Middle East and Africa On Street Vehicle Parking Meter Market Drivers and Forecasts by 2028

Middle East and Africa On Street Vehicle Parking Meter Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Parking Meter (Single Space) and Parking Kiosks (Multi Space)) and Payment Type (Credit Card, Bills, and Coins)

Historic Data: 2019-2020 | Base Year: 2021 | Forecast Period: 2022-2028

Status : Published
Report Code : TIPRE00025196

Category : Electronics and Semiconductor
No. of Pages : 78

Available Report Formats :
Last update date : October 07, 2021

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Middle East and Africa On Street Vehicle Parking Meter Market Drivers and Forecasts by 2028

Report Date: October 07, 2021 | Report Code: TIPRE00025196 Email: sales@theinsightpartners.com

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Analysis Strategic Insights Market Drivers Regional Insights Report Scope Recent Developments FAQs

2021 Market Size

US$ 35.15 Mn

Base year value

2028 Forecast

US$ 71.11 Mn

Projected by 2028

CAGR 2022-2028

9.2 %

Growth rate

Addressable Market

US$ 355.32 Mn

(2022-2028)

The Middle East and Africa on street vehicle parking meter market is expected to grow from US$ 35.15 million in 2021 to US$ 71.11 million by 2028; it is estimated to grow at a CAGR of 9.2% 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 attract numerous Middle East and Africa 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. The increasing focus on installing smart parking solutions has created substantial growth opportunities for the market in the coming years.

The impact of COVID-19 pandemic varied from country to country across the Middle East and Africa as countries such as South Africa, UAE, Saudi Arabia, Qatar, and Kuwait witnessed a surge in the number of confirmed cases and subsequently imposed stringent and extended lockdowns. The region is projected to register a swift decline in its business activities in urban areas and this will have a negative impact on the on-street vehicle parking meter market. However, the countries are expected to overcome the swift drop in demand as the business activities resume their operational activities and demand for paring kiosks will increase.

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 Middle East and Africa 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.
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Middle East and Africa On Street Vehicle Parking Meter Market Segmentation

Middle East and Africa On Street Vehicle Parking Meter Market – By Type

Parking Meter (Single Space)
Parking Kiosks (Multi Space)

Middle East and Africa On Street Vehicle Parking Meter Market – By Payment Type

Credit Card
Bills
Coins

Middle East and Africa On Street Vehicle Parking Meter Market – By Country

South Africa
Saudi Arabia
UAE
Rest of Middle East and Africa

Middle East and Africa On Street Vehicle Parking Meter Report Scope

Report Attribute	Details
Market size in 2021	US$ 35.15 Million
Market Size by 2028	US$ 71.11 Million
CAGR (2021 - 2028)	9.2%
Historical Data	2019-2020
Forecast period	2022-2028
Segments Covered	By Type Parking Meter Parking Kiosks By Payment Type Credit Card Bills Coins
Regions and Countries Covered	Middle East and Africa South Africa Saudi Arabia UAE Rest of Middle East and Africa
Market leaders and key company profiles	Duncan Solutions Flowbird IPS Group, Inc. Metric Group Ltd. Ventek International

About Author (Electronics and Semiconductor Research Team)

Naveen Chittaragi

Associate Vice President,
Market Research & Consulting

Naveen is an experienced market research and consulting professional with over 9 years of expertise across custom, syndicated, and consulting projects. Currently serving as Associate Vice President, he has successfully managed stakeholders across the project value chain and has authored over 100 research reports and 30+ consulting assignments. His work spans across industrial and government projects, contributing significantly to client success and data-driven decision-making.

Naveen holds an Engineering degree in Electronics & Communication from VTU, Karnataka, and an MBA in Marketing & Operations from Manipal University. He has been an active IEEE member for 9 years, participating in conferences, technical symposiums, and volunteering at both section and regional levels. Prior to his current role, he worked as an Associate Strategic Consultant at IndustryARC and as an Industrial Server Consultant at Hewlett Packard (HP Global).

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