The Asia Pacific on street vehicle parking meter market 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.
On street parking has strong roots of deployment in developed nations as the peoples are keen towards a modern solution the adoption ratio is higher in developed countries. However, with rising technological advancement and awareness about modern technologies, developing nations like India and China attract numerous Asia Pacific On Street Vehicle Parking Meter market players. The governments of developing nations are investing substantial capital in the parking industry to resolve traffic congestion, parking space availability issue, and reduce air pollution caused due to vehicles. For instance, in April 2021, the Transport Department (“TD”) of the Hong Kong Special Administrative Region Government has awarded the contract of US$ 680 million to Flowbird and HKT under the smart city program to develop digital on-street parking systems. The program includes the installation of ~ 12,000 new parking meters across the streets of Hong Kong, offering digital payment and real-time parking vacancy information. Such an increasing focus on installing smart parking solutions has created substantial growth opportunities for the market in the coming years.
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.

- This FREE sample will include data analysis, ranging from market trends to estimates and forecasts.
Asia Pacific On Street Vehicle Parking Meter Market Segmentation
Asia Pacific On Street Vehicle Parking Meter Market – By Type
- Parking Meter (Single Space)
- Parking Kiosks (Multi Space)
Asia Pacific On Street Vehicle Parking Meter Market – By Payment Type
- Credit Card
- Bills
- Coins
Asia Pacific On Street Vehicle Parking Meter Market – By Country
- China
- Japan
- South Korea
- Australia
- India
- Rest of Asia Pacific
Asia Pacific On Street Vehicle Parking Meter Report Scope
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 |
- Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
- PEST and SWOT Analysis
- Market Size Value / Volume - Global, Regional, Country
- Industry and Competitive Landscape
- Excel Dataset
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