The global parking meter apps market is expected to grow from US$ 62. 2 million in 2021 to US$ 234. 2 million by 2028; it is estimated to register a CAGR of 18. 7% from 2021 to 2028. The market is dominated by developed regions such as Europe and North America, owing to a high number of registered vehicles per household capita and the availability of several regulated parking spaces in these regions.
New York, Jan. 06, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Parking Meter Apps Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Platform and End User" - https://www.reportlinker.com/p06195625/?utm_source=GNW
Moreover, growing emphasis on facilitating seamless mobility among densely populated cities further boosts the demand for parking meter apps in developed regions. However, a substantially large number of local and regional players with a minimal scope of business expansions has resulted in a highly fragmented market, even in developed economies. In developing countries, the availability of a large number of unregulated and free parking spaces provides profound growth opportunities to the parking meter apps market players. Moreover, commercial spaces, and government and municipal offices are contributing significantly to the demand for smart parking solutions, including parking meter apps. The growing number of smart city projects in Asia further augments the demand of smart parking solutions. The rising investment for infrastructure development in developing nations support the smart technology deployment such as smart parking meters. Thus, with increasing infrastructure development, the demand for smart parking meter apps will also rise in the coming years.
In North America, particularly in the US, the parking meter apps market growth is primarily driven by the increasing number of vehicles, lesser land availability for parking, strong emphasis on consumer comfort and convenience, and smart cities initiatives from governments.Moreover, favorable economic conditions have resulted in the formation of a startup hub in the region.
The government of Canada installed smart parking solutions across 1,456 on-street parking locations and 29 off-street parking lots, including 1,449 parking spaces and 2 municipal garages that provide 966 parking spots.
The key companies operating in the parking meter apps market include IEM SA; INRIX, Inc.; ParkMate; Parkopedia; Arrive (ParkWhiz); ParkMobile, LLC; PASSPORT LABS, INC.; Flowbird; PayByPhone; and EasyPark.
The overall size of the parking meter apps market has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the parking meter apps market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the parking meter apps market.
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