What is Smart Parking Meter?
The smart parking meter is an electronic device that records the total time purchased for the parking of the vehicle. Rising need for managing heavy traffic flow and increasing government initiative towards a smart parking system driving the demand for smart parking meters. For instance, Madison city’s parking division installed over 650 smart parking meters in the Madison for efficient management of the parking system. Further, technological advancement such as the emergence of IoT in the smart parking systems and increasing demand from the developing economies expected to drive the demand for smart parking meters over the forecasted period.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Key Companies Profiled | Cale Access AB (Sweden), Hoeft & Wessel AG (Germany), CivicSmart, Inc. (United States), J.J. MacKay Canada Limited (Canada), Parkeon S.A.S. (Paris), LocoMobi Inc. (Canada), Ventek International (United States), Worldwide Parking, Inc. (United States), Robert Bosch GmbH (Germany), Continental AG (Germany), Aisin Seiki (Japan) and Siemens AG (Germany) |
CAGR | 6.71% |
The study covers a detailed analysis segmented by key business segments i.e. by type (Single Space Meters and Multi-Space Meters) , by application (Government Institutions, Medical Institutions, Malls & Stadiums, Transit Systems, Residential and Others) and major geographies. Research Analyst at AMA predicts that United States Vendors will contribute to the maximum growth of Global Smart Parking Meter market throughout the predicted period.
The competition is expected to become even more intense in the years to come due to the entry of several new players in the market. To help clients improve their revenue shares in the market, this research study provides an in-depth analysis of the markets competitive landscape and offers information on the products offered by various leading companies. Additionally, this Smart Parking Meter market report suggests strategies that Vendors can follow and highlights key areas they should focus on, in order to take maximum benefits of growth opportunities.
The report offers several leading Vendors, some of them are Cale Access AB (Sweden), Hoeft & Wessel AG (Germany), CivicSmart, Inc. (United States), J.J. MacKay Canada Limited (Canada), Parkeon S.A.S. (Paris), LocoMobi Inc. (Canada), Ventek International (United States), Worldwide Parking, Inc. (United States), Robert Bosch GmbH (Germany), Continental AG (Germany), Aisin Seiki (Japan) and Siemens AG (Germany).
“The Boston Transportation Department announced new parking meter rates across the city of Boston which will be in effect from July 1, 2019. For Back Bay, the current price of USD 3.75 per hour will remain in effect. Bulfinch Triangle USD 2.50 per hour in the area bordered by Causeway Street, Lomasney Way, Staniford Street, Merrimac Street, New Chardon Street, and North Washington Street. Fenway/Kenmore USD 2.50 per hour. South Boston Waterfront USD 3.75 per hour on all City of Boston owned streets with the exception of D Street which will be priced at USD 2.50 per hour. Motorcycle Parking USD0.50 per hour at all parking stalls including those currently located on Milk Street, Pearl Street, High Street, Batterymarch Street, Newbury Street, Exeter Street, Gloucester Street, Boylston Street, and Fairfield Street. Parking meter rates in all other metered areas of the City, such as Beacon Hill, the Financial District and the South End, will be set to USD 2.00/hour.”
Influencing Trend:
Emphasizing On Development of Advanced Parking Solutions and Emergence of Sensor Technology in the Smart Parking Meter
Market Growth Drivers:
Increasing Demand of Smart Parking Meter to Manage Heavy Traffic and Growing Urbanization and Motorization
Challenges:
Lack of Suitable Infrastructure in the Low and Middle Income Group Countries
Restraints:
Stringent Government Regulations Regarding Automobile Industry and Errors in the Detection of Exact Number of Vehicles
Opportunities:
Emergence of Industry 4.0 and Rising Demand from the Developing Economies
Key highlights of the Global Smart Parking Meter market Study:
CAGR of the market during the forecast period 2021-2027
In-depth information on growth factors that will accelerate the Smart Parking Meter market in next few years.
Detailed Insights on futuristic trends and changing consumer behavior
Forecast of the Global Smart Parking Meter market size and its contribution to the parent market by type, application and by country.
A broad view of customer demand
Uncover markets competitive landscape and in-depth information on various Vendors
Comprehensive information about factors that will challenge the growth of Smart Parking Meter Vendors
Transformation and Important Triggers:
Business transformation has taken hold across the broad corporate landscape due to the confluence of several important triggers, including:
A tipping point in globalization
A major slowdown in Western economies
Significant shifts in technology and cost structure
The challenges of regulatory compliance
New forms of competition developing
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Smart Parking Meter market.
In order to reach an exhaustive list of functional and relevant players, various industry classification standards are closely followed such as NAICS, ICB, and SIC to penetrate deep into important geographies by players, and a thorough validation test is conducted to reach the most relevant players for survey in Smart Parking Meter market.
In order to make a priority list sorting is done based on revenue generated based on the latest reporting, using paid databases such as Factiva, Bloomberg, etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment> by targeting key target audience that includes Automotive Smart Parking Meter Manufacturers & Component Suppliers, Parking Management Solution Providers, Parking Management Hardware and Services Providers, Automotive OEMs, Industry Associations, Driver Assistance Manufacturers and Others.
This helps us to gather the data for the players revenue, operating cycle and expense, profit along with product or service growth, etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that include Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, Annual reports, press releases, etc.