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

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