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.
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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
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Asia Pacific On Street Vehicle Parking Meter Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. On Street Vehicle Parking Meter Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 An Upsurge in Urbanization
5.1.2 Heightening Demand for Smart Parking Solutions
5.2 Market Restraints
5.2.1 Rising Focus on Off-Street Parking along with Development of New Payment Technologies
5.3 Market Opportunities
5.3.1 Incrementing Use of the Parking Meters in Developing Nations
5.4 Future Trends
5.4.1 Incorporation of Internet of Things in On Street Parking Meters
5.5 Impact Analysis of Drivers and Restraints
6. On Street Vehicle Parking Meter – Asia Pacific Market Analysis
6.1 Asia Pacific On Street Vehicle Parking Meter Market Overview
6.2 Asia Pacific On Street Vehicle Parking Meter Market Revenue Forecast and Analysis
7. Asia Pacific On Street Vehicle Parking Meter Market Analysis – By Type
7.1 Overview
7.2 Parking Meter (Single Space)
7.2.1 Overview
7.2.2 Asia Pacific Parking Meter (Single Space) Market Revenue and Forecasts to 2028 (US$ Million)
7.3 Parking Kiosks (Multi Space)
7.3.1 Overview
7.3.2 Asia Pacific Parking Kiosks (Multi Space) Market Revenue and Forecasts to 2028 (US$ Million)
8. Asia Pacific On Street Vehicle Parking Meter Market Analysis – By Payment Type
8.1 Overview
8.2 Credit Card
8.2.1 Overview
8.2.2 Asia Pacific Credit Card Market Revenue and Forecasts to 2028 (US$ Million)
8.3 Bills
8.3.1 Overview
8.3.2 Asia Pacific Bills Market Revenue and Forecasts to 2028 (US$ Million)
8.4 Coins
8.4.1 Overview
8.4.2 Asia Pacific Coins Market Revenue and Forecasts to 2028 (US$ Million)
9. Asia Pacific On Street Vehicle Parking Meter Market Country Analysis
9.1 Asia-Pacific: On street vehicle parking meter Market
9.1.1 Asia-Pacific: On Street Vehicle Parking Meter Market, By Country
9.1.1.1 Australia: On Street Vehicle Parking Meter Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.1.1 Australia: On Street Vehicle Parking Meter Market, By Type
9.1.1.1.2 Australia: On Street Vehicle Parking Meter Market, By Payment type
9.1.1.2 China: On Street Vehicle Parking Meter Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.2.1 China: On Street Vehicle Parking Meter Market, By Type
9.1.1.2.2 China: On Street Vehicle Parking Meter Market, By Payment type
9.1.1.3 India: On Street Vehicle Parking Meter Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.3.1 India: On Street Vehicle Parking Meter Market, By Type
9.1.1.3.2 India: On Street Vehicle Parking Meter Market, By Payment type
9.1.1.4 Japan: On Street Vehicle Parking Meter Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.4.1 Japan: On Street Vehicle Parking Meter Market, By Type
9.1.1.4.2 Japan: On Street Vehicle Parking Meter Market, By Payment type
9.1.1.5 South Korea: On Street Vehicle Parking Meter Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.5.1 South Korea: On Street Vehicle Parking Meter Market, By Type
9.1.1.5.2 South Korea: On Street Vehicle Parking Meter Market, By Payment type
9.1.1.6 Rest of Asia-Pacific: On Street Vehicle Parking Meter Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.6.1 Rest of Asia-Pacific: On street vehicle parking meter Market, By Type
9.1.1.6.2 Rest of Asia-Pacific: On Street Vehicle Parking Meter Market, By Payment type
10. Asia Pacific On Street Vehicle Parking Meter Market - Covid-19 Impact Analysis
10.1 Overview
10.2 Asia Pacific: Impact Assessment of Covid-19 Pandemic
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
11.3 New Product Development
12. Company Profile
12.1 Duncan Solutions
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Flowbird
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 IEM SA
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 IPS Group, Inc.
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 Metric Group Ltd.
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Ventek International
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Word IndexLIST OF TABLES
Table 1. Asia Pacific On street vehicle parking meter Market Revenue and Forecast to 2028 (US$ Million)
Table 2. Australia: On Street Vehicle Parking Meter Market, By Type– Revenue and Forecast to 2028 (US$ Million)
Table 3. Australia: On Street Vehicle Parking Meter Market, By Payment type – Revenue and Forecast to 2028 (US$ Million)
Table 4. China: On Street Vehicle Parking Meter Market, By Type– Revenue and Forecast to 2028 (US$ Million)
Table 5. China: On Street Vehicle Parking Meter Market, By Payment type – Revenue and Forecast to 2028 (US$ Million)
Table 6. India: On street vehicle parking meter Market, By Type– Revenue and Forecast to 2028 (US$ Million)
Table 7. India: On Street Vehicle Parking Meter Market, By Payment type – Revenue and Forecast to 2028 (US$ Million)
Table 8. Japan: On Street Vehicle Parking Meter Market, By Type– Revenue and Forecast to 2028 (US$ Million)
Table 9. Japan: On Street Vehicle Parking Meter Market, By Payment type– Revenue and Forecast to 2028 (US$ Million)
Table 10. South Korea: On Street Vehicle Parking Meter Market, By Type– Revenue and Forecast to 2028 (US$ Million)
Table 11. South Korea: On Street Vehicle Parking Meter Market, By Payment type – Revenue and Forecast to 2028 (US$ Million)
Table 12. Rest of Asia-Pacific: On Street Vehicle Parking Meter Market, By Type– Revenue and Forecast to 2028 (US$ Million)
Table 13. Rest of Asia-Pacific: On Street Vehicle Parking Meter Market, By Payment type – Revenue and Forecast to 2028 (US$ Million)
Table 14. List of AbbreviationLIST OF FIGURES
Figure 1. On Street Vehicle Parking Meter Market Segmentation
Figure 2. On Street Vehicle Parking Meter Market Segmentation – By Country
Figure 3. Asia Pacific On Street Vehicle Parking Meter Market Overview
Figure 4. Parking Meter (Single Space) Segment held the Largest Share of On Street Vehicle Parking Meter Market
Figure 5. Credit Card Segment held the Largest Share of On Street Vehicle Parking Meter Market
Figure 6. China to Show Great Traction During Forecast Period
Figure 7. Asia-Pacific – PEST Analysis
Figure 8. On-Street Vehicle Parking Meter Market– Ecosystem Analysis
Figure 9. Expert Opinion
Figure 10. On Street Vehicle Parking Meter Market Impact Analysis of Drivers and Restraints
Figure 11. Asia Pacific On street vehicle parking meter Market Revenue Forecast and Analysis (US$ Million)
Figure 12. Asia Pacific On Street Vehicle Parking Meter Market Breakdown by Type, 2020 & 2028 (%)
Figure 13. Asia Pacific Parking Meter (Single Space) Market Revenue and Forecasts to 2028 (US$ Million)
Figure 14. Asia Pacific Parking Kiosks (Multi Space) Market Revenue and Forecasts to 2028 (US$ Million)
Figure 15. Asia Pacific On Street Vehicle Parking Meter Market Breakdown by Payment type, 2020 & 2028 (%)
Figure 16. Asia Pacific Credit Card Market Revenue and Forecasts to 2028 (US$ Million)
Figure 17. Asia Pacific Bills Market Revenue and Forecasts to 2028 (US$ Million)
Figure 18. Asia Pacific Coins Market Revenue and Forecasts to 2028 (US$ Million)
Figure 19. Asia Pacific: On Steet Vehicle Parking Meter Market, by Key Country – Revenue (2020) (USD Million)
Figure 20. Asia-Pacific: On street vehicle parking meter Market Revenue Share, By Country (2020 and 2028)
Figure 21. Australia: On Street Vehicle Parking Meter Market – Revenue and Forecast to 2028 (US$ Million)
Figure 22. China: On Street Vehicle Parking Meter Market – Revenue and Forecast to 2028 (US$ Million)
Figure 23. India: On street vehicle parking meter Market – Revenue and Forecast to 2028 (US$ Million)
Figure 24. Japan: On street vehicle parking meter Market – Revenue and Forecast to 2028 (US$ Million)
Figure 25. South Korea: On street vehicle parking meter Market – Revenue and Forecast to 2028 (US$ Million)
Figure 26. Rest of Asia-Pacific: On Street Vehicle Parking Meter Market – Revenue and Forecast to 2028 (US$ Million)
Figure 27. Impact of Covid-19 Pandemic in Asia Pacific Country Markets- Duncan Solutions
- Flowbird
- IEM SA
- IPS Group, Inc.
- Metric Group Ltd.
- Ventek International
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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