Asia Pacific On Street Vehicle Parking Meter Market Share and Forecast by 2028

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.

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 on street vehicle parking meter market. Lack of accessible parking and rising traffic congestions are creating demand for smart parking technology. Smart parking technology keeps evolving with digitalization in payment operations and parking meters advancements. The multi-space parking kiosks are grabbing significant attention in urban cities due to their convenience for payment methods. Governments and private place owners adopt multi-space parking kiosks to manage parking spaces efficiently and increase parking revenue. The rising deployment of smart parking meters to replace the old single-space meters is driving the market growth. The parking authorities of the various countries are replacing the old parking meters with smart technology, and some of them are adopting the technology for the first time. New smart parking meters automate the parking operation with multi-space parking kiosks offering various payment options, including mobile app payments. Such rising focus towards multi-space parking kiosks is driving the market growth.

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