Asia Pacific Parking Meter Apps Market
A rise in consumer demand for expensive safety features is encouraging manufacturers to invest in high-end technological solutions and services into their products. The car industry was the first economic victim of COVID-19 pandemic in China with the shutdown of major automotive production sites and manufacturing plants of companies such as GM, Honda, Nissan, and Renault in the Hubei Province. Other countries in Asia Pacific recorded dramatic double-digit drops in vehicle sales due to their dependency on the automotive and automotive component market in China, as well as interruptions caused by the pandemic. There is a growing trend of technologies that reduce contact between people and surfaces such as payment systems, elevator buttons, and door handles, and it will further rise amid the COVID-19 pandemic. Thus, post lockdown, the market started to experience considerable growth in parking meter apps deployment. Also, China’s transition toward a high-tech market, flexibility in the Japanese manufacturing sector, and adequate government support and business strategies in India are among the key factors that would contribute to a rapid recover of Asia Pacific from the tremors of the pandemic.
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 Asia Pacific parking meter apps market. The number of cars being manufactured and bought is increasing steadily in developed and developing regions. Industry experts anticipate most of this growth to happen in emerging markets such as China and India, owing to the rapid increase in population. With a surge in the number of vehicles, people are facing issues such as traffic congestion and parking space insufficiency. Hence, there is a massive requirement for an efficient and effective parking infrastructure across the region. The growing procurement of vehicles among the consumers is compelling governments as well as private organizations to focus more on developing parking solutions enabled with advanced technologies, such as parking meter apps, parking guidance solutions, and parking reservation solutions, which can be implemented on the road as well as in building parking areas. As per MarkLines Data Center, the annual sales of new vehicles in the US are recorded to be ~12 million. The region is characterized by substantial growth in economies and high disposable income among the masses, which are the crucial factors contributing to continuous growth in vehicle sales. Along with these factors, consumers’ demand for comfort and convenience has propelled the adoption of parking meter apps that save the time of occupants.
Strategic insights for the Asia Pacific Parking Meter Apps provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 8.64 Million |
| Market Size by 2028 | US$ 30.29 Million |
| Global CAGR (2021 - 2028) | 19.6% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Platform
|
| Regions and Countries Covered | Asia-Pacific
|
| Market leaders and key company profiles |
The geographic scope of the Asia Pacific Parking Meter Apps refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The Asia Pacific Parking Meter Apps Market is valued at US$ 8.64 Million in 2021, it is projected to reach US$ 30.29 Million by 2028.
As per our report Asia Pacific Parking Meter Apps Market, the market size is valued at US$ 8.64 Million in 2021, projecting it to reach US$ 30.29 Million by 2028. This translates to a CAGR of approximately 19.6% during the forecast period.
The Asia Pacific Parking Meter Apps Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific Parking Meter Apps Market report:
The Asia Pacific Parking Meter Apps Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia Pacific Parking Meter Apps Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia Pacific Parking Meter Apps Market value chain can benefit from the information contained in a comprehensive market report.
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