Europe On Street Vehicle Parking Meter Market
The Europe on street vehicle parking meter market is a highly fragmented market with the presence of considerable regional and local players providing numerous solutions for companies investing in the market arena. 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.
In Europe, several countries witnessed an economic hit and a decline in business activities across the urban areas due to decrease in intercity travel activities in the first quarter of 2020. The impact of COVID-19 pandemic varied from country to country across Europe as countries such as Italy, France, and Russia witnessed a surge in the number of confirmed cases and subsequently imposed stringent and extended lockdowns. However, disrupted city operations in several European countries and fall in the demand for vehicles have been restraining the growth of the parking industry. However, the effect of this slowdown on parking sector is expected to revive and recover in 2021 as economic activities are regaining their pace and businesses are turning toward normalcy.
Strategic insights for the Europe On Street Vehicle Parking Meter 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$ 209.81 Million |
| Market Size by 2028 | US$ 410.24 Million |
| Global CAGR (2021 - 2028) | 8.7% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | Europe
|
| Market leaders and key company profiles |
The geographic scope of the Europe On Street Vehicle Parking Meter 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 on street vehicle parking meter market in Europe is expected to grow from US$ 209.81 million in 2021 to US$ 410.24 million by 2028; it is estimated to grow at a CAGR of 8.7% from 2021 to 2028. The various countries in the region have deep penetration of parking mater and are being replacing those with new smart meters to offer improved payment options. for instance, Egis group has operated the ~ 150,000 parking spaces between period of 2015-2019 with ~ 2,400 parking meters in the city of Amsterdam. The European region holds high number of developed countries due to which the penetration of modern technology is high in the region. In addition, the rising focus towards air pollution has supporting the market growth. The lack of parking space availability and slow driving by drivers to identify vacant parking slots not only increased traffic congestion but also increase the pollution level in urban city. Hence, the demand for smart parking meter is at peak in European developed countries. For instance, the city of Antwerp in Belgium has installed new 960 solar-powered and cashless parking meters integrated with pollution-based authorizations to vehicles in low-emission zone.
Based on type, the parking meter (single space) segment accounted for the largest share of the Europe on street vehicle parking meter market in 2020. Based on payment type, the credit card segment accounted for the largest share of the Europe on street vehicle parking meter market in 2020.
A few major primary and secondary sources referred to for preparing this report on the Europe on street vehicle parking meter market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report include Ditech S.R.L.; Flowbird; IEM SA; IPS Group, Inc.; Meypar, S.L.; Metric Group Ltd. and Ventek International.
The Europe On Street Vehicle Parking Meter Market is valued at US$ 209.81 Million in 2021, it is projected to reach US$ 410.24 Million by 2028.
As per our report Europe On Street Vehicle Parking Meter Market, the market size is valued at US$ 209.81 Million in 2021, projecting it to reach US$ 410.24 Million by 2028. This translates to a CAGR of approximately 8.7% during the forecast period.
The Europe On Street Vehicle Parking Meter 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 Europe On Street Vehicle Parking Meter Market report:
The Europe On Street Vehicle Parking Meter Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Europe On Street Vehicle Parking Meter Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Europe On Street Vehicle Parking Meter Market value chain can benefit from the information contained in a comprehensive market report.
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