asia Pacific on street vehicle parking meter market along with the drivers and restraints pertaining to the market growth. An upsurge in urbanization and heightening demand for smart parking solutions are major factors driving the growth of the Asia Pacific on street vehicle parking meter market. However, rising focus on off-street parking along with development of new payment technologies may hinder the growth of Asia Pacific on street vehicle parking meter market.
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.
The market for Asia Pacific on street vehicle parking meter is segmented into type, payment type and country. Based on type, the market is segmented into parking meter (single space) and parking kiosks (multi space). In 2020, the parking meter (single space) segment held the largest share in Asia Pacific on street vehicle parking meter market. Based on payment type, the Asia Pacific on street vehicle parking meter market is divided into credit card, bills, and coins. The credit card segment is expected to be the fastest growing segment over the forecast period. Based on country, the Asia Pacific on street vehicle parking meter market is divided into China, Japan, South Korea, Australia, India and rest of Asia Pacific. In 2020, China held the largest share in Asia Pacific on street vehicle parking meter market. Furthermore, in this present scenario of COVID 19 pandemic, the Asia Pacific on street vehicle parking meter market has been facing difficulties and several countries have suffered heavily. The manufacturing sectors in the Asia Pacific countries have been experiencing low production and a weak supply chain. Thereby, impacting the market for on street vehicle parking meter.
Duncan Solutions; Flowbird; IEM SA; IPS Group, Inc.; Metric Group Ltd.; and Ventek International are some of the leading companies in the Asia Pacific on street vehicle parking meter market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.
Contact Us
Phone: +1-646-491-9876
Email Id: sales@theinsightpartners.com